宣稱領導力對新創募資績效之關聯性研究

Abstract

新創企業於成立之初，如何快速建立正當性並獲取資源，在近九成失敗率的高度競爭環境中存活，是學界與實務一直以來關注的議題。資源供給者的決策要素會受總體環境與其所接觸到的資訊影響，如2020年疫後工作型態轉變、全球政治局勢動盪，和2024年後生成式AI的蓬勃發展，均一定程度改變投資人所關注的目標，各類媒體管道所釋出的消息亦會影響投資人的決策；而資源接收者，也就是創業家與企業本身，能透過管理投資者所能接觸到的資訊，提高資源獲取之機會。 本研究奠基於印象管理理論與訊號理論，自2000年至2025年的募資活動中，選擇431家新創公司為研究對象，探討企業進行領導力宣稱的印象管理行為對於實際募得金額之影響，進一步加入企業新穎性與企業規模作為調節變數，檢視在不同生命週期及資源程度下，企業策略性宣稱之效果是否改變。研究發現：（1）宣稱領導力對募資績效有正向顯著影響（2）企業新穎性能增強宣稱領導力對募資績效的正向影響（3）企業規模會削弱宣稱領導力對募資績效之關係。實證結果驗證，新創企業在資訊不對稱的情境下，運用宣稱領導者的印象管理語言，能有效吸引資源挹注，且在成立初期或規模較小的階段有較佳效果。期待此結果於學術層面擴增印象管理理論與訊號理論的應用性，同時於實務上提供新創企業管理者進行策略性宣稱之參考。

Nascent enterprises frequently act as engines of innovation, reshaping industries and transforming everyday life. As investors’ priorities shift in response to post-pandemic work transitions, geopolitical conflicts, and the emergence of generative AI, the question of how startups acquire resources and legitimacy in a highly competitive environment remains critical. Grounded in impression management and signaling theories, this study examines the effect of claimed leadership on fundraising performance, using a sample of 431 startups from 2000 to 2025. This study also examines whether firm nascency and firm size moderate the main relationship. The key finding shows that: (1) Claimed leadership positively influences fundraising outcomes; (2) the effect is stronger for nascent firms; and (3) weaker for larger firms. These findings suggest that strategic self-presentation through leadership claims is more effective for early-stage or smaller ventures operating in environments characterized by information asymmetry. The study contributes to theory by linking impression management with signaling theory in startup contexts and offers practical implications for founders seeking to shape external perceptions and secure resources.