創業投資對企業獲利性指標的影響

Abstract

本研究探討創業投資對台灣公開發行公司資產報酬率（ROA）的影響，並檢視企業生命週期在此關係中的調節作用。以2000–2023年臺灣公開發行公司為樣本，採用多元迴歸分析方法並結合固定效果模型進行實證分析，並依據Dickinson（2011）的現金流模式將企業劃分為初創期、成長期、成熟期、震盪期和衰退期五個生命週期階段。研究結果顯示，在全樣本分析中，創業投資對ROA具顯著的負向影響，與假設創投支持會顯著降低企業獲利能力的預期一致。進一步的生命週期檢驗顯示顯著的異質性：在成長期，創投支持顯著提升ROA；而在成熟期則轉為負向影響，顯示創投支持對獲利能力的影響隨企業發展階段的變化而有所不同。本研究為台灣市場提供了實證證據，並對創投機構的階段性投資策略與企業的財務決策提供了參考。

This study investigates the impact of venture capital (VC) investment on the return on assets (ROA) of publicly listed companies in Taiwan and examines the moderating role of the corporate life cycle in this relationship. Using a panel dataset of Taiwanese public offering companies from 2000 to 2023, the analysis employs multiple regression models with firm and year fixed effects. Following the cash flow classification framework proposed by Dickinson (2011), firms are categorized into five life cycle stages: introduction, growth, maturity, shake-out, and decline. The empirical results indicate that VC investment has a significantly negative effect on ROA in the full sample, supporting the hypothesis that VC-backed firms tend to exhibit lower short-term profitability. However, when accounting for the life cycle stage, the effect varies: VC support significantly improves ROA during the growth stage, while it turns negative in the maturity stage. These findings suggest that the impact of VC support on firm performance is contingent on the firm's stage of development. This study contributes empirical evidence from the Taiwanese market and provides valuable insights for VC institutions in formulating stage-specific investment strategies and for firms making informed financial decisions.