生技產業是台灣未來的明星產業之一，創投更在其中扮演重要的腳色，本研究以Gonza''lez, Teräsvirta and van Dijk（2004, 2005）之縱橫平滑移轉迴歸模型。以創投持股比率做為門檻變數，分析創投在不同持股比率下，創投參與、總資產、負債比率對ROA和股價之影響。 實證研究發現，就ROA而言，創投持股比率大於1.9038%，創投參與對ROA為顯著負相關，就股價而言，創投持股比率大於2.0097%和小於0.9643%創投參與對股價為顯得正相關；創投持股比率介於0.9643%與2.0097%時，由於創投開始減少持股，故創投參與對股價為顯著負相關。建議投資人可在創投持有2%以上股權的第一年開始投資，等到ROA好轉，股價同時創新高時，可隨著創投開始減少手中持股，先行獲利了結。 Biotech industry is one of the star industry in Taiwan. Venture Capital also play an important role in biotech industry. This study uses Gonza''lez, Teräsvirta and van Dijk（2004, 2005）Panel Smooth Transition Regression. Using VC-Holding Ratio as a threshold variable, I analysis how venture capital affects operating performance of biotech industry in different VC-Holding Ratio. Empirical results show that VC is negatively associated with ROA when VC-Holding Ratio is greater than 1.9038%. When VC-Holding Ratio is ranged between 0.9643% and 2.0097%, VC is positively associated with Stock Price. When VC-Holding Ratio is ranged between 2.0097% and 0.9643%, VC is negatively associated with Stock Price. Finally, I suggest investor can buy the stock when VC invest it at first year. When VC reduce their holding ratio, investor can sell the stock by ROA to be better, Stock Price to be higher.
