在進行廻歸分析後，發現創投介入與期初報酬率是不顯著的正相關，顯示創投 的介入對期初報酬沒有認證的效果。另外，創投介入與長期報酬表現呈現顯著的負相關，顯示有創投介入的IPO，其長期報酬不佳。可見近幾年因創投投資方向的轉變及其他相關影響，使得創投漸失對新創公司的影響及扶持能力。 Abstract: Since the government cancelled the venture capitals shareholders’ tax since 2000, in addition, the global economy stepped into decline phase in 2001. It causes the venture capital funds sharply reduce. The worse condition is that the venture capital funds like to invest the funds into the Expansion and Mezzanine stage gradually in recent years to evade and reduce the in-vesting risk, and priority seek to stabilize for their invest. According to the changes of the in-vesting environment background, We wonder if the venture capitals still have the capabilities to support the start-ups in recent years.
In this paper, we collect 199 samples of listed Hi-Tech industries from 2001 to 2008 in Tai-wan . We set three kinds of criterion to select the VC sample, The result is that 60 for VC and 139 for NON-VC. After taking the regression, we find the VC has no any effect to the initial return but has a significant effect to the long term return. It shows that the VC involves more, the long term return worse. The result evidences the VCs has already lost its capabili-ties to support the start-ups gradually.