管理學院: 財務金融學研究所指導教授: 邱顯比鍾定哲Chung, Ting-CheTing-CheChung2017-03-032018-07-092017-03-032018-07-092016http://ntur.lib.ntu.edu.tw//handle/246246/274170本文研究總體環境如何影響創投之投資偏好，探討當年度新上市公開發行市場的好壞和投資選擇之關係、景氣衰退對於和投資選擇的關係，透過1980年至2015年之美國創投投資之資料後發現，當創投面臨實質性景氣衰退時，會更傾向投資在晚期新創公司上，當面臨財務性景氣衰退時，會更像投資在早期新創公司上，而當IPO市場表現良好時，創投會傾向投資在早期新創公司上。The objective of this study is to examine how macroeconomic conditions and IPO’s performance affect the investment preference and behavior of venture capital. After testing US venture capital investments from 1980-2015, we find that venture capital firms invest more in early-stage companies during economic downturn associated with the financial sector. We also find that venture capital firms invest more in later-stage companies during economic downturn associated with the real sector. Moreover, venture capital firms invest more in early-stage companies when IPO market perform well.793796 bytesapplication/pdf論文公開時間: 2026/7/6論文使用權限: 同意有償授權(權利金給回饋學校)創業投資新上市投資偏好景氣衰退。venture capitalIPOinvestment preferenceeconomic downturnthesis10.6342/NTU201600716http://ntur.lib.ntu.edu.tw/bitstream/246246/274170/1/ntu-105-R02723065-1.pdf