企業創業投資決策之前置因素分析

Abstract

本研究旨在探討績效預期、高階團隊持股比例及策略同形對企業創業投資決策的影響。本研究試圖結合行為理論、代理理論與制度理論等觀點，探討影響創業投資的可能前置因素，並以2000-2006 年台灣所有上市上櫃的資訊電子公司作為研究樣本，進行跨期研究。實證結果顯示企業對產業績效的預期差距（社會預期）以及策略的趨同行為將會提升從事創業投資的程度。最後根據研究結果，提出本研究相關的理論與實務意涵，供學術界與實務界進行創業投資決策的思考。

Moving beyond previous studies investigating the consequences of corporate venturing investment activities, this study explores the antecedents of corporate venturing activities by applying behavioral, agency, and institutional theories. Empirical results obtained from listed Taiwanese high-tech firms from 2000-2006 demonstrate that social aspiration and strategic isomorphism are significant driving forces behind firm corporate venturing investment activities. This study elucidates the antecedents of corporate entrepreneurial behaviors, and provides implications and avenues for future studies