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研究生： 陳芊云
Chen, Chien-Yun
論文名稱： 私募資本退出行為對美國首次上市科技公司之影響
The Impact of Private Equity Exit Behaviors on Newly Listed Technology Firms in the United States
指導教授： 黃嘉威
Huang, Chia-Wei
口試委員: 何柏欣
Ho, Po-Hsin
林智勇
Lin, Chih-Yung
顏汝芳
Yen, Ju-Fang
邱健嘉
Chiou, Calvin J.
學位類別： 碩士
Master
系所名稱： 商學院 - 財務管理學系
Department of Finance
論文出版年： 2026
畢業學年度： 115
語文別： 中文
論文頁數： 41
中文關鍵詞： 私募股權 、風險投資 、持股變動 、投資決策 、融資決策 、科技產業 、PE 、VC 、IPO
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    • 本研究旨在探討私募機構（Private Equity, PE）與風險投資機構（Venture Capital, VC）在投資組合公司首次公開發行（IPO）前後之持股比例變動，如何進一步影響該公司中長期的投資決策與融資策略。有別於以往文獻多將私募資金視為同質性資產，本研究立基於科技產業之樣本，主張該產業具有高研發投入、高成長潛力及營運特性相近之同質性，能更精準地排除產業外在干擾。同時，本研究特別將私募機構區分為PE與VC兩大類別進行比較分析，考量到PE傾向於成熟期的資本重組與營運優化，而VC則側重於早期創新驅動與階段性成長，兩者之投資週期、退場動機及監督機制存在顯著差異，其持股退出速度或增持行為，對公司上市後之資本支出、研發強度及負債結構預期將產生相異之治理效果。研究結果預期能補足現有文獻對於私募機構在 IPO 後續治理角色的缺失，並為投資者提供關於股權結構演變與企業長期財務行為之間關係的理論支持與實務建議。

    第一章 研究背景與動機 1
    第二章 文獻回顧 5
    2.1 私募機構參與 IPO 之認證機制與市場定價 5
    2.2 私募資本存在時對公司治理、盈餘品質之正向影響 6
    2.3 私募資本培育：營運效率與生存率 7
    2.4 IPO 後持股保留、退場決策與長期績效的關聯 8
    2.5 私募退場對科技業投資及融資決策之實質影響 10
    2.5.1 資金撤出對融資決策與流動性之衝擊推演 10
    2.5.2 資金撤出對內部資本配置與戰略併購之衝擊推演 11
    第三章 資料來源與研究方法 13
    3.1 資料來源與樣本篩選 13
    3.1.1 IPO 案件初步篩選 13
    3.1.2 私募機構持股與屬性判定 13
    3.1.3 上市後持股軌跡追蹤 13
    3.1.4 財務與營運資料蒐集 14
    3.2 變數定義 14
    3.2.1 應變數 14
    3.2.2 自變數 15
    3.2.3 控制變數 16
    3.3 實證模型設定 17
    3.3.1 融資決策之影響 17
    3.3.2 流動性之影響 18
    3.3.3 投資決策之影響模型 18
    第四章 實證結果 20
    4.1 敘述性統計 20
    4.1.1 私募機構持股變化與機構屬性之觀察 20
    4.1.2 融資與流動性決策之初步觀察 22
    4.1.3 投資與資本配置決策之初步觀察 22
    4.1.4 多元共線性檢定 23
    4.2 橫斷面迴歸分析：資金撤出效應對融資決策之影響 23
    4.2.1 槓桿比率變化之迴歸結果：驗證債務替代效應 23
    4.2.2 現金增資比率之迴歸結果：檢視公開市場依賴度 25
    4.2.3 現金比率變化之迴歸結果：檢視流動性枯竭與防禦性動機 25
    4.2.4 內部資本配置之迴歸結果：實體擴張與無形創新之權衡 26
    4.2.5 外部戰略擴張之迴歸結果：併購動機與迎合效應 27
    4.3 實證結果總結、假說對應與穩健性探討 28
    4.3.1 內部資金池乾涸與外部融資壓力檢驗 28
    4.3.2 退場軌跡與機構異質性重塑配置檢驗 29
    4.3.3 觀察窗口之穩健性探討 29
    參考文獻 31

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