創投融資對台灣上市櫃公司舉債之影響

The Influence of Venture Capital Financing on the Capital Structure of Taiwanese Firms

本研究是首篇探討台灣創投融資與公司舉債比率的相關性之研究。也是首篇考量到公司治理與創投融資對公司舉債比率影響之研究。和Lvanov and Kayhan（2012）的美國創投融資研究結論不一致，本研究發現創投參與對台灣公司舉債有顯著的正向影響。值得注意地，2007年全球金融風暴後，董事會規模及大股東持股比率對公司舉債比率有顯著的影響。更重要的是，2007年全球金融風暴後，創投參與對於公司舉債的正向影響更強烈。

This is the first study to investigate the influence of VC-Financing on firms' leverage ratio in Taiwanese stock market. Moreover, to the best of our knowledge, this study is also the first to explore the impact of corporate governance and VC-Financing on leverage in Taiwanese firms. Contrary to the results of Lvanov and Kayhan (2012) on U.S.A VC-Financing, VC-backed firms are significantly positively correlated with firms' leverage in Taiwanese stock market. This study finds that, as a corporate governance mechanism, the board size and blockholder shareholding ratio has a significant impact on Taiwanese firm leverage after the 2007 global financial crisis. More importantly, the positive influence of VC-backed firms on firms' leverage is stronger after the 2007 global financial crisis.