新冠疫情爆發至今已逾兩年，伴隨著傳染病之常態化，以及金融局勢之變化，各國風險投資基金之投資步調亦隨宏觀經濟之演變而趨向保守，新創投資市場進入資本寒冬，然而，風險債權投資工具正悄然興盛發展。本研究立基於過往風險債權之發展時機與特性，綜合評估近年之政治經濟情勢，對於風險債權工具在企業投資所具備之優勢，觀察到下一波以風險債權為基礎的資金規模成長與參與機構正在增加，因此提出具有參考價值的實務發展趨勢與建議供參考。
隨著風險投資熱度消退，投資人與新創事業開始尋求新的融資工具，以彌補風險投資廣度不足之現況，臺灣之風險債權發展目前依舊處於萌芽階段，因此本文將藉由探討國際風險債權之前景發展，使臺灣之新創企業與投資人能夠更深入了解並關注風險債權，並藉由本論文之成果，推動臺灣創業投資市場與投資工具之多元化發展。
本研究透過文獻分析與採訪三位業界專家，由投資人、臺灣新創財務顧問，以及企業創新與新創輔導專家三種不同角度，深入分析風險債權於不同專業角色眼中之策略定位，並透過受訪者之國際經驗分析現今國際風險債權之發展情形，使讀者了解何為風險債權與其使用時機，以利未來臺灣引進風險債權之融資實務。
歸納本論文之貢獻含下述幾項，包括梳理風險債權之定義、營運模式與優勢，並分析風險債權於國際主要市場之發展景況，最後自實務視角探討風險債權之定義與差異性。目前僅有少數機構與學術研究投入風險債權之研究，此時進行相關學術研究，對於推動風險債權工具之發展，以及促進創業募資市場與投資工具多元化，皆能有所裨益。

It has been more than two years since Covid-19 pandemic started, with the pandemic ebbing, prominent venture capital investment agency, like Sequoia Capital, has denoted that the winter of investment capital is coming. However, the other financial instrument is tacitly thriving- that is venture debt. Observing the timing in the past and the characteristics of venture debt, venture debt will once again rise up and more institutions would be encouraged to participate. With the development of using venture debt as fund raising option has become more mature, combined with the economic situation in recent years and the advantages of venture debt, I think that the future of venture debt is promising.
As the options for venture capital decline, investors and start-ups are now seeking for new financing options to make up for the insufficiency and gap of venture capital. However, the development of venture debt in Taiwan is still in its very infancy stage, this research allows Taiwan’s start-ups and investors to understand and pay more attention to venture debt instrument. By discussing the development of international venture debt, it hopefully promote the diversified development of Taiwan’s market and investment instrument in the near future.
In order to introduce the concept of venture debt into Taiwan, the article uses document analysis and semi-structured interview. By deeply analyze the various users’ concepts and positioning of venture debt, readers understand what is venture debt and the details of its structure.
To summarize the contributions of this research, the followings are included: to aggregate the definition, operating model and advantages of venture debt; to analyze the development of venture debt in major international markets; to discuss the definition and differences of venture debt in practical perspective. Only a few institutions and academic research have invested in venture debt, so I decide to conduct academic research now. This article can be beneficial to promote the development of venture debt, as well as to promote the diversification of venture capital markets and investment vehicles.

中文部分
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英文部分
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