本研究旨在探討創業投資介入對新上市企業的影響，針對台灣2009至2016年的新上市公司樣本進行研究，探討創業投資的介入是否對於盈餘管理以及長期績效的影響。採用多變量回歸模型進行實證研究，並針對創業投資的內生性進行2SLS的處理，藉此降低內生性影響。實證結果發現：(1) 與過去大多數文獻不同，創業投資支持的的企業具有較高的盈餘管理程度，但並不會使其採取積極或者保守會計政策。(2) 創業投資的支持並不會提高企業上市後的長期績效。本研究提供投資人以及政府單位，對於創業投資帶來的公司治理及長期績效影響有更多參考方向。

This study aims to explore the impact of venture capital (VC) involvement on IPO (initial public offering) companies. The research specifically focuses on Taiwanese companies that underwent IPOs between the years 2009 and 2016, examining the influence of VC involvement on earnings management and long-term performance. A multivariate regression model was used for empirical analysis, and a two-stage least squares (2SLS) approach was employed to handle the endogeneity of VC involvement, thereby mitigating its impact. Our findings diverge from the majority of previous literature: (1) VC-backed firms exhibit a higher degree of earnings management, but this does not lead to the adoption of either aggressive or conservative accounting policies. (2) VC involvement does not enhance the long-term performance of firms post-listing. These findings provide investors and government entities with additional perspectives on the cooperate governance and long-term performance effects brought about by VC involvement.

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