企業轉投資近幾年開始在台灣新創產業中擔任愈發重要的角色，也有越來越多的研究著重在相關領域中，許多研究表明企業轉投資在被投資公司與母公司之間有諸多影響。然而，不同的轉投資類型往往會有著很不一樣的投資策略與目的，特別對於新創公司上市後的影響也會有非常大的不同。
本研究希望透過探究母公司與子公司間的業務往來狀況，提出關於母公司持股變化原因的新看法。
本研究從財報上關係人交易部分將轉投資新創分為四種類型，僅向母公司進貨、僅向母公司銷貨、與母公司進銷貨皆有以及完全無任何交易；從本研究的迴歸模型中，得到了兩項結論：第一是母公司與子公司業務上的往來，確實會顯著的影響在上市後三年內的持股變化；第二是交易關係中僅有母公司與被投資公司有雙向的交易關係或完全無交易會分別對持股比例變化有正相關及負相關。本研究針對以上觀察到的現象以個案說明並分析，並闡述研究意涵與後續研究的可能方向。

Reinvestment has become increasingly significant in Taiwan's startup industry. Studies have shown that corporate reinvestment impacts the relationships between parent companies and their investees.
This study seeks to offer new insights into the reasons behind changes in parent company shareholdings by examining business interactions between parent companies and subsidiaries with categorizes reinvestments into four types based on related party transactions: only purchasing from the parent company, only selling to the parent company, both purchasing and selling, and no transactions.
Two key findings emerged from the regression model: First, business interactions significantly influence shareholding changes within three years post-IPO. Second, shareholding ratios are positively correlated with bidirectional transactions and negatively correlated with no transactions. The study provides case analyses of these phenomena and explores implications and future research directions.

論文審訂書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
圖目錄 vii
表目錄 viii
第一章 緒論 1
1.1 研究動機與背景 1
1.2 研究目的 2
1.3 研究架構 2
第二章 文獻回顧 3
2.1 企業創投 3
2.1.1 企業創投對於母公司之影響 4
2.1.2企業創投對於子公司之影響 4
2.1.3企業創投的發展與現況 5
2.1.4 企業創投分類 7
2.2 財務型轉投資 8
2.2.1轉投資理論基礎 8
2.2.2 轉投資風險 9
第三章 研究方法 10
3.1研究流程 10
3.2研究假說 11
3.3樣本選取 12
3.3.1 資料來源與樣本定義 12
3.4資料搜集 13
3.5 資料數據 14
3.5.2模型應變數 16
3.5.3 模型自變數 16
3.6 分析方法 17
3.6.1 相關分析 17
3.6.2 迴歸分析 18
3.6.3 個案分析 18
第四章 研究結果 19
4.1 相關性分析 19
4.2 迴歸分析 19
4.2.1與母公司有業務往來是否影響上市後持股變化 19
4.2.2與母公司何種業務往來影響持股變化 21
4.3 相關個案分析 24
4.3.1 S科技 25
4.3.2 H科技 27
4.3.3 R科技 29
4.4 結果討論 31
4.4.1結論一 31
4.4.2 結論二 31
第五章 結論與建議 32
5.1 研究結論 32
5.1.1雙向交易關係 32
5.1.2 完全無交易關係 33
5.2研究建議 33
參考文獻 35

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陳淑芬，2006，「台灣企業創投對產業價值績效影響之研究」，淡江大學商學院國際商學在職碩士專班未出版碩士論文
鄭吉峰，2007，「新興產業與先進者優勢之個案研究: 以 GPS 與太陽能電池產業為例」 國立臺灣大學國際企業學系未出版碩士論文
羅偉特，2006，「台灣企業創投可行模式之研究」，國立中山大學企業管理研究所 未出版碩士論文。
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