本文旨在探討高科技投資報酬，本研究以創業投資事業公司（以下簡稱創投）的投資案做為樣本。結果發現創投的持股年限平均是2.94 年，年報酬率及連續複利分別為35.4%及15% 。雖然創投大多投資在未上市公司，然而其投資報酬卻受到上市股票榮枯的影響。進一步的研究發現，創投在國外的投資所獲報酬較高；當其所投資的公司已經上市才出售持股，其投資報酬亦較優；與同一時期的股價加權指數相比，創投報酬亦顯著的較好。然而投資在創投的風險顯然也較投資於上市公司高。

This paper investigates the risk/return profile of high- tech investments. We use venture capital as an example. The analysis of venture capital investments from 1989 to 1994 show that the average holding period for venture capital investments is 2.97 years and the average annual return and continuously compounded return are 35.4% and 15%, respectively. Compared with publicly-traded stocks, venture capital investments outperform the stock index. The former also experiences higher risk than the latter. A close examination shows that venture capital investments realize a higher return either when their portfolio firms go public or when their portfolio firms are in foreign countries.