本研究為探討在創投公司的參與以及創投公司未介入的個別情況下，多角化傳統產業公司間相對的經營效率比較。並針對2000年至2004年的資料為期間，十三家傳統產業有多角化發展並有創投介入的公司，與十七家未有創投介入的多角化傳統產業公司為樣本，先用因素分析求出主要因素，再以資料包絡分析法(DEA)作相關的探討，也就是作投入項(財務績效變數、公司治理績效變數、無形資產)與產出項(資產報酬率、每股盈餘)之績效分析。
研究結果顯示：1.創投介入之DMU經營績效明顯比創投未介入之DMU經營績效高，且其無效率的原因為整體無效率所產生；2.在極有效率之群體分析中，創投介入之DMU有效率群體多於創投未介入；3.若需將DMU調整至有效率，其大部分DMU所需要的為減少投入項(財務績效變數、公司治理績效變數、無形資產)的投入，而非產出項(每股盈餘、資產報酬率)的產出，也就是創投介入與創投未介入之DMU的無效率，主要是由於投入過多而導致；4.在評估績效方面，剔除其中任何一項只會降低其評估的效率，因此各個指標皆為有效率的指標。
This In order to compare the performance of diversification in traditional industry with venture capital and without venture capital (VC), the study uses the research sam-ple selected from 2000 to 2004, and 13 industries with VC and 17 industries without VC. First, the study uses the factor analysis to extract the primary factors. Second, the study makes the relative analysis by the DEA method the discussion. Like the analysis by in-puts (variables of financial, corporate governance, and intangible) and outputs (ROA and EPS).
The result of study: 1.the DMU with VC are more efficient than what without VC and the reason is from entirety inefficiency. 2. In the analysis of extremely efficiency, numbers of efficiency of DMU with VC more than efficiency of DMU without VC. 3. If we have to adjust DMU until efficiency, most we need are decrease input (variables of financial, corporate governance, and intangible). Inefficiency results from too much in-put. 4. If we eliminate any one of inputs or output, the efficiency will decrease. So we can point out every inputs and output are reveal efficiency.
