長期以來，眾多文獻對於先佔者優勢有多樣的研究與探討，但現有的文獻中通常無法提出決定性的實證來支持或反對先佔者優勢的存在。此外， 文獻大部份將重心放在探討那些基於早期進入而為公司帶來的利益上，而較少關注在公司會成為一個早期進入者其背後隱藏的決定因子，因此，本研究提供一個可能的方式來了解這些成為早期進入者的決定因子，在新興的產業中探究公司在哪些情況下較有可能成為早期進入者及其之後公司的績效表現。本研究提出假設，並以1990至2003年間美國創投公司投資網際網路產業，共計871家投資組合公司為樣本作分析，由分析結果顯示創投公司之資源與獨特能力跟創投公司為早期進入者呈現正向關係，而投資資金流所形成的競爭對成為早期進入的創投公司有負向關係。以投資績效方面，分析結果呈現出創投公司投資之標的公司為早期進入者，其投資績效較佳，而創投公司本身為早期進入投資者之投資績效則不顯著。 First-mover advantage (FMA) has been extensively studied by various researchers, though existing literature is unable to provide conclusive empirical evidence to support or refute the existence of FMA. In addition to the benefits that firms can derive from their early entry, relative little attention has been paid to the factors determine when a firm enters an emerging market. In this thesis, it suggests one possible solution to examine this problem is to understand the antecedents of early entry of a firm. The thesis explores the conditions under which firms are more likely to be early entrants in an emerging industry and their consequent performance. The hypotheses will use data on venture capital investment in Internet sector by 871 portfolio companies in the U.S. from 1990 to 2003. The results provide some evidence that VC firms’ resources and capabilities and threat of competition of money flows have contrary effect on the likelihood of early entry. The performance VC investment increases with the presence of its investment in early movers in Internet markets, but not entry timing of VC firms themselves.
