在創業投資環境中，新創企業常透過釋放訊號來降低訊息不對稱。過去研究多聚焦於強訊號對風險資本(VC)投資決策的影響，但弱訊號與其與強訊號的交互作用，特別是在不同市場熱度中的效果，仍有待釐清。本研究結合訊號理論與認知觀點，探討新創企業在不同市場熱度下，弱訊號（公司名稱中是否包含產業關鍵詞）及其與強訊號（是否曾獲知名風險資本投資）交互項對 VC 投資金額的影響。本研究使用 Crunchbase 資料庫中 2018 至 2022 年間美國3,508家創投產生的投資輪資料，經資料清理與標準化處理後，最終獲得179,742 筆有效觀察值，作為實證分析樣本。本研究不僅拓展訊號理論於不同環境下的應用，亦對新創與投資人均具實務上的啟發性。;In entrepreneurial investment environments, startups often send signals to reduce information asymmetry. Prior research has predominantly focused on the impact of strong signals on venture capitalists′ (VCs’) investment decisions, while the roles of weak signals and their interaction with strong signals, especially under varying market heat conditions, remain unclear. This study integrates signaling theory with a cognitive perspective to examine how weak signals (whether a startup’s name contains industry-related keywords) and their interaction with strong signals (whether the startup has previously received investment from prominent VCs) affect VC investment amounts across different levels of market heat. Using investment round data from 3,508 U.S. venture capital firms between 2018 and 2022 sourced from the Crunchbase database, and after data cleaning and standardization, a final sample of 179,742 valid observations was obtained for empirical analysis. This study not only extends the application of signaling theory across diverse environments but also offers practical insights for both startups and investors.
