新創公司在追求成長時往往需要以新創公司的權力控制作為代價。創辦人所具備的人力資本如何改變與外部投資者的依賴關係進而影響新創公司控制權結構？本研究以資源依賴理論為基礎，針對台灣物聯網產業中共 53 家新創公司於2010年至2023年間歷次公司變更登記資料進行追蹤分析(合計773筆工商登記資料)。研究結果發現：(1)新創企業創辦人持有特定人力資本程度愈高，對職位控制呈正向關係；(2)新創企業創辦人持有特定人力資本程度愈高，對董事會控制呈負向關係。期望透過本研究彙整之成果，新創公司公開尋求外部資源交換時，於檢視自身經營控制、董事會控制與未來策略走向提供實務的貢獻與參考。;Startups often need to pay the price of power and control in their pursuit of growth. How the human capital of founders alters their dependency on external investors and subsequently affects the control structure of startups? This study is based on the resource dependence theory and conducts a tracking analysis of the company change registration data of a total of 53 new startups in Taiwan′s Internet of Things industry from 2011 to 2023 (a total of 773 registration records). The research results show that: (1) The higher the degree of specific human capital held by the founders of new ventures, it has a positive relationship with position control; (2) The higher the degree of specific human capital held by the founders of new ventures, it has a negative relationship with the control of the board of directors. towards relationship. It is hoped that the results compiled in this study will provide practical contributions and references for new start-up companies to review their own operating control, board control and future strategic direction when they publicly seek external resource exchanges.
