Why createobject is slow?

When virtualizing Excel with ThinApp, "CreateObject" is slow.

Any version of Excel does not matter.

I understand the performance by virtualization, but in particular, "CreateObject" feels late.

Example:

============================

Sub test()

  CreateObject("Excel.Application")

End Sub

============================

Compare the time when Excel starts up in the same environment.

   Excel2003 - 0.2sec

vExcel2003 - 2.5sec

I want to know why it is late. The more specific it is, the better.