- 學位論文
探討企業創投對新創公司企業價值影響與創造路徑 -以聯發科技投資達發科技案為例
Exploring the impacts and creation mechanisms of CVC on the enterprise value of start-up companies：A Case Study of MediaTek's Investment in Airoha Technology.
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摘要
本研究透過個案研究法，通過對聯發科技創投在2017年4月將達發科技下市後所採用的三大手段進行全面分析，旨在探討企業創業投資（Corporate Venture Capital, 簡稱CVC）對新創公司企業價值的影響與創造機制。根據研究結果可以發現，聯發科技企業創投主要透過三大手段-提供集團網路與資源支持、參與企業管理、提供資金支持，讓達發科技不論在企業財務價值面、創新價值面、人力價值面、市場價值面，都有顯著之正向成長。 基於研究結論，未來若想要而若想要提高企業創投的投資成功率，建議以後IC設計產業企業創投從業者在選擇投資標的時應優先考慮同產業且具備高度互補性的公司，以提高投資的綜效。同時，在改造新創公司的過程中，應重視人力資本、創新資本的培育。
並列摘要
This study employs a case study approach to comprehensively analyze the three main strategies adopted by MediaTek's corporate venture capital (CVC) after the delisting of Airoha Technology in April 2017. The objective is to explore the impacts and creation mechanisms of CVC on the enterprise value of start-up companies. The research findings reveal that MediaTek's CVC primarily encompasses three strategies: providing extensive network and resource support, participating in corporate management, and offering substantial financial backing. These strategies contribute significantly to the growth of Airoha Technology in terms of financial performance, innovation capability, human capital, and overall enterprise value. To optimize investment outcomes, future practitioners of CVC in the IC design industry are recommended to prioritize investments in synergistic companies within the same sector. Furthermore, placing significant emphasis on cultivating human capital and fostering innovation capital is crucial during the transformative journey of startups.
參考文獻
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