企業創投策略研究_以記憶體產業為例

Memory Industry’s Corporate Venture Capital Strategy

邱聖軒(Sheng-Syuan Chiu)

指導教授 ： 陳聖賢

國立臺灣大學/管理學院/財務金融學系/碩士(2024年)

https://doi.org/10.6342/NTU202401309

摘要

本研究針對記憶體產業的企業創投 (Corporate Venture Capital，CVC) 策略進行研究，分析三星電子、SK海力士與美光科技2008年至2023年的投資標的，最終總結出整體的投資策略考量、各時空背景的投資策略演變、記憶體CVC創造的價值以及未來產業發展方向。研究發現記憶體CVC相當重視AI的投資，近五年側重投資軟體應用相關的新創企業，而未來的投資重點則會擴大至整體AI產業鏈。此外，本研究證實新創公司在被記憶體CVC投資後，員工數、估值以及專利申請皆呈現正成長率，同時CVC母公司也在投資記憶體相關新創企業後降低了研發費用比例。最後，本研究發現記憶體CVC近年所投資的公司多為「記憶體內計算」與「先進封裝」技術相關，由此可知記憶體龍頭企業當今重視並看好的這兩項技術，未來可能成為產業成長重點。總結來說，本研究探討了記憶體CVC各個面向的投資策略，提供投資人、記憶體公司、新創企業以及政府未來發展方向的建議，也期許本研究能拋磚引玉，引起後續其他研究對於半導體產業CVC投資策略的興趣。

關鍵字

企業創投 ； 記憶體產業 ； 投資策略 ； 新創公司 ； 三星電子 ； SK海力士 ； 美光科技

並列摘要

This study focuses on the Corporate Venture Capital (CVC) strategies in the memory industry, analyzing the investment targets of Samsung Electronics, SK Hynix, and Micron Technology from 2008 to 2023. It concludes the overall investment strategy considerations, the evolution of investment strategies across different time, the value created by memory CVC, and the future development of the industry. The research reveals that memory CVC places significant emphasis on investments in AI, with a recent focus on investing in startups related to software applications. Future investment priorities are expected to expand to the entire AI value chain. Additionally, the study confirms that startups receiving investments from memory CVCs experience growth in employee numbers, valuation, and patent applications. Furthermore, the parent companies of CVCs also reduce their R&D expenditure proportion after investing in memory-related startups. Lastly, the research finds that companies recently invested in by memory CVCs are predominantly related to "In-Memory Computing" and "Advanced Packaging" technologies. This indicates that leading memory companies value and have positive prospects for these technologies, which could become focal points for industry growth in the future. In conclusion, this study explores the investment strategies of memory CVC from various perspectives, offering suggestions for investors, memory companies, startups, and the government on future development directions. It is hoped that this research can stimulate further interest for other studies in semiconductor industry CVC investment strategies.

並列關鍵字

Corporate venture capital ； Memory industry ； Investment strategy ； Startup ； Samsung ； SK Hynix ； Micron Technology

參考文獻

中文文獻

母基金周刊 (2023)。中國CVC影響力報告-產業資本大分流。https://www.fofweekly.com/index/index/show/catid/22/id/6437.html

英文文獻

Alvarez‐Garrido, E., & Dushnitsky, G. (2016). Are entrepreneurial venture's innovation rates sensitive to investor complementary assets? Comparing biotech ventures backed by corporate and independent VCs. Strategic Management Journal, 37(5), 819-834.

Basu, S., Phelps, C., & Kotha, S. (2011). Towards understanding who makes corporate venture capital investments and why. Journal of Business Venturing, 26(2), 153-171.