- 學位論文
創投之投資評估準則及流程分析探討：以 T 創投公司為範例
Analysis and Discussion on the Investment Evaluation Standards and Process of Venture Capital Industry: Taking T Venture Capital Company as an Example
摘要
創投產業是一種高風險高報酬的投資方式，它需要對市場有敏銳的洞察力，並能夠有效地評估投資標的的潛力和風險。本文旨在探討創投公司在選擇投資標的時，所採用的評估凖則，並以T創投公司為例，分析其投資評估標準及流程，以期提供創投業界參考。 本研究採用個案研究法，以2022年台灣創投公會會員名冊為標準，找出業者當中對於投資案較具經驗的業者名單，最後找出一家接受訪談的創投公司。本次研究採訪的對象為T創業投資公司投資部主管，透過深度訪談和文件分析，歸納出T公司在評估投資標的時，所考量的五個主要凖則，分別是： 1. 根據不同的投資階段和產業特性，靈活調整評估凖則的權重和優先順序。 2. 重視創業團隊的背景、能力、熱情和願景，並抓住市場的變化和機會。 3. 關注技術創新的核心競爭力，但同時也要考慮商業模式的可行性和可持續性。 4. 設定清晰的退出策略，並與創業團隊保持良好的溝通和合作。 5. 進行嚴謹的盡職調查，以確保投資決策的合理性和安全性。 本研究發現，T公司在選擇投資標的時，並非僅依靠數據和公式，而是結合了多方面的因素和判斷，並根據實際情況做出彈性調整。本研究希望能夠為創投產業提供具體而有價值的啟示和建議。
並列摘要
The venture capital industry is a high-risk, high-reward investment approach that requires keen market insight and the ability to effectively assess the potential and risks of investment targets. This article aims to explore the evaluation criteria adopted by venture capital firms when selecting investment targets, taking T Venture Capital Company as an example, to analyze its investment evaluation standards and process, hoping to provide a reference for the venture capital industry. This study employs a case study method, using the 2022 membership roster of the Taiwan Venture Capital Association as a standard to identify experienced investors in the industry, eventually selecting a venture capital company that agreed to an interview. The subject of this study was the investment department head of T Venture Capital Company. Through in-depth interviews and document analysis, five main criteria considered by T Company in evaluating investment targets were summarized: 1. Flexibly adjusting the weight and priority of evaluation criteria based on different investment stages and industry characteristics. 2. Valuing the background, capabilities, passion, and vision of the entrepreneurial team, and seizing market changes and opportunities. 3. Focusing on the core competitiveness of technological innovation while also considering the feasibility and sustainability of the business model. 4. Establishing a clear exit strategy and maintaining good communication and cooperation with the entrepreneurial team. 5. Conducting rigorous due diligence to ensure the rationality and safety of investment decisions. The study found that T Company does not rely solely on data and formulas in selecting investment targets but combines various factors and judgments, making flexible adjustments according to the actual situation. This research hopes to provide some valuable insights and suggestions for the venture capital industry.