創業投資事業之管理政策及法制分析

The World of Venture Capital in Taiwan: Policy, Governance, and Analysis

王志誠(Chih-Cheng Wang)

《中正大學法學集刊》 13期 (2003/10) Pp. 197-264

https://doi.org/10.30094/NCCULJ.200310.0003

摘要

觀諸我國創業投資事業之發展軌跡，政府在經濟政策上積極配合推動，並制定相關產業法規，採取租稅優惠導向之產業政策，實為成功之重要關鍵。惟「促進產業升級條例」於1999年修正後，除取消創業投資事業股東之租稅優惠措施外，並於第七十條第二項授權行政院訂定「創業投資事業範圍與輔導辦法」，取代以往不具有法源基礎之「創業投資事業管理規則」，業已致使我國創業投資事業之管理模式發生重大轉變。
本文共分七部分。除於前言敘明撰寫本文之動機及問題意識外，首先，從介紹我國創業投資事業之發展狀況及組識型態出發，期能掌握創業投資事業對高科技產業發展之重要性。其次，除探討我國對創業投資事業在政策理念之更迭，以及目前大陸投資管制之相關問題外，亦對於管理模式之政策方向，提出管窺之見。此外，則針對我國創業投資事業之治理結構、資金籌措機制及投資退出機制等重要議題，加以整理分析，期能勾繪我國當前創業投資事業之法制環境，並提出粗淺之評論及建議。最後，則提出本文之簡要結論。

關鍵字

創業投資 ； 創業投資事業 ； 新創事業 ； 創業投資人 ； 資金籌措機制 ； 退出投資機制 ； 資金回流機制 ； 公司治理 ； 租稅優惠 ； 大陸投資

並列摘要

The main driving force behind the success of venture capital has been sound government policy, including but not limited the special tax treatment of high-technology ventures and the improvement laws of venture industry. However, the special tax treatment, a 20% income tax dedution to individuals and corporations holding shares in venture capital funds, was repealed in December 1999 by the amendment of the Statute for Upgrading Industries (SUI), which eliminated the investment tax credit for venture capital funds. As a direct of the change in the governance model, the Regulation Governing Venture Capital Investment Enterprises (RGVCIE) was also elimilated and replaced in May 2001 with The Scope and Guidelines for Venture Capital Investment Enterprises (SGVCIE), which govers the formation and operation of venture capital funds.
Part Ⅰ of this Article will introduce the background of venture capital and the key controversies . Part Ⅱ will provide the history of venture capital and the formation of venture capital funds in Taiwan. Part Ⅲ will discuss the policy trend of venture capital, and argue that the control policy adopted to the investment in China. Part Ⅳ, Ⅴ and Ⅵ will analyze the exit mechanisms, financing mechanisms and governance of venture capital,, and conclude the characteristics of venture capital structure. Part Ⅶ concludes and recommendes that the future prospects for the venture capital industry.

並列關鍵字

Venture Capital ； Venture Capitalist ； Start-up Firm ； Entrepreneurs ； Exit Mechanisms ； Financing Mechanisms ； Corporate Governance ； Tax Deduction ； Investment in China