企業創業投資與能耐基礎成長策略： 理論整合與實證研究

Corporate Venturing Investments and Competence-Based Growth Strategy: Theoretical Integration and Empirical Evidence

劉恆逸(Heng-Yih Liu)

指導教授 ： 李吉仁

國立臺灣大學/管理學院/國際企業學研究所/博士(2004年)

https://doi.org/10.6342/NTU.2004.01360

摘要

當環境持續不斷的變動時，能耐更新對於企業成長是很重要的。然而，因為學習近視症(learning myopia)的存在，對既有經營團隊欲建構新的能耐有其困難性，而向外尋求新能耐即提供另一個成長的管道。本論文提出企業創業投資(Corporate venturing investment, 之後以CVI稱之)可作為實現綜效與學習新能耐的策略途徑。CVI定義為企業對外在一興業公司(entrepreneurial firm)的直接股權投資。從能耐基礎與組織學習觀點，我們提出一能耐基礎成長主動力(competence-based growth initiative)，包括能耐複製(competence replicating)、能耐槓桿(competence leveraging)、能耐升級(competence upgrading)與能耐建構(competence building)。藉此，我們可以概念化成為兩種不同類型的CVI; 亦即綜效型(synergistic type)與學習型(learning type)。綜效型CVI(synergistic type of CVI)包含能耐複製和能耐槓桿，而學習型CVI(learning type of CVI)則包含能耐升級和能耐建構活動。為了能區分這兩類型CVI，我們發展一新的方法來衡量製造廠商之間的能耐相似性(competence similarity)。
在整理了台灣資訊電子業的一系列產品之後，我們藉由觀察三個能耐構面而得以架構並衡量能耐相似性；也就是產品設計能耐(product design competence)、轉換製程能耐(conversion process competence)與商品化能耐(commercialization competence)。我們採專家評分(expert rating)得到一組產品間兩兩相對的能耐相似列表。假設每一構面同樣重要，加總三個構面的分數後我們可以得到一個能耐相似性的總分，而至少任一構面的分數超過4分的CVI，將被視為綜效型CVI，除此以外，即視為學習型CVI。如此一來，我們對於一特定CVI所具有相關能耐(related competence)的程度，可以有一完整的圖像，而分類後，我們能分辨其背後的策略目的。
我們主張內部與外部驅動力都將影響某特定類型CVI的選擇。以台灣資訊電子業的製造廠商樣本為例，本論文認為並發現廠商如果有相對於產業平均較好的績效或較大規模時會傾向採學習型CVI。因為這些過去表現優異的廠商傾向持續保有其能耐，卻容易形成其核心僵固性(core rigidity)與組織慣性(organizational inertia)。甚且，既有的管理階層受限於學習近視症。從能耐邏輯(competence logic)的角度而言，為了平衡能耐槓桿與能耐建構活動，這些廠商較傾向採學習型CVI。相反的，當經濟條件較好或某產品的成長機會較好時，將驅使廠商槓桿運用其現有的能耐以期在極短的時間內快速獲利，換句話說，此時綜效型CVI將較受歡迎。
此外，我們進一步討論CVI的統治結構(governance structure)，而且提出廠商在一個具有較高能耐相似性的CVI中，較傾向採取較高的股權投資。然而，對於學習型CVI，我們進一步定義所謂的垂直CVI (vertical CVI)為跨價值鏈經營的CVI。藉由整合能耐基礎觀點、交易成本理論、與實質選擇權理論，我們更進一步發現廠商在垂直CVI中，較傾向採取較低的股權投資。
本論文的貢獻是發展並衡量能耐相似性的概念，藉此，我們能提出CVI的分類。藉由檢驗內部與外在因素對於選擇不同類型CVI的影響，我們揭開了CVI的面紗，從而給予管理者實質上的建議，並且整合三種理論觀點提出適當的CVI統治結構，更重要的是，我們認為學習型CVI才是有利於企業永續經營。

關鍵字

能耐相似性 ； 成長策略 ； 能耐基礎觀點 ； 統治結構 ； 企業創業投資

並列摘要

Competence renewal is important for firm growth when the environment constantly changes in an unanticipated way. However, it may be difficult for current existing management to build new competencies because of learning myopia, and external search for new competencies provides an alternative way to achieve this end. This dissertation proposes that corporate venturing investment (CVI, hereafter) can serve as a strategic means to realize synergy as well as gain learning benefits. CVI is defined as a firm’s direct equity investment on an external entrepreneurial firm. From competence-based and organizational learning views, we submit a competence-based growth initiative, including competence replicating, competence leveraging, competence upgrading and competence building activities, by which we conceptualize two types of CVI; namely synergistic type vs. learning type. A synergistic type of CVI involves competence replicating and leveraging, and a learning type contains competence upgrading and building activities. To distinguish these two types of CVI, we develop a new method for measuring competence similarity between manufacturing firms.
After consolidating a list of products produced in the computer and electronics industry, we construct and measure the underlying competence similarity by looking at three competence dimensions; namely product design competence, conversion process competence, and commercialization competence. To this end, we adopted expert rating to get a table of competence similarity among these products. Assuming each dimension of competence is equally important, we sum up the scores from three competence dimensions to get the total score for competence similarity. At least one of the three dimension is more than 4 points will be regarded as synergistic type of CVI, and learning type of CVI otherwise. In so doing, we can have a complete picture about the extent to which a specific CVI is characterized by related competence, by which we are able to discern underlying strategic purpose.
We submit that both internal and external drivers will exert influence on the choice of specific type of CVI. Taking a sample of manufacturing firms from the computer and electronics industry in Taiwan, this dissertation argues and finds that firms with better prior relative performance or larger size are more likely to pursue learning type of CVI. Because these firms that performed better in the past tend to retain their capabilities in the subsequent period, it becomes the cause of core rigidity and organizational inertia. Moreover, existing managers are constrained by learning myopia. From the competence logic, to balance between competence leveraging and building activities, these firms are more likely to pursue learning
type of CVI. In contrast, while economic condition is getting better or growth opportunity is present at the product level, it will prompt a firm to leverage its current competence in an attempt to obtain economic gains in a very short period of time. In other words, synergistic type of CVI will be pursued.
In addition, we further discuss the adequate governance structure for CVI, and argue that the focal firm is likely to maintain a higher equity position in a CVI characterized by higher competence similarity. However, for learning type of CVI, we specifically define vertical CVI that gets involved in business along with the value chain. By integrating competence-based, transaction cost economics, and real option theory, we further found that the focal firm is more likely to pursue lower equity positions in vertical CVI.
This dissertation contributes by developing and measuring the concept of competence similarity, by which we are able to offer a typology of CVI. We unveil the CVI phenomenon to inform the practitioners by examining the conditions under which they can decide how to manage between synergistic and learning type of CVI, and integrate three theoretical perspectives to submit appropriate CVI governance structure. Of more importance, learning type of CVI is what we believe beneficial to firm’s longevity.

並列關鍵字

Corporate Venturing Investment ； Governance Structure ； Growth Strategy ； Competence-based View ； Competence Similarity

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