企業型國家:行政院國家發展基金在產業創新中的角色

當前全球許多國家與區域正熱衷追求創新成長，並致力推動新創與創投事業的發展。因此，國家在創新、創業及經濟成長中之角色便成為值得探究的議題。相較於既有文獻傾向視國家為輔助者，本研究則藉由記錄與分析國發基金在產業創新中的角色，以此說明政府扮演創投冒險投資高風險新興產業的面向。本研究嘗試運用次級資料與訪談內容回答以下問題：(一) 國發基金在產業創新中的不同角色；(二) 政府與民間資本在台灣生技產業發展過程中的分工與互動關係；(三) 國發基金的投資策略，以及國發基金與民間創投在投資邏輯方面的差異；(四) 外界對國發基金投資運作的常見批評。核心發現指出國發基金扮演種子基金帶頭投資角色，催化民間對生技產業的投資。本研究主張這是因為國發基金一般來說較民間資本更有意願與能力承擔高風險與長回收期。除此之外，國發基金與其他政府機構及民間專業社群合作亦強化了對創業市場的治理能力。然而，本文亦指出公私部門之間的投資合作儘管能夠創造綜效，但仍須面對潛在的代理問題。

關鍵字

國發基金；產業創新；創業投資；生技產業；投資策略

並列摘要

Many countries and regions are currently pursuing innovation-led growth, with the aim of promoting the development of startups and venture capital. Thus, the role of the state in innovation, entrepreneurship and economic growth becomes an important issue to be explored. In contrast to extant literature emphasizing the supporting functions of the state, this research demonstrates that the state can also act as venture capital (VC), investing in high-risk emerging industries by documenting and analyzing the roles of National Development Fund (NDF) in industrial innovation. Drawing on both secondary data and in-depth interviews, this research seeks to answer the following questions: (i) the different roles of NDF in industrial innovation; (ii) the division of labor and the relationship between public and private capital in the development process of Taiwan’s biotechnology industry; (iii) the investment strategies of NDF and the different investment logics between NDF and private VC; (iv) the common criticisms against the NDF. The core findings show that NDF played a lead investor role in catalyzing the private investment in biotechnology industry. This research argues that this is because in general NDF is more willing and capable to take higher risks and tolerate long lead time of innovation. Moreover, cooperating with other government agencies and professional communities enables NDF to strengthen its governance of early-stage capital market. However, the agency problem remains to be solved for generating better synergies between public and private investment.