台灣創業投資事業之研究

所謂創業投資係指對具有潛力之新興事業提供資本投資，但不以經營企業為目的的一種投資行為。其範圍可擴及將資金投資於需要併購與重整的未上市企業，以協助實現再創業的理想。其投資係以追求長期資本增值為目的，屬於高風險高收益的投資模式。台灣創業投資事業自1984年引進至今，共募集一千七百多億元資金，投資項目多達一萬二千多個。台灣經由創投業所投資而間接帶動之累計資本形成，已超過台幣兩兆肆仟億元，約佔2007年台灣GDP之19%。截至2007年底止，國內上市(櫃)科技公司，幾乎每兩家就有一家曾經接受過創投的投資，可見創投事業對國內早期新創科技事業及國內經濟發展的貢獻厥偉。惟近年來受國際間經濟不景氣及台灣政經環境變動之影響，台灣創投業面臨資金募集困難、投資範圍限制、投資抵減取消、國際化困難等多重問題，使得創投發展面臨極嚴苛的挑戰。再者，過去二十多年來，台灣創投業深耕於本土市場，對於海外市場的擴張，由於過度著重高科技技術的研究與發展，故僅侷限於美國市場。近年國際創投紛紛赴大陸發展，台灣創投因受限於法令規範，必須通過審查才能進行投資，往往錯失投資良機，以及與國際創投共同合作的機會。為解決創投事業發展瓶頸，相關的產業政策及法規限制需早日改善，以提供創投業發展所需資源。而業者本身亦應努力求變，落實公司治理，在投資經營模式上尋求突破，加強創投業之間的合併與整合，積極朝「區域化」與「國際化」邁進。

關鍵字

創業投資；投資抵減

並列摘要

Venture capital is a type of investment that provides funding capital to high-potential and newly risen companies and usually is not in the interest of running the company on a continuing basis. The venture targets include non listed companies that might need merger and restructure activities to improve their operation, and the purpose of the venture is to generate long term capital gains. It is deemed a high risk and high return type of investment. Since its introduction in 1984, venture capital industry in Taiwan had raised over 170 billion NTD for more than 12,000 venture targets. The capital indirectly brought in through venture capital in Taiwan had accumulated to 2.4 trillion NTD, equivalent to 19% of Taiwan’s GDP of 2007. At the end of 2007, nearly one out of two high tech listed companies in Taiwan had obtained venture capital investment. Thus it is clear that the venture capital industry had made great contributions to the early-stage and newly risen high- tech sector and Taiwan’s economic growth as well. However due to the negative impacts from the global recession and the domestic political and economical environment changes, the venture capital industry had been confronted with fierce challenges, such as fund raising difficulties, limitations on investment targets, cancellation of tax deduction on investment, globalization tardiness etc. Furthermore, for the past two decades, Taiwan’s venture capital industry had focused its investments on local market. As to the global markets, only the US market had been reached due to its emphasis on R& D in the high tech sector. In recent years, many global venture capital companies had made investments in Mainland China, while Taiwan’s venture capital sector missed out the good timing to invest or failed to cooperate with global peers due to strict domestic regulations and the prolonged government approval process. With the attempt to solve the difficulties confronting the venture capital sector, we suggest that the related industry policy and regulations should be improved and liberalized to provide necessary resources for the sector development. The industry itself should follow corporate governance, work on new and innovative operation models, and look for regionalization and globalization through industry consolidation and integration.