創業投資事業組成方式對投資決策影響之研究

How the combination of venture capital enterprises to influences the investment strategy determined

許倩芬(Chien-Fen Hsu)

指導教授 ： 蔡信夫

淡江大學/管理學院/會計學系碩士在職專班/碩士(2007年)

https://doi.org/10.6846/TKU.2007.00499

摘要

一個國家的創新程度可以由帶動創新的新創企業之數目與培養新創企業的創業投資產業發展程度來看一國的創新與經濟發展的動能，而創業投資資金正是創新型的新設企業重要的資金來源，創業投資產業的興衰也代表國內創新活動是否蓬勃。回顧創業投資事業在台灣發展二十多年來對於台灣經濟發展更是有功不可沒的貢獻，隨著政府政策的開放，更多元化的創業投資基金來源，如民營銀行、金融控股公司、證券公司、保險公司的資金流入。創業投資事業之經營隨著創業投資基金來源的不同，面對不同類型股東結構有著不同的投資需求。本研究探討的是不同資金來源所組成不同類型的創業投資公司在整個投資過程中投資行為的差異性，透過文獻整理將創業投資公司分為法人機構主導之創業投資、投資機構主導之創業投資、專業金融機構組成之創業投資、私人組成之創業投資與專門目的組成之創業投資五種類型之創業投資公司，並將投資行為分為選擇與評估階段、協商與訂定階段、輔助與投資後管理階段、退出階段四個階段，透過問卷調查方式來佐證本研究之架構，並對不同類型的創業投資公司在投資過程四個階段上的差異進行統計上的檢定。因回函問卷55家創業投資基金中，並無私人組成之創業投資與專門目的組成之創業投資這兩種類型之創業投資公司，故本研究僅能就法人機構主導之創業投資、投資機構主導之創業投資、專業金融機構組成之創業投資這三種類型之創業投資公司做出以下研究結論：
一、選擇與評估階段
1.不同類型的創業投資公司在投資方案取得後初步篩選準則中，對於投資案的事業階段重要性看法有所不同。
2.不同類型的創業投資公司在歷年來投資案之階段別中，對於擴充期、成熟期與重整期階段有不同的偏好。
3.不同類型的創業投資公司在投資之產業與主要之股東本業相關性分析有不同的選擇。
二、協商與訂定階段
1.不同類型的創業投資公司在單一投資案之預期報酬率有所不同。
2.不同類型的創業投資公司在單一投資案之預期回收年限有所不同。
3.不同類型的創業投資公司在資金的提供到位方式上有所不同。
三、輔助與投資後管理階段
1.不同類型的創業投資公司在提供被投資公司的服務與介入程度有所不同。
四、退出階段
1.不同類型的創業投資公司在退出單一投資案時平均年投資報酬率有所不同。

關鍵字

創業投資 ； 投資決策

並列摘要

From the number of innovative companies, you could know the innovative level of one country. Besides, the number of venture capital enterprises could reveal the energy of economic development in one country. Since the capital of venture capital enterprises is an important resource for an innovative company, the relevance of these two parts is strong.
A review of economy development in Taiwan over twenty years, the venture capital enterprises have great contribution in it. Following the government policy opened, it allows diversified capital resource, such as the private bank, financial holding company, securities firms and insurance company, to pour into the venture capital enterprises. The diversified shareholders structure makes the business operations complex.

The purpose of this research is to investigate the difference of investment behavior in the venture capital enterprises with various shareholder structures. Based on the related research, this research defines the venture capital enterprises as five different styles. First is led by corporation institutional. Second is led by investment institution. Third is professional financial institution. Fourth is led by individual and the final is led by the group with specialized objective. Moreover, there are four stages in the investment behavior. These are the stages of choice and evaluation, negotiation and agreement, assistant and management, and the last is retreat.

This research adopts the way of questionnaire to testify the framework and analyzes the differences of investment behavior in statistic. According to fifty five questionnaires of reply, there is no enterprise which is classified to individual and the group with specialized objective. Hence, the conclusion of this research is based on the enterprises included corporation institutional, investment institution and professional financial institution.

The conclusion is as follows:
1. The stage of choice and evaluation
1.1 For a new investment project, different style venture capital enterprises have different initial principles in the importance of company life cycle.
1.2 Analysis of closed investment project, different style venture capital enterprises have different preferences for the stage of expansion, maturity and re-engineering in company life cycle.
1.3 Different style venture capital enterprises have different choices in the investing industries and the relevant analysis of the main shareholders’ original business.
2. The stage of negotiation and agreement
2.1 Different style venture capital enterprises have different expected rate of return from a single investment project.
2.2 Different style venture capital enterprises have different expected compound payback period from a single investment project.
2.3 Different style venture capital enterprises offer different type of capital to invested companies.
3. The stage of assistant and management
3.1 Different style venture capital enterprises offer service and intervene in different levels to invested company.
4. The stage of retreat
4.1 Different style venture capital enterprises have different average return on investment per year when they retreat from a single investment project.

並列關鍵字

Venture capital ； Investment strategy determined

參考文獻

１５、徐君如(2002)，「兩岸創業投資事業之行為分析」，國立成功大學財務金融研究所碩士論文。

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４、Poindexter, J. （1976）, “The Efficiency of Financial Markets: The

Venture Capital Case,” Ph.D. Dissertation, New York University.