人力資源基礎觀點下創業投資業者投資評估準則之研究

創業投資公司需要對篩選的項目或公司進行詳細考察與分析，才能決定是否投資。人力資源是新創公司成長的關鍵，優秀的初始員工能給予公司正面的文化，亦是新創公司良好運營與發展的基礎，故而新創公司人力資源是創投公司評估重點項目。本研究經由相關文獻整理建立影響創投公司評估新創公司的人力資源管理時考慮之評估準則，諮詢台灣創投公司及新創公司經理級以上專家，確認本研究的主準則與次準則，並藉由AHP專家問卷調查，共收集3位台灣創業投資相關企業及5家新創公司之中高層人員的意見，經由統計分析獲致以下結論：一、創投公司評估新創公司的人力資源管理的主準則按權重大小前三位分別為績效管理、薪資福利及訓練發展。次準則按權重大小前五位分別為績效給薪或人員淘汰之依據、績效導向的調薪制度、親自教導員工、專門性訓練及員工安全。二、本研究結果顯示創投公司在評估新創公司人力資源管理之招募與甄選上，會比較注重新創公司擁有多元的外部招募管道，並以行業經驗為甄選指標。在訓練發展上，會注重新創公司領導者以身教帶領成員。在薪資福利上，強調內部公平原則，即新創公司薪資給付是依據工作或員工個人對企業價值的向度貢獻度而決定。在績效管理上，注重新創公司人員的工作績效是給薪或淘汰之依據。在員工關係上，強調新創公司對員工工作安全的重視。三、給後續研究者就研究方法而言，本研究以文獻資料為研究基礎，採用AHP建立架構。亦可建議後續研究者針對創投公司重點評估指標，採用隨機抽樣方式進行相關資料收集。瞭解新創公司訓練發展、績效管理對創投公司評估的影響程度，為新創公司提出更為切實的建議。

關鍵字

創投公司；新創公司；人力資源管理；投資評估準則

並列摘要

Venture capital companies should conduct detailed investigation and analysis on the selected projects or companies before they can decide whether to invest or not. Human resources are the key to the growth of start-up companies. Outstanding initial employees can bring the company a positive culture, and are also the basis for the good operation and development of start-up companies. Therefore, human resources of start-up companies are the key project of the evaluation of venture capital companies. In this research, we have compiled the relevant literature to establish the evaluation criteria that influence venture capital companies to consider when evaluating the human resource management of startup companies. Through consultation with experts at or above the manager level of Taiwan venture capital companies and start-up companies, we confirm the main criteria and sub-criteria of this research. Based on the AHP expert questionnaire survey, we collect the middle-level and senior personnel's opinions of 3 Taiwanese venture capital-related companies and 5 start-up companies, and have reached the following conclusions through statistical analysis: 1. The top three of the main criteria for venture capital companies to evaluate the human resource management of start-up companies are performance management, salary and welfare and training development according to the weight. The top five of the sub criteria are the basis of performance pay or personnel elimination, performance oriented salary adjustment system, personal teaching of employees, specialized training and employee safety according to the weight. 2. The results of this research show that venture capital companies pay more attention to the diversified external recruitment channels of start-up companies in evaluating the recruitment and selection of human resource management of start-up companies, and take industry experience as the selection index. In terms of training and development, they will emphasize that the leaders of start-up companies lead their members by example. In terms of salary and welfare, the principle of internal fairness is emphasized, that is, the salary payment of start-up companies is determined according to the dimensional contribution of work or employees to the enterprise value. In terms of performance management, the work performance of the personnel of the start-up companies is the basis for salary or elimination. In terms of employee relations, it emphasizes that the start-up companies attach importance to employees' work safety. 3. For follow-up researchers in terms of research methods, this research uses literature data as the research basis and uses AHP to establish a framework. It can also be suggested that follow-up researchers use random sampling to collect relevant data for the key evaluation indicators of venture capital companies. Understand the impact of the training development and performance management of start-up companies on the evaluation of start-up companies, and put forward more practical suggestions for start-up companies.