創投與新創之間的價值共創

創業投資公司透過將資金投入未上市新創企業，提供其資金、資源、人脈並進行投資後管理，甚至協助其進行上市或併購，期望新創能高速成長以收回高額報酬。與其他資金籌措方式相比，創業投資人的參與具有時限長，較能陪伴新創成長等特點，因此實務上創投與新創間的關係，可說是長時間的「魚水共生」、「共生共榮」。然而關於其互動關係的理論研究卻多認為彼此間僅為了各自利益，最常見的便是利用「代理理論」、「賽局理論」等研究來討論創投與新創間互動關係之影響，這樣的理論與實務間之差距，成為本研究主要的思考點。本研究認為可解釋其雙方間的關係為：雖追求各自利益，但卻於投資後活動階段，藉由合作與互動協助彼此創造價值、達到目標，甚至進一步創造第三方（如：利害關係人、社會、產業）之價值，並期望這樣的互動關係可以用「價值共創理論」之架構進行解釋。本研究試圖解釋「創投與新創之間是利用何種互動方式達到共創價值？」的主要研究問題，利用探索性個案研究法、對偶分析以及滾雪球抽樣三種研究類型，並進行半結構式訪談，從受訪者間的合作，延伸至整體產業的互動。同時亦針對論文進行研究命題、研究貢獻與意涵、研究限制、未來建議之闡述。最終得到以下三項研究發現：(1) 雙方的價值共創關係為：為了同一目標在遵循一定的體制下，站在彼此的立場互相著想，盡力做出想法與資源的互換，期間所造就的價值，將成為未來各階段長期合作中，重要的經驗以及養分；(2) 創投與新創間的互動，可以藉由Ramaswamy提出之價值共創理論兩大架構內的八大元素解釋，而藉由這樣的互動模式可以進一步創造出期待的價值；(3) 在互動過程中，可以歸納出七個共同重視的因素，並不是每一要素都需要達成，但若都達到則可以越緊密、越融洽。

關鍵字

創投；新創；互動過程；價值共創

並列摘要

Venture capital invests funds in unlisted startups, provides them with funds, resources, and post-investment management, and even assists them in IPO or mergers and acquisitions, hoping that startups can develop rapidly to recover high returns. Compared with other fundraising methods, venture capitalists involve long-time participation and are more able to accompany the growth of new ventures. Therefore, the relationship between venture capital and new ventures can be regarded as "co-existence" in practice. However, most theoretical studies on their interactions believe that they only interact for their benefit. Most common research includes agency theory, game theory. They discussed the impact of the interactive relationship between venture capital and new ventures. The gap between practices has become the main thinking point of this research. This study believes that their relationship can interpret as: although they are pursuing their profit, they assist each other to co-create value and achieve goals through cooperation in the post-investment activity stage, even further create value to third parties (such as stakeholders, society, industry)and hope that this interactive relationship can explain by the framework of the theory of value co-creation. This research attempts to explain the main research question of "What kind of interaction is a venture capital and new ventures to achieve co-creating value?" Using the explanatory case study method, dual analysis, snowball sampling, and conduct semi-structured interviews. Extend from the cooperation between interviewees to the interaction of the whole industry. At the same time, the research topic, research contribution and meaning, research limitations, and future suggestions explain in the thesis. Finally, there are three research findings: (a) The value co-creation relationship between the two parties is: for the same goal, under a given system, stand on each other standpoints, try to make the exchange of opinions and resources. The values created during the period will become the prime experience and nutrients in the long-term future cooperation; (b) The interaction between venture capital and new ventures can explain by the eight elements in the two frameworks of the value co-creation theory proposed by Ramaswamy, and this interaction mode can further create expected value; (c) In the interaction process, there have seven factors of common concerns that can summarize. Not all elements need to arrive, but the closer and more harmonious they can be if they are all achieved.