台灣創投事業投資歷程之探索性研究─資通訊產業變遷下之多重個案分析

An Exploratory Investigation on the Investment Process ofthe Venture Capital Business in Taiwan -- A Multi-case Study in the Context of the Transforming ICT Industry

沈舉三(Chu-san Shen)

指導教授 ： 范錚強

國立中央大學/管理學院/資訊管理學系/博士(2015年)

摘要

台灣地區創投事業發展已有三十年的歷史並且成功帶動台灣半導體及資訊電子產業的發展與興盛。受到近年資通訊科技快速進步與網路經濟興起影響，相關產業界線日趨模糊，也促成了全球價值鏈的重新分工，對以資通訊產品製造為主的台灣產業影響甚巨，連帶台灣創投事業的佈局與運作也受到結構性的衝擊。

本研究以多重個案深度訪談為主，文獻內容分析及田野觀察為輔，對六家以資通訊產業為主要投資領域之台灣創投事業進行深度訪談，探詢並觀察其面臨資通訊產業變遷衝擊及因應作為。本研究以產業變遷衝擊與智慧資本觀點為分析架構進行資料分析後發現：(1)全球資通訊產業的變遷仍在進行，速度加快且變化型態更加複雜、更難以預測，(2)台灣創投事業近年受到資通訊產業變遷衝擊，多數正苦撐待變、少數業者選擇退場。

本研究並提出下列研究命題：(1)創投事業發展軌跡及企業惰性將影響其新興領域佈局之難易度，(2)創投事業之企業組織基因(DNA)將影響其在新興投資領域佈局模式，(3)創投事業前期績效與經驗將影響後續積極拓展或固守既有領域之策略佈局。

關鍵字

創業投資 ； 資通訊產業 ； 投資評估準則 ； 營運模式

並列摘要

Taiwan stands out as a success story in developing a venture capital (VC) industry in the past three decades. The phenomenon boasts the flourishing semiconductor, information technology and electronic industries which are closely associated with the VC sector in Taiwan. However, the rapid transforming of the ICT industry resulted in a paradigm shift, both in the context and structure of the industry, which in turn has changed the shape of ICT manufacturing strength of Taiwan as well as the investment processes and development strategies of Taiwanese VCs.

This research employed a multi-case, qualitative, narrative approach to investigate and explore the impacts on the investment process of Taiwanese venture capital business during the global ICT industry transforming period. In depth interview data are collected from six Taiwanese venture capital firms and tells a collective story of how recent ICT industry transform affects their investment process, shapes their actions, and engenders outcomes for them and their future investment strategies. A framework is developed to illustrate different knowledge components that focus specifically on the responses to the impact on the ICT industry transformation and intellectual capital view of venture capital firm respectively.

Findings and propositions are developed in relation to the following knowledge components: (1) the operation path and corporate inertia will affect the degree of complexities of the VC’s future development strategy, (2) the organization gene (DNA) of VC firm will affect the pattern of its investment portfolio selection, (3) the track record and experience of VC firm will affect the subsequent ICT investment expansion movement.

並列關鍵字

Venture capital ； ICT industry ； Investment criteria ； Business model

參考文獻

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