營運計畫書中創新營運模式建構之關鍵要素與評估準則

The Criteria for Designing a Business Model in a Business Plan

莊姍姍(Shan-shan Chuang)

指導教授 ： 李宗政

朝陽科技大學/管理學院/企業管理系/碩士(2011年)

摘要

隨著時代的進步與轉變，企業所面對的是市場上層層地關卡與挑戰，從民生必需品到奢侈品，過去企業只須以產品導向即可達到獲利，但如今則已逐漸演變為以需求導向來滿足消費者，才有利潤之可能性。企業的任務不僅是要打敗與超越競爭對手，更重要的是，企業必須同時提升自我競爭力，創造競爭優勢及不可替代性，使其企業核心達到穩固的基本條件。
然而，企業若只擁有基本條件的門檻是不夠的，如何滿足消費者才是企業獲利的重要課題。現下的消費者求新求變，除了瞭解消費者習性與愛好外，更要發掘他們的需求，從中創新，才能獲取消費者青睞。Schumpeter指出所謂的創新(Innovation)意旨將原來的生產要素重新組合，改變其產業功能，以滿足市場需求，從而創造利潤。一旦企業有了創新，便需要一套方法與手段來執行，也就是營運模式(Business Model)。因此，本研究將透過資源掌握與技術創新之投入，運用產、銷、人、發、財之管理工具，發展創新營運模式架構，探討如何藉以所歸納之五大構面（策略與結構、企業網絡、企業營運、財務與會計、資本預算）與八大要項（價值主張、價值網絡、競爭策略、市場區隔、價值鏈架構、營收機制、營運與投資活動之現金流量管理、加權平均資金機會成本）等關鍵因素，達到理想的經濟效益產出。其中，本研究特別強調於營運計畫書中建構創新營運模式之關鍵要素項目中，因考量投融資決策分離理論，故於計畫書中並非直接顯示資產負債表與損益表，而是先有經由嚴謹假設條件下所預估之投資活動與營運活動之現金流量表，以利於進行資本預算評估所需，且更進一步強調藉由反映資本市場投資者對於該項計畫之風險特性所要求的最低必要投資報酬率（亦即同類型且風險類似產業之WACC為替代變數，是以資金機會成本觀點所評定之），作為該項投資計畫進行資本預算評估所需之折現率設定基礎，並於投資計畫書中充分並詳盡闡述該項折現率之估算程序，以彰顯投資者對於投資風險之認知以及承擔能力與意願。
但是營運模式在口耳相傳下，卻無確切的標準與判定的準則，總是眾說紛紜，但對於企業或創業者而言，營運模式卻是一大重要課題。故本研究經文獻探討與參與競賽之交流與評審經驗，研擬企劃營運模式架構之關鍵要素，再以全國性TiC100創新創意競賽2009年之參賽者資料作為評析，探究創新營運模式的評斷準則，期能藉此訂定一套永續經營的營運模式之依據，並提供企業、創業者與市場投資者投資決策之攸關資訊。

關鍵字

創新 ； 營運模式 ； 創業 ； 資金機會成本 ； 現金流量管理

並列摘要

Highly emphasized in entrepreneurial practice educations in Taiwan’s universities, there are lots of looks available but diversifiable definitions about the “business model”; however, the business model can be the core in entrepreneurship practice and research. As an entrepreneur of a startup company, all the stakeholders should evaluate the investment value from the adequate information, including how to meet target customers need, establish what kind of key resources that the new company needs and organize the supply chain, identify where and who are the competitors, suppliers, business partners and the other key persons to your new business, adopt what kind of strategies to increase the competitive advantage, to summarize all the above information should present in a “Business Model” with the rigorous framework, detailed statements and innovative ideals. Furthermore, in this research, it is proposed that the minimum required rate of return by the financial market investors based on the risk characteristics with of a brand new startup company, that is the cost of capital (often refer to the WACC of the listed firms within the same industry and at the same level of risk as shadow price of the cost of capital), must be reflected during the assessment process of the financial benefits and the investment risk. It is required that the assessment process of the WACC and cash flows forecasting about the investment and operating activities of the startup companies must be fully disclosed in the business plans in order to express the recognition of the investment risk and the ability of adaptability by the entrepreneurs. For solving the above series of issues to prepare a solid and innovative “Business Model”, the educators in the universities should emphasize to integrate the different professional knowledge to guide the students to compile a complete business model.

並列關鍵字

Innovation ； Business Model ； Entrepreneur ； WACC ； Cash Flows Forecasting

參考文獻

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