天使投資管理模式分析：一個案研究

中文摘要本研究在探索天使投資者成功模式，從其背景研究開始並分析其投資的目的及第一次投資前和再度投資時如何做決策。另外本研究也針對天使投資者在投資後如何管理被投資公司，就其投資後管理模式做分析。在推演出天使投資者有效的經營模式的過程中，本研究以目前投資的齒輪廠個案做實際案例分析，希望以個案方式觀察天使投資者與經營者中的互動關係。本研究中參考劉曼紅(民98)「創業投資聖經」將天使投資者區分為許多類別，按投資目的、投資經驗、投資習慣、投資心理、控制程度、參與程度等，從這些分類中分析出個案中的天使投資者屬於創業者最希望遇到的超級天使。在分析過程中發現，發現天使投資者可依循一定的查核程式進行投資前後的審查，以做為投資前後的參考。另外對於天使投資者有效經營模式中，發現主要成功因素有五項，一是觀察入微、二是永遠保持好奇心、三是不涉足自己不熟的領域、四是氣用遠比人長、五是善於用人，這五項是天使投資者成功的必備條件。

關鍵字

天使投資；投資；天使投資者；投資後管理；創業

並列摘要

Abstract This research explores the successful business model of the angel investor. It will cover his background, analyze the purpose of his investment, examine the initial investment and re-investment as well as studying how he makes investment decisions. The research will incorporate a gear company study case to verify the angel’s successful business model and will review the interaction between the angel investor and the company’s directors. Referencing Liu Man Red, "Venture Capital Bible", the angel investors will be divided into many categories, according to investment objectives, investment experience, investment practices, investment psychology, the degree of control and involvement, etc. From these categories and from the study case, these investors will be recognized as the type of investor that entrepreneurs want to do business with the most . During the analysis, an auditing program will be introduced serving as a reference or guideline to angel and other investors before and after investment decisions are made. Research found that another effective business model used by angel investors include five key success factors, namely be observant , always remain curios, do not get involved in unfamiliar areas, have adequate funding, and be good at finding suitable employers. These five factors were found to be essential conditions to becoming a successful angel investor.