新興產業營運計畫之評估模式－以網際網路產業為例

The Model for Evaluating Business Plans in Emerging Industry-The Case of Internet Industry

許芳銘(Fang-Ming Hsu) ； 何祖鳳(Tsu-Feng Ho) ； 曾振芳(Cheng-Fang Tseng)

《東吳經濟商學學報》 56期 (2007/03) Pp. 1-26

https://doi.org/10.29735/SJEB.200703.0001

摘要

新興產業帶來新的機會，但也伴隨許多投資風險，因此需要一套系統化的評估架構以彰顯其投資的正當性。新創公司在募集資金時，以創投公司為主，因此本研究整理過去相關研究，以網際網路產業為例，透過創業投資專家訪談，運用分析層級程序法，藉由評估構面與準則的兩兩比較，取得綜合的評估概念，以建立新興產業之重要評估架構。研究結果發現創投業者在評估新興產業營運計畫時，最重視的構面依序是創業者與團隊、經營策略、產品與服務、產業與市場、技術研發能力、資本架構、財務預測等構面。在整體架構中，最重視的前五個評估準則項目分別是創業者與團隊構面中的「創業者業界風評與信譽」、「團隊具備完整執行能力」、「創業者人格特質」、「創業者過去之經營績效」，以及經營策略構面的「因應環境威脅應變能力」等，顯現出創投業者重視人員特質與能力以便快速調整公司腳步，因應新興產業高風險與快速變化的特性。

關鍵字

新興產業 ； 創業投資 ； 營運計畫 ； 評估準則 ； 分析層級程序法

並列摘要

Emerging industry brings new applications and renders new opportunities for investment. Entrants in the new sector have to overcome their lack of legitimancy through systematic framework. Since quite different to traditional environment, the criteria for evaluating emerging industry become an important issue for Venture Capitals (VC) and investors.
VC supplies funds for entrepreneurs. This study integrated the criteria from previous researches, adapted the analytic hierarchy process (AHP) method, interviewed with VC managers, designed and modified the questionnaire about the evaluation criteria of VC to business plan in emerging industry. Through empirical survey, criteria and evaluation framework was founded as the reference for VC and emerging industry.
This study concluded that the critical dimensions in evaluating business plan in emerging industry were enumerated as follows: entrepreneur and team, business strategy, product/service, market, R&D, capital framework, and finance forecasting. The important criteria are fame of leader, executive capabilities of team, personality of leader, previous performance of leader in entrepreneur and team dimension, and reacting ability to environmental threat in business strategy dimension. Focus on human characters and capabilities from VC will make quick responses possible to high risks and fast-changing characteristics of emerging industry.

並列關鍵字

Emerging Industry ； Venture Capital ； Business Plan ； Evaluation Criteria ； AHP

參考文獻

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