創業投資的評選準則與經理人特質之研究

A Study on the Evaluation Criteria of Venture Capital and Manager's Characteristics

方至民(Cher-Min Fong) ； 蔡憲唐(Hsien-Tang Tsai) ； 石孟勳(Meng-Hsun Shih) ； 張慧君(Huei-Jiun Chang)

《創業管理研究》 1卷1期 (2006/12) Pp. 175-196

https://doi.org/10.30132/JER.200612.0007

摘要

有效率與正確地評選出具發展潛力的投資案以進行投資，是創業投資的成功關鍵因素。許多創業投資的研究主要集中在強調創投評估準則的重要性，如創業者的特質、創業者與創業團隊的經營能力、產品與技術的特性、以及目標市場的特性…等，卻鮮少有人注意到創投經理人本身的特質對創業投資案的影響。本研究以高階經營團隊的理論為依據，深入探討創投經理人的特質與創投評估準則之間的關聯性。本研究的分析與結果顯示，具不同教育背景的創業投資經理人對公司經營團隊的行銷能力有不同的重視程度，如商學背景的創業投資經理人比起其他學歷背景的創投經理人，來得重視經營團隊的行銷能力。創業投資經理人的年齡與教育背景也對經營團隊的管理能力與財務能力產生不同的重視程度，如具有理工背景的創業投資人相較於具有其他學術背景的創投經理人會較不重視財務能力，創業投資者的年齡越大會較重視產品與技術的創新程度。本研究也發現在創業投資領域中，創投的經理人年齡都相當年輕且具備碩士學歷者佔大多數，顯示出創業投資產業是一個需要具備高度專業知識與投注大量心力的產業。

關鍵字

創業投資 ； 經理人特質 ； 評估準則

並列摘要

The key successful factor of venture capital case is to select the most potential company to invest efficiently and accurately. Many researches focused on the exploration of evaluation criteria and their importance, such as the characteristics of venture capitalists, the management of entrepreneurs, products and techniques, target markets, … etc. They seldom paid attention to the venture capital managers' characteristics that may affect evaluation criteria for investment significantly. This paper deliberates the relationships between venture capital managers and various evaluation criteria according to the characteristics of top managers. The results showed that different educational background managers emphasize different level of capabilities in terms of marketing, management and finance. The emphases on managerial ability and product and technology innovation would grow up with the age of the venture capital managers. This paper also found that most of the venture capital managers are young and highly educated. It indicates that venture capital is an industry with high specialties and considerable efforts.

並列關鍵字

Venture capital ； Manager's characteristics ； Evaluation criteria