臺灣博碩士論文加值系統

本研究主要目的在於探討直接投資領域中投資後有關個案管理之各項議題。大多數之創投公司是憑藉著個別創投家由實務中所累積之豐富經驗來執行一般所謂之投資後段管理。本研究透過深入訪談及敘述性分析，探索並整理創投家們如何管理已投資之個案，並研究相關之管理議題。本研究透過一份自行設計之議題清單與九位創投家進行深度訪談。除受訪者基本資料外，涵蓋主題包含對被投資公司之監督方法、創投家與被投資公司之互動關係、創投家對個案之涉入程度對投資結果之影響、創投家如何處理已無成功希望之投資案、以及創投家對投資案更深之涉入是否能防止投資案的失敗等。本研究之結論如下：
1. 因個案情況差別過大，並無最適之投資後管理策略存在。
2. 創投家個人之專研是投資後管理相當有用之無形資產。
3. 投資案之退出機制應是投資後管理之最重要考量。
4. 創投家之人脈網絡在投資後管理佔有相當重要之地位。

This study aims to provide comprehensive insights into the post-investment management of investees in the venture capital operating cycle by means of analysis of practical measures of how to adequately monitor investee companies and manage investments. Venture capital firms are traditionally relatively small in size. Seldom has a formal written policy. However, in-depth knowledge in post-investment management possessed by incumbents of the direct equity investment sector can be explored and analyzed, and moreover, studied to see if an optimal management strategy exists in the involvement in terms of extent and style.
A self-developed question list was used to conduct interviews with nine venture capitalists. The question list is composed of six major topics, including background information, monitoring methodology, relationship between venture capitalist and portfolio company, extent of monitoring, living dead cases and the dead cases. By means of descriptive analysis, the researcher has drawn the following conclusions:
1. There is no optimal post-investment management.
2. Individual research is a useful intangible tool.
3. Venture capitalists should be exit driven.
4. Network and connections plays a significant role.

I. Introduction1
A. Direct investment: venture capital, private equity and corporate ventures1
B. History of venture capital and private equity4
C. Venture capital investing process5
D. Objectives of the study15
E. Definition of post-investment management16
F. Objectives of post-investment management16
G. Research framework18
II. Background of the Research20
III. Literature Review24
IV. Descriptive Analysis29
A. When and how do venture capitalists get involved in their investee companies?30
B. Post-investment management methodology32
a. Rating system32
b. Follow-up plan36
c. Key monitoring items37
d. Visits43
e. Maintaining good records44
f. Financial analysis45
g. Exit planning45
h. Information46
i. Red flags47
C. More involvement deserves better outcome?48
D. How venture capitalists deal with living dead?48
E. Would it be possible to save the dead cases if assistance were provided
to the investee companies?49
V. Conclusion50
A. Optimal post-investment management?50
B. Individual research - a useful intangible tool50
C. Exit driven 51
D. Network and connections51
E. Suggested further study52
Bibliography Reference53
Appendix: Interview Question List and Summary of Results58
Personal Profile64
List of Illustrations
Figure 1-1: A Model of Venture Capital Investment Activity6
Figure 1-2: Venture Capital Investing Process7
Figure 1-3: Private Equity Fund Raised in U.S.A.20
Figure 1-4: Private Equity Fund Investment in U.S.A21
Figure 1-5: Private Equity Funds Raised in Europe21
Figure 1-6: Private Equity Investment in Europe22
Figure 1-7: Asian Private Equity Fund Pool22
Figure 1-8: Taiwan Venture Capital Pool 23
Table 3-1: Profile of Interviewees29

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