臺灣博碩士論文加值系統

臺灣的產業結構以中小企業為主，根據 2013年度白皮書發布資料顯示，臺灣中小企業數占全體企業百分之九成七；銷售值約占全部企業三成；其中，經營 10 年(含)以上的中小企業有約五成；中小企業就業人數占全國就業人數將近八成，顯見中小企業不僅是臺灣經濟的中流砥柱；在經濟成長趨緩之時，中小企業更能發揮靈活的經營特質，展現穩定經濟波動及防止失業惡化之功能。
雖然如此為數眾多的創業家前仆後繼地投入新創企業發展的行列，但是能夠熬過創建階段(種子期與創建期)，進入成長期及穩定期的新創企業卻是有限。
創業存活比創業更難，台灣近年來新生創業率穩定，退出率卻偏高，代表新創企業生命維繫不易，而造成新創企業失敗的主要原因之一是無法取得關鍵的資源，包括人力資源、資金、技術等，其中又以資金短缺是多數新創企業所面臨的共同挑戰。新創企業所擁有的資源多以創業者的專業技術為主，其餘資源皆相當有限，而創投資金的引進則是新創企業成功的關鍵因素之一，本研究以探討創投對創業企業生命週期中種子期與創建期的新創企業經營績效為研究目的。
過往文獻中，多以創投公司或以成熟期之上市櫃公司為研究對象，創投投資案九成集中於擴充期或成熟期的企業，而處於種子期與創建期的新創公司則乏人問津。本研究不探討創投業者成功輔導新創企業上市櫃後之財務績效，乃針對10年內成立之中小企業、沒有母公司背景，且處於種子期或創建期就有創投資金投入的新創公司，以台灣地區有創投公司介入的初次公開募股之上市/櫃公司作為本研究對象，比較創投是否在種子期或創建期介入對新創企業經營績效產生影響，以及創投介入是否能提高新創企業之經營績效。研究中以新創企業是否有創投在種子期或創建期的參與、以及創投的持股比例、創投參與的家數、創投董監席次、創投董監席次的比例等作為參考指標來比較其經營績效。
本研究的實證結果發現：(1)在種子期或創建期就有創投公司參與之新創企業，其績效表現較無創投公司在種子期或創建期參與的新創企業表現有顯著影響、(2) 在種子期或創建期就有創投公司介入之新創企業，創投公司對於新創企業具有重大影響力時，其監督效果有顯著影響。

關鍵字：初次公開募股、新創企業、創業投資、創投、企業生命週期

According to the 2013 annual white paper, Taiwan's industries are structured mainly with small & medium enterprises, the number of Taiwan's SMEs is 97% of all enterprises; sales value is about 30% of all enterprises; wherein operating for 10 years (or more) is about 50% percent of SMEs; employment of SMEs is nearly 80% nationwide, showing SMEs are not only the backbone of Taiwan's economy; SMEs can bring flexible operational characteristics in the economic slowdown, showing steady during economic fluctuations and to prevent the deterioration of the unemployment function.
Nonetheless numerous entrepreneurs fought to put the development of the ranks of the newly created, but can get through the creation stage (seed stage and create stage), and enter the new institution-growing stable but it is limited.
Venture survival is harder than entrepreneurship. In recent years, entrepreneurship rate is stable in Taiwan, but high exit rate. The newly created business is difficult to maintain, because one of the main cause of failure is unable to obtain critical resources, including human resources, capital, technology, etc., among which the shortage of funds is the most common challenges faced by start-up business. Business startups have more resources to entrepreneurs specializing in technology-based, and the remaining resources are quite limited, and the introduction of venture capital is one of the key factors in the success of the newly created business. This study is to investigate the venture capital for start-ups business operating performance in the lifecycle of seed, create stage for research purposes.
Past literature, mostly the study focus on venture capital to maturity of all listed companies, 90% of venture capital investment plan focused on the business of expansion or maturity, but in the seed and the creation of the new companies is lack of cares. The study does not investigate the financial performance of the venture capital industry's successfully coaching companies after the listing of the newly cabinet. The study target the companies which are within 10 years for the establishment of small and medium enterprises, without parent company supports, and in the seed stage having venture capital investment. With venture capital firms in Taiwan have involved the initial public offerings of listed / cabinet company as the object of this study, more venture capital is in the seed or create a new record of involvement in the cause of business performance impact, and whether the venture capital intervention improve the newly created Division of operating performance. Research to create new business venture if there is participation in or creation of seed, as well as venture capital stake, the number of venture capital participation, venture capital directors and supervisors seats, seats of directors and supervisors of venture capital as a proportion of reference indicators to compare its operating performance.
Positive results of this study showed that: (1) in seed stage there is a new record or create venture capital firm involved in the business, the performance of their performance than those without the newly created business performance in the seed stage venture capital companies or creating of participation have significant impact , (2) the creation of seed or there is a new venture capital firm involved in the record business, the venture capital company for business start-ups have a significant influence, and its effects have significant influence supervision.
Key words: Initial public offerings, business start-ups, venture capital, corporate life cycle

審 定 書 ---------------------------- I
中文摘要 --------------------------- II
Abstract --------------------- III
謝 誌 ---------------- IV
目 錄 ---------------------- V
表 目 錄 ---------------------------- VII
圖 目 錄 ---------------------------- VIII

目錄索引
第一章 緒論 --------------------------- 1
第一節 研究背景與動機 ---------------------- 1
第二節 研究目的 ------------------------- 5
第三節 研究範圍 ----------------------------- 5
第四節 研究對象 ------------------------------- 5
第五節 研究流程 ------------------------------- 6
第二章 文獻探討 --------------------------------7
第一節 企業生命週期 ------------------------ 7
第二節 新創企業 --------------------------- 9
第三節 創業投資事業 --------------------------- 14
第四節 經營績效 ---------------------------- 20
第三章 研究方法 -------------------------- 24
第一節 研究方法與架構 -------------------------- 24
第二節 研究假設 --------------------------- 27
第三節 研究變數操作型定義 ---------------------- 30
第四章 分析討論 ----------------------- 34
第一節 敘述性統計分析------------------------- 34
第二節 階層迴歸分析-------------------------- 38
第五章 結論與建議---------------------------- 53
第一節 結論 --------------------------------- 53
第一節 建議 ------------------------------ 56

參考文獻 ------------------------------------ 58
(一)中文文獻 -------------------------- 58
(二)英文文獻 ----------------------- 60

附錄一 2014 年台灣創投事業一覽表 ------------ 63
附錄二 企業出師-企業葵花寶典(林家禾，1994-2004) ------- 73
附錄三 中小企業對創投的十大疑問 ------------------- 74
附錄四 中小企業資金融通/創櫃版(2014年中小企業白皮書(摘錄)-- 77
附錄五 世界各地創投協會 85
附錄六 台灣創業投資年鑑 2012 87

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(丁)網路文獻

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