臺灣博碩士論文加值系統

創投資金的順利募集，是每家創投管顧公司持續營運的根本要件。由於創投基金募集過程屬於私募性質，相關資訊取得不易，因此以往與創投基金相關之研究多以創投基金投資績效，及投入資金承受風險與獲利之關聯性等為主題，鮮少以創投募資策略為研究主題。
本文首先以2000年網路投資泡沫化後，全球及美國創投產業現況，及各創投基金募資狀況進行探討；再以個案研究的方式研究2008年底發生金融海嘯後，四個成功完成資金募集的美國創投基金之募資策略：針對其基金公司之經理人、公司特色、及投資策略等資訊，歸納出這些創投基金於整體金融環境困頓的時期，依然能獲得投資人青睞而完成資金募集的要因。
本研究歸納出這些創投基金的共同特點，包括：具有優秀的專業背景及經歷、具特色的投資風格、扮演積極投資人角色及明確的投資策略等。經由探討這些成功完成募資的案例，提出在全球金融環境尚未全面恢復的未來數年，創投產業的發展將加速朝向全球化、在地化、結盟化、差異化、及專業化五個方向發展的論點。冀望本研究之探討過程及產生之結論，能對於國內創投基金於進行新資金募集時的策略擬定，能有所裨益。

Fundraising activities are essential for founding a new venture capital fund for every venture capital management company; the difficulty of raising a new fund can be used as an index to measure the prosperity of the industry. It is somewhat more difficult to acquire related information since fundraising activities of venture capitals are private in nature. Previous studies related to venture capitals have primarily focused on the performance of funds, and the correlation between risk and profitability, resulting in a lack of studies in the area of fundraising strategy for venture capital funds.
The purpose of this study is to discuss the development of venture capital funds through the survey of U.S. and global venture capital industry and of the status of various fundraising activities after the dot-com crash. By analyzing four successful fundraising cases in the U.S. that completed fundraising immediately after the financial tsunami of 2008, some common characteristics crucial to successful fundraising under the influence of the economic crisis were identified among these companies, including the background of fund managers, the characteristics of the venture capital companies, and investment strategies. The study identified the following traits among the venture funds, including the expertise and the experience for the investment fields, unique eyes for investments, eager and enthusiastic about the investments, and clear investment strategies.
Five main development directions have been listed in the conclusion with regards to the development of the venture capital industry under the economic downturn. Theses five development trends are globalization, localization, alliance, differentiation, and professionalism. It is hoped that the study will serve to help new venture capital funds in Taiwan in establishing fundraising strategies.

第一章 緒論 1
1.1 研究動機 1
1.2 研究目的 2
1.3 研究流程 3
第二章 文獻探討 5
2.1 創業投資簡介 5
2.1.1 創業投資的定義 5
2.1.2 創投產業發展簡史 7
2.1.3 不同階段的創投投資策略 8
2.1.4 現代創投基金公司角色的演進 10
2.2 金融機構募資活動探討 11
2.2.1 不同金融機構募資方式之比較 12
2.2.2 創投募資活動簡介 12
2.2.3 創投募資相關文獻探討 14
第三章 產業現況與分析 16
3.1 全球創投產業現況 16
3.2 Deloitte全球創投產業趨勢調查 17
3.2.1 Deloitte針對未來三年不同募資對象的意願調查 17
3.2.2 Deloitte趨勢調查近年全球趨勢調查重要結論 18
3.3 美國創投產業募資現況 19
3.3.1 2000年網路投資泡沫化後迄今美國創投業募資狀況 20
3.3.2 2009年完成募資之美國創投基金 22
第四章 個案介紹與分析 24
4.1 個案分析案例一：August Capital Management 24
4.1.1 August Capital Management簡介 24
4.1.2 August Capital Management重要合夥人簡介 25
4.1.3 August Capital V, LP基金相關資訊 26
4.2 個案分析案例二：Draper Fisher Jurvetson 27
4.2.1 Draper Fisher Jurvetson簡介 27
4.2.2 Draper Fisher Jurvetson重要合夥人簡介 28
4.2.3 Draper Fisher Jurvetson全球投資聯盟 29
4.2.4 Draper Fisher Jurvetson對於中國投資的看法 31
4.2.5 Draper Fisher Jurvetson X, L.P 基金相關資訊 31
4.3 個案分析案例三：Khosla Ventures 34
4.3.1 Khosla Ventures簡介 34
4.3.2 Khosla Ventures重要合夥人簡介 34
4.3.3 Khosla Ventures III, L.P 基金相關資訊 36
4.4 個案分析案例四：Andreessen Horowitz 40
4.4.1 Andreessen Horowitz簡介 40
4.4.2 Andreessen Horowitz合夥人簡介 40
4.4.3 Andreessen Horowitz, L.P 基金相關資訊 41
第五章 研究分析及結果 46
5.1 個案案例綜合分析 46
5.2 未來創投產業發展方向 50
5.2.1 未來創投產業發展方向之ㄧ – 全球化 50
5.2.2 未來創投產業發展方向之二 – 在地化 52
5.2.3 未來創投產業發展方向之三 – 結盟化 53
5.2.4 未來創投產業發展方向之四 – 差異化 54
第六章 結論 58
6.1 研究結論 58
6.2 研究貢獻 59
6.3 研究建議 59
中文部份 61
英文部份 62

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