臺灣博碩士論文加值系統

網際網路科技帶來新應用，也引發了創業的機會。每項創業都需要資金，最常見的方式就是撰寫營運計畫書，尋求創業投資公司的資金協助。然而並非每個網際網路創新都會成功，因此創業投資公司必然將對網際網路產業所提之營運計畫加以審慎評估。
Saaty所提出之分析層級程序法藉由評估準則的兩兩比較，極適合於建立決策之層級與評估架構。本研究整理過去相關之研究，經由專家訪談，制定出創業投資公司對網際網路營運計畫的評估準則與問卷，並運用分析層級程序法，取得綜合的評估概念，建立創業投資者對網際網路營運計畫的評估架構與模式，作為投資者與網際網路業者的參考。
研究結果發現創業投資業者在評估網際網路營運計畫時，最重視的構面依序是領導者與團隊、經營策略、產品、產業市場、技術研發、資本架構、財務預測構面。最重視的前五個準則分別是領導者業界風評與信譽、團隊具備完整執行能力、領導者人格特質、領導者過去之經營績效、因應環境威脅應變能力，這也反應出創投業者對網際網路產業具備高風險與快速變化的看法。

Internet technologies bring new applications and render new opportunities. New business that needs capitals always can propose business plans (BP) and seek the support from venture capital (VC). Since not all investment pays back the money, VC evaluates these investment plans carefully.
By reducing complex decisions to a series of pair wise comparisons, analytic hierarchy process (AHP) proposed by Dr. Saaty is a powerful decision-making methodology for decision problem into hierarchical format with different weights to construct the evaluation framework. This study integrated the result of previous researches, interviewed with practical experts, and designed the questionnaire about the evaluation criteria of VC to Internet BP. Through survey; AHP was used to build the evaluation framework as the reference for VC or Internet practitioners.
This study concluded that the critical dimensions in evaluating Internet business plan were enumerated as follows: leader and team, business strategy, product, market, R & D, capital framework, and finance forecasting. The important criteria were fame of leader, executive capabilities of team, personality of leader, previous performance of leader, and reacting ability to environmental threat. This reflects the high risks and changing characteristics of Internet business from the evaluation of VC.

摘要................................................i
英文摘要...........................................ii
致謝..............................................iii
目錄................................................v
表目錄...........................................viii
圖目錄.............................................ix
第壹章 緒論.........................................1
第一節 研究背景與目的...............................1
第二節 研究範圍與限制...............................2
第三節 研究流程.....................................3
第貳章 文獻探討.....................................4
第一節 創業投資公司.................................4
一、 創業投資公司之定義與特質.......................4
二、 我國創業投資公司之發展概況.....................6
三、 創業投資公司評估之決策程序.....................7
四、 創業投資公司之投資事業階段....................11
第二節 網際網路產業之意涵..........................14
第三節 投資分析評估準則............................18
一、 一般性創業投資之評估準則......................18
二、 資訊科技產業之評估準則........................21
三、 評估準則之彙總................................23
四、 不同決策程序之評估準則........................25
第參章 研究方法與設計..............................26
第一節 分析方法....................................26
一、 分析層級程序法之概念..........................26
二、 分析層級程序法之操作程序......................27
第二節 建立層級架構與問卷設計......................31
第三節 網際網路產業評估準則層級架構................36
一、 領導者與團隊構面..............................36
二、 產品構面......................................36
三、 產業市場構面..................................38
四、 技術研發構面..................................39
五、 經營策略構面..................................39
六、 資本架構構面..................................40
七、 財務預測構面..................................41
第四節 問卷發放與回收..............................43
第肆章 研究實證結果分析............................44
第一節 受測者基本資料..............................44
一、 投資身份......................................44
二、 職稱..........................................44
三、 平均投資金額..................................45
四、 平均評估時間..................................46
五、 平均回收期間..................................47
六、 投資金額與回收期間之關係......................48
第二節 網際網路產業投資案評估架構分析..............49
一、 終極目標評價之分析............................49
二、 領導者與團隊構面之分析........................50
三、 產品構面之分析................................51
四、 產業市場構面之分析............................52
五、 技術研發構面之分析............................52
六、 經營策略構面之分析............................53
七、 資本架構構面之分析............................54
八、 財務預測構面之分析............................54
九、 整體評估準則之重要性分析......................55
第三節 依投資金額分類之研究結果....................58
第四節 依回收期間分類之研究結果....................61
第伍章 結論與建議..................................64
第一節 研究結論....................................64
第二節 建議........................................66
一、 給網際網路產業創投家與創業家之建議............66
二、 給後續研究者之建議............................69
參考文獻...........................................70
附錄A - 台灣創業投資事業基金管理表.................74
附錄B - 分析層級程序法應用範例.....................78
附錄C - 研究問卷...................................84

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