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研究生:黃士元
研究生(外文):Huang Shih-Yuan
論文名稱:高科技創業投資評估因素之研究-以A創投公司為例
論文名稱(外文):Key Factors Study of High-Tech Venture Capital Investment– a case study of “A” company
指導教授:張舜德張舜德引用關係
指導教授(外文):Chang, Shun-Der
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:企業管理學系碩士在職專班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:82
中文關鍵詞:創業投資關鍵成功因素新創事業
外文關鍵詞:Venture CapitalKey Success FactorsNew Company
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我的論文目的係採用分析創投投資實例,並以鎖定台灣地區創投運作為主題,以期理解投資案成功的關鍵要素。此目的又可細分以下子題:一、分析台灣創投公司中,一些較成功案例的實際投資情形。二、了解這些成功投資案例中,高投資報酬的被投資公司之關鍵成功因素。三、歸納創投業之成功的投資評估要素。四、整理各個不同階段別的成功投資案之評估重點。文中,我提出十五個投資個案加以分析。藉由對這不同產業與期別的十五個實際案例進行研究、整理與比較,以投資報酬率的高低做為評判投資案成功與否的標準,來建立創投業投資成功案例之評估要素。本研究得出投資時的重要評估因素應包括:市場、核心競爭力、經營團隊、產業與投資時點等五個結論。因此,我提出將成功投資案的評估重點歸納為以上五個重要因素。這五項要素能較準確地勾勒出一個投資案的獲利潛力、實力和時間。這五項要素除了可視為是被動的,從過去投資實例分析得來的獲利指標之外,它們同時也標示著企業經營成功的方向。也就是說,一方面,我的研究從成功的投資案例中粹取投資決策的精要;另一方面,所謂的投資決策精要其實也是未來產業及市場發展的指標。換句話說,創投要複製成功的投資操作,而被投資的標地,也要朝著能吸引資金挹注的獲利經營邁進。這一點,是我的研究所能衍伸的課題。投資的關鍵成功要素,其實蘊藏著產業發展的導向和市場未來。這是創投投資決策能引領企業未來發展的一個大膽假設。本研究的貢獻在於將創投投資實例置於研究主體。有別於過去的研究,以對投資經理人進行問卷調查,或者再輔以訪談的方式;本研究是對台灣地區過去投資獲利的實例進行歸納與整理,並建立投資案的重要評估因素。這樣的做法可以避免問券設計及資訊傳遞上的貽誤。提供最直接的例證來說明本研究的論述,更具實務上的參考價值。更精確地說,我將投資成功關鍵用被投資公司的經營優勢表現,重新將投資重點放在企業表現的本身,而不只是投資決策人的主觀意見而已。
The purpose of my thesis is analyzing venture capital investment projects, which mainly focus on those operated in Taiwan, in order to make clear the significant factors to a successful investment. This purpose can be further divided into the following subjects: first, analyzing the practical investment situation of Taiwan’s venture capitals. Second, understanding the key to success of those invested corporations that bring in high return. Third, generalizing the evaluation factors of venture capitals. Forth, clarifying the evaluation focus of those investment cases in their different business periods.
In my thesis, I provide a study of fifteen investment projects. Researching, clarifying, and comparing these fifteen cases, which include investment projects of different industries and different investment cycles, and using the standard of return to judge whether a project is successful or not, I thereby line up the significant evaluation factors to a venture capital’s promising investment. My study concludes that the important evaluation factors for investment should include: market, core compatibility, operation team, industry, and investing timing.
The above five factors can picture, more precisely, the potential and ability of return and investment time of a project. These five factors not only can be deemed as an index of return that is passively obtained by studying the investment cases in the past. But also, they mark the direction of a successful business management. That is to say, on one hand, my study abstracts the cream of investment decisions. On the other, the so-called cream of investment decisions is also the index of future industry and market development. In the other word, a venture capital wants to reproduce successful investment operation. While to the invested corporation, it needs to head towards the management that brings in profit and attracts investment money input. This point can be seen as an extension of my study: the significant factors to a successful investment actually contain a prediction of industry orientation and market future. This is also a bold presupposition that says venture capital’s investment decision can be deemed as a lead to the future development of corporations.
The contribution of my research is to place venture capital investment cases in the main body of a study. Different from those researches published in the past, which of many are done by questionnaires and interviews of top managers working for venture capitals. My research provides an induction done by reviewing those real investment cases that have returned and cashed out, basically operated in Taiwan, in order to form the significant evaluation factors to a successful investment. In doing so, we can prevent the evaluation outcome from being affected by the pitfall of questionnaire design or distorted information mediation. Providing more direct evidences to exemplify my thesis can be useful for practical reference. More precisely, I use the management strength of corporation, the invested, to present the key to success of investment, focusing on the business administration itself, not just the subjective opinions of those who make decisions for an investment.
第一章 緒論.........................................................................................................1
1.1 研究背景…………........……………………………………………….1
1.2 研究動機……………………………………………………………….4
1.3 研究目的……………………………………………………………….4
1.4 論文架構……………………………………………………………….5

第二章 文獻回顧.................................................................................................7
2.1 創業投資事業之定義………………………………………………….7
2.2 投資標的之事業階段………………………...……………………....12
2.3 投資評估準則之文獻探討…………………………………………...14
2.4 我國創投事業發展之概況…..……………..………………………...22

第三章 研究方法...............................................................................................32
3.1 研究流程說明............………………………………………………...32
3.2 研究構面說明............………………………………………………...33
3.3 研究對象說明............………………………………………………...38
3.4 研究方法說明............………………………………………………...43

第四章 研究分析與探討...................................................................................45
4.1 研究個案介紹...…………….………………………………………...45
4.2 研究構面分析...........……….………………………………...………64
4.3 小結............…..…………………….…………….…………………...73

第五章 結論與建議...........................................................................................76
5.1 研究結論……………………………………..........……..…………...76
5.2 研究建議…………………………………....…………………..….....80

參考文獻...............................................................................................................81
中文部份.…………………………………………………………….....….81
英文部份 .…....……..………..………….……...………..........…...…….....82
中文部份
(1)2007年6月,「2007年台灣創業投資年鑑」,中華民國創業投資商業同業公會發行。
(2)黃仲綾,2005年6月,「台灣創投業創投評估創建期模式應用分析」,育達商業技術學院企業管理研究所碩士論文。
(3)2004年11月,「創新.創業.創投-助人興業二十年」,中華民國創業投資商業同業公會發行。
(4)魏國章,2003年6月,「以案例式推理作創投之投資決策評估系統」,國立成功大學工業管理科學研究所碩士論文。
(5)鄭人豪,2003年6月,「以實質選擇權之方法發展創投業之投資決策模型」,國立東華大學國際企業管理研究所碩士論文。
(6) 黃章仁,2002年6月,「創投公司高科技產業與傳統產業投資評估因素研究」,國立東華大學國際企業管理研究所碩士論文。
(7)高雄生,2001年6月,「台灣地區創業投資事業投資後管理之研究-以中盈公司為例-」,國立中山大學管理學院EMBA高階經營管理碩士班論文。
(8)蔡添進,2000年6月,「創業投資公司對網際網路新興產業的投資成功關鍵因素之研究」,大葉大學事業經營研究所碩士論文。
(9)劉常勇,1997年,創業投資評估決策程序,會計研究月刊(第134期)。
(10)郭憲昇,1996年6月,「台灣地區創業投資評估程序之研究」,國立中山大學碩士論文。
(11)王淑姿,1993年,我國創業投資事業發展現況與問題探討,台灣經濟研究月刊。
(12)康潤生,1985年,創業投資與科技發展,幼獅出版社。
(13)白俊男,1983年,創業投資的特性與前瞻,會計研究月刊(第20期)。
英文部份
(1)Kelley A.J,Campamella, Frank B, Mckiernan, John,(1971) Venture.
Captial:A Guide Book for New Enterprises, Bosston College Management Instiution.
(2)John R.Dominguez,(1974)Venture Capital, Mass:Lexington Book, 1974.
(3)Riggs,(1979) Industial Organization and Management Lin Series of Grolier Bussiness.
(4)Kenneth W.Rind,(1981) The Role of Venture Captial in Coreporate Development.
(5)Wise and Ray,(1990) Aggressive Jananeses Venture Captial Worries Sillicon Velly, Electronic Bussiness.
(6)Barry, C.(1994) New directions in research on venture capital finance. Financial Management, V23N3:3-15.
(7)Van Osnabrugge,M.S.(2000) A comparison of business angel and venture capital investment procedures,Venture Capital,An International Journal of Entrepreneurial Finance,2(2),pp.91-109.
(8)Hindle,K.and Lee,L.(2002)An exploratory investigation of informal venture capitalists in Singapore,Venture Capital,4(2),pp.169-177.
(9)European Commission,(2003)SMEs access to finance,COM(2003)713, Communication to the Council and the European Parliament.
(10) Poh Kam Wong & Yuen Ping Ho,(2006)Characteristics and Determinants of Informal Investment in Singapore, Venture Capital, Vol.9,No.1,43-70.
(11) Stuart Paul, Geoff Whittam & Janette Wyper,(2006) Towards a Model of the Business Angel Investment Process, Venture Capital, Vol.9,No.2,107-125.
(12) Daniel P. Forbes,(2007) Reconsidering the strategic implications of decision comprehensiveness, Academy of Management Review 2007, Vol. 32, No.2, 361-376.
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