臺灣博碩士論文加值系統

網路經濟泡沫化及歷經本世紀最大、影響全球經濟的金融海嘯後的全球經濟不景氣，令全世界創投家無不損失慘重，造成往後創投家投入資金時將漸趨保守。「選擇正確的投資案遠比經營管理投資案還來的重要」，此為創投界眾所皆知的原則，因而擁有一套良好且精準的評估準則評核案源公司是重要的。
本研究歸納整理過去創業投資家所參考的評估準則，歸納出五大評估準則分別為「創業家特質」、「市場特性」、「產品特性」、「財務風險特性」及「預期報酬特性」，並取得國內創投專家對於此五大準則重要性之排序。研究工具為問卷調查，並利用層級分析法(AHP)分析國內創投專家對於評估準則的重要性差異，計算出各準則權重排名。
在取得國內創投專家的重要性排序後，與美國、歐洲、加拿大與新加坡的創投公司之評估準則做比較，目的在於瞭解不同國家是否會不同創業家特質及不同市場環境影響而有差異並分析其意涵。
研究結果顯示台灣創投家與各國創投家在評估準則重要性看法上具差異性。本研究藉由產業結構環境、國家政策、民族特性等角度分析其中差異。在分析的國家中最注重的為創業家特質，凸顯出以人為本的特性；但歐洲與美國在預期報酬特性順位考量上皆高於其他國家；而台灣與新加坡所有準則的重要性完全一致。

After the network economy bubble and the financial tsunami of the global economic downturn, venture capital (VC) around the world suffered heavy losses, resulting venture capitalists’ conservative investment behaviors. It’s well-known that choosing the right investment objects is more important than managing it. Therefore, it is critical for venture capitalists to globally identify higher-return but lower-risk investment objects before putting resources.
This study, thus, proposes investment-object evaluation criteria for VC to assess a new venture in different area, such as Europe, USA, Singapore and so on, and then determine whether to invest it or not. This research first reviews and analyzes the related criteria collected form previous literature. Five criteria that influence investment decisions most are the characteristics of entrepreneur, market, product, financial risk and expected return. To investigate the differences of these evaluation criteria in different areas, we collect the importances of criteria of USA, Europe, Canada and Singapore. In Taiwan, an AHP method is employed to get experts’ opinions. The criteria importances of different areas are compared and studied.
The results shows that the importance of criteria that are different. We analyze the difference from the perspectives of industrial structure, national policy, and national identity. Some managerial implications are provided for entrepreneurs and venture capitalists to construct start-up and make investment decisions in different areas or countries.

表目錄 iv
圖目錄 vi
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究對象 4
第四節 研究程序 4
第二章 文獻探討 6
第一節 創業投資意涵 6
第二節 創業投資公司評估之決策程序 10
第三節 投資新創事業評估準則 14
第四節 國內外創業家特質比較 26
第五節 國內外創業環境比較 29
第六節 投資準則研究方法 37
第三章 研究設計與方法 39
第一節 分析層級程序法 39
第二節 研究設計 48
第三節 準則權重計算 51
第四章 實證結果與分析 55
第一節 問卷回收及基本資料 55
第二節 台灣創投公司評估準則權重分析 62
第三節 台灣創投公司評估準則分析 69
第四節 國內外創投評估準則比較分析 72
第五章 結論與建議 77
第一節 研究結論探討 77
第二節 研究建議 81
第三節 後續研究建議 82
參考文獻 83
一、 中文部分 83
二、 英文部分 85
附錄一 研究問卷 89

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