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研究生:黃美雅
研究生(外文):Ottavia
論文名稱:核心創意產業中對於新創企業的資金挹注決策: 視覺藝術中創投觀點
論文名稱(外文):Capital Investment Decision for Business Start-ups in the Core Creative Industries: A Business Angels’ Perspective in Visual Arts
指導教授:陸定邦陸定邦引用關係孔憲法孔憲法引用關係
指導教授(外文):Ding-Bang LuhDing-Bang Luh
學位類別:博士
校院名稱:國立成功大學
系所名稱:創意產業設計研究所
學門:設計學門
學類:綜合設計學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:104
外文關鍵詞:Business angelsBusiness start-upCapital investmentCore Creative IndustriesDecision-makingVisual Arts
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Creative industries have been acknowledged as the key driver of economic growth and capital investment is the fundamental component to develop businesses in creative industries. In practice, there are institutional sources of capital investment to seek, such as banks and venture capitalist. However, in fact, they tend to be difficult for businesses in creative industries to access for fund; especially for start-up, young companies due to the barriers of evaluating the potential of intangible products and services; formal investment procedures and requirements. On the other hand, business angels tend to invest in start-up businesses and those intangible knowledge-based businesses which are avoided by the formal investment institutions. The study aims to illustrate the capital investment decision for start-up businesses from the business angels’ perspective. Furthermore, this study intends to reveal the underlying factors of capital investment decision and outline the capital investment phenomena in creative industries, taking visual arts as a case.
This study combined qualitative (in-depth interview) and quantitative method (survey) to investigate business angels’ capital investment decision in the core creative industries. There were in total 159 valid responses from the survey. The quantitative results were confirmed by interviews with business angels.
The important findings of this study are as follow: 1) four capital investment decision criteria from the business angels’ perspective were identified – the artist’s passion, trustworthiness, creativity, and marketability; 2) the capital investment decision criteria were found to have positive relationships to business angels’ perception on the potential benefits they will receive; 3) a strong and significant relationship was found between investor’s benefits and willingness to invest, with stronger influence from financial benefits than strategic benefits; 4) business angels’ knowledge and familiarity to the industry was found to influence their evaluation process.
This study was one of the first attempts to formulate the capital investment decision criteria for business start-ups in the core creative industries, taking the business angels’ perspective on visual arts. The findings were hoped to bring a holistic view and bridge the gap between artists and business angels.
ABSTRACT I
ACKNOWLEDGEMENT III
TABLE OF CONTENTS IV
LIST OF TABLES VIII
LIST OF FIGURES X
CHAPTER ONE INTRODUCTION 1
1.1 Research Background 1
1.1.1 Creative Industries 1
1.1.2 Capital Investment in Core Creative Industries 3
1.2 Research Objectives 4
1.3 The Scope of Research 5
1.4 Visual Arts Industry in Taiwan 6
1.5 Research Procedure 7
1.6 Research Structure 9
CHAPTER TWO LITERATURE REVIEW 10
2.1 Capital Investment 10
2.1.1 The Principle of Capital Investment 10
2.1.2 Capital Investment: A Decision Process 11
2.2 Investing in Potential Start-up Businesses in Core Creative Industries 12
2.3 Business Angels 16
2.3.1 The Characteristics of Business Angels 16
2.3.2 The Practices of Business Angels 21
2.4 Literature Findings on Business Angels’ Investment Criteria 25
2.5 Qualitative Study: Interview with the Business Angels 26
2.5.1 Interviewees’ Background 26
2.5.2 The Method of Interview 28
2.5.3 Interview Results 28
2.6 Business Angel’s Criteria for Investment in the Core Creative Industries 30
2.6.1 Artist’s Passion 30
2.6.2 Artist’s Trustworthiness 31
2.6.3 Artist’s Creativity 33
2.6.4 Artist’s Marketability 37
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 40
3.1 The Research Framework 40
3.2 Construct, Variables, and Measurements 41
3.2.1 Artist’s Passion 41
3.2.2 Artist’s Trustworthiness 41
3.2.3 Artist’s Creativity 42
3.2.4 Artist’s Marketability 43
3.2.5 Investor’s Benefits 44
3.2.6 Investor’s Willingness to Invest 45
3.2.7 Control Variables 46
3.3 Research Design 47
3.3.1 Case Selection 47
3.3.2 Questionnaire Design 47
3.3.3 Research Participants 48
3.3.4 Data Collection 49
3.4 Data Analysis Procedure 49
3.4.1 Descriptive Statistic Analysis 49
3.4.2 Factor Analysis and Reliability Test 50
3.4.3 Independent Sample T-test and One-way ANOVA 50
3.4.4 Multiple Linear Regression Analysis 50
3.4.5 Structure Equation Model (SEM) 51
3.5 Summary of Hypotheses 51
CHAPTER FOUR ANALYSIS AND RESULTS 52
4.1 Quantitative Data Analysis 52
4.1.1 Descriptive Statistic Analysis 52
4.1.2 Factor Analysis and Reliability Test 54
4.1.3 Independent Sample T-test and One-way ANOVA 58
4.1.4 Multiple Linear Regressions: Investor’s Evaluation Criteria on Artist and Investor’s Benefits 62
4.1.5 Multiple Linear Regressions: Investor’s Financial Benefits and Strategic Benefits 64
4.1.6 Multiple Linear Regressions: Investor’s Benefits and Willingness to Invest 66
4.1.7 Structure Equation Model (SEM) Results 67
4.2 Interview Results 69
4.3 Discussion 70
CHAPTER FIVE CONCLUSION AND SUGGESTIONS 73
5.1 Conclusion 73
5.2 Research Limitations 75
5.3 Suggestions for Future Research 75
REFERENCES 77
APPENDICES 87
Appendix 1: Summary of Interview Results 87
Appendix 2: The Questionnaire (English Version) 93
Appendix 3: The Questionnaire (Chinese Version) 99
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