臺灣博碩士論文加值系統

為了創造臺灣下一個經濟成長動能，政府、媒體等開始鼓吹創業風氣，但是實務上卻較少關注內部團隊經營。若選擇以股份有限公司的形式成立，將會面臨股權分配的難題。目前實務及學術上對於股權分配的文獻仍不多見，為補足研究缺口，本研究欲探討創辦人在使用股權時的決策歷程，以理解股權使用上的考量以及可能造成的影響。
研究採取比較個案研究法，選取四個以股份有限公司形式且不同公司生存年數的創業家進行半結構式的深度訪談。經過彙整逐字稿與進行文本分析後，本研究有三項主要研究發現。第一，在共同的目的與行為背後，核心團隊股權網絡的建立是基於創辦人心目中的理想網絡結構以及當下面臨的主要挑戰。第二，股權分配會因為時間的發展而有初期僵固性以及後期磨合性兩種特性，但是初期與後期的分界並非以時間為分界，而是以重要事件為分界。第三，對於創辦人來說，股權網絡會因為「經濟利益」「權力關係」與「情感連結」的不平衡，需要創辦人進行三者之間的磨合，引發的風險有可能導致團隊解散。
整體而言，本研究透過網絡理論解釋了創業家在進行股權分配時的決策過程，拓展了理論的應用範疇，並且也對實務上內部團隊的管理有所貢獻，可以透過對於股權決策歷程的理解，選擇更合適的股權策略。

In order to kick-start the next economic growth, both the government and the media have been trying to nurture the startup atmosphere and cultivate the startup environment. However, the difficulties of running an entrepreneurial team have largely been overlooked. Entrepreneurs, especially in the form of Limited Liability Company (Ltd), have to deal with various issues inherent in equity distribution which have been seldom discussed in either academic or practical research. Therefore, the purpose of this dissertation was to explore the decision process of equity distribution for entrepreneurs, and unravel the various considerations and their potential effects.
Through qualitative analysis of interviews with owners from four independent Ltd Companies with various company survival years, the dissertation provided three major findings. First, the primary factors of constructing equity network were the critical challenges faced by entrepreneurs as well as the ideal for network held by entrepreneurs. Second, there were two characteristics in equity distribution: rigidity and reconcilement. The distinction between these two characteristics was critical events rather than survival years. Third, the entrepreneurs had to coordinate monetary returns, power and affection within the equity network, which might lead to the exit of team members if fail.
To sum, this study extended current knowledge of equity distribution decision process using the network theory. The results may contribute to the better management of internal team integration for entrepreneurs through the formulation of more effective equity distribution strategies.

口試委員會審定書........................................................................................................... i
誌謝.................................................................................................................................. ii
中文摘要.........................................................................................................................iii
Abstract .......................................................................................................................... iv
第一章 緒論.................................................................................................................. 1
第一節 研究動機.......................................................................................... 1
第二節 研究目的.......................................................................................... 3
第二章 文獻回顧.......................................................................................................... 4
第一節 創業相關研究.................................................................................. 4
第二節 網絡理論........................................................................................ 10
第三節 創業與股權.................................................................................... 21
第四節 小結................................................................................................ 24
第三章 研究方法........................................................................................................ 25
第一節 研究取向與方法............................................................................ 25
第二節 研究對象........................................................................................ 26
第三節 資料蒐集........................................................................................ 28
第四節 資料整理與分析............................................................................ 29
第四章 研究個案背景描述........................................................................................ 31
第一節 個案 1 ............................................................................................. 31
第二節 個案 2 ............................................................................................. 35
第三節 個案 3 ............................................................................................. 38
第四節 個案 4 ............................................................................................. 43
第五章 研究發現........................................................................................................ 50
第一節 資源連結策略與初期網絡............................................................ 52
第二節 跨個案分析—股權網絡的建立與發展........................................ 72
第三節 小結................................................................................................ 90
第六章 討論、研究限制與未來研究建議................................................................ 92
第一節 討論................................................................................................ 92
第二節 研究限制與未來研究建議............................................................ 95
參考文獻........................................................................................................................ 99
附錄一、訪談邀約信.................................................................................................. 107
附錄二、研究簡介與訪談大綱.................................................................................. 108
附錄三、股權分配相關之現行法規整理.................................................................. 109
附錄四、股權分配與閉鎖性公司相關之法規整理...................................................112

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