臺灣博碩士論文加值系統

以近年觀察到全球企業創投(CVC)越趨活躍的背景下，將具國際優勢的台灣半導體產業做為本研究驗證範疇，係針對企業在投資策略的制定上探究與新創合作之成功關鍵，從Felix Pinkow和Jasper Iversen歸納出的「雙元性(ambidexterity)」企業創投目標切入，並參考Michael Song等研究員對科技新創公司成功因素的分類，列為本研究構面評估，以了解個案公司在從事創投活動時的機會和限制，提升企業創投(CVC)成功退場的機率，透過相關文獻假設擬定，與本研究個案公司資料收集佐以專家經驗分享補充，推測出台灣半導體指標企業與新創的合作模式，發揮1+1>2之最大綜效。相信「企業創投」不僅僅是在面臨國際政經變局之下，企業提升競爭力的最佳方式，也是台灣科技企業在人才技術整合、轉型路徑、策略投資的模式之範例借鏡，有方法地避免企業創投的失敗率，促使台灣企業創投蓬勃發展，與新創共同創造具影響力之創新科技。

In the context of observing the increasingly active global Corporate Venture Capital (CVC) in recent years, taking Taiwan's Semiconductor industry with international advantages as an example to verify the key success factors of Corporate Venture Capital (CVC) in this research, and to further explore the investment strategies when cooperating with new ventures. Not only starting from the "ambidexterity" Corporate Venture Capital goals summarized by Felix Pinkow and Jasper Iversen, but also referring to Michael Song and other researchers' classification of the success factors of NTV (New technology ventures) as the critical assessments, the purpose of this research is to understand the potential opportunities and constraints when enterprises engage in venture capital activities, then to raise Corporate Venture Capital (CVC) successful rate to exit. Through the relevant literature assumptions, and the secondary data of the company case with expert’s CVC experience collected in this research, that make inference on the business cooperation model between Taiwan's Semiconductor index companies and NTV, with the maximum synergy effect. It is believed that "Corporate Venture Capital" is not merely the best way for companies to enhance their competitiveness under the political and economic environment changes, but a great practice when Taiwan's technology firms planning in talent and technical integration, transformation paths, and the models of strategic investment as well. In other words, this study will contribute to the decreasing on failure rate of Corporate Venture Capital, and booming Taiwanese CVC activities to make influential innovative technologies together with new ventures.

中文摘要 ………………………………………………………… i
英文摘要 ………………………………………………………… ii
目錄 ………………………………………………………… iii
圖目錄 ………………………………………………………… v
表目錄 ………………………………………………………… vi

第一章 緒論 ………………………………………………………… 1
1.1 研究背景與動機 ……………………………………… 1
1.2 研究目的 ……………………………………………… 2
1.3 預期研究貢獻 ………………………………………… 2
1.4 研究架構與流程 ……………………………………… 3

第二章 文獻探討 ………………………………………………………… 5
2.1 企業風險投資的歷史 ………………………………… 5
2.2 企業創投(CVC)的類型 ……………………………… 11
2.2.1 企業創投(CVC)的階段 ……………………………… 14
2.2.2 VC與CVC合作 ……………………………………… 17
2.3 台灣半導體產業CVC發展概況……………………… 18
2.4 企業創投(CVC)成功之決定性 ……………………… 20
2.4.1 雙元性導向的CVC策略目標………………………… 20
2.4.2 科技新創公司成功因素分類 ………………………… 22

第三章 研究方法 ………………………………………………………… 24
3.1 研究架構 ……………………………………………… 24
3.2 研究工具 ……………………………………………… 24
3.3 研究設計 ……………………………………………… 26

第四章 個案探討與研究結果分析 ……………………………………………… 27
4.1 個案公司簡介 ………………………………………… 27
4.1.1 聯發科技 ……………………………………………… 27
4.1.2 宏誠創投 ……………………………………………… 29
4.2 企業創投策略分析 …………………………………… 31
4.3 企業創投評估要素分析 ……………………………… 34
4.4 個案公司企業創投(CVC)SWOT分析 ……………… 38

第五章 研究結論與建議 ………………………………………………………… 39
5.1 研究發現與結論 ……………………………………… 39
5.2 管理意涵 ……………………………………………… 40
5.3 研究限制與未來研究建議 …………………………… 41

參考文獻 ………………………………………………………… 42

附錄 ………………………………………………………… 44

英文文獻:
Dirk De Clercq, Vance H. Fried, Oskari Lehtonen, & Harry J. Sapienza. (2006). An Entrepreneur’s Guide to the Venture Capital Galaxy. Academy of Management Perspectives, 20(3), 90–110.
Felix Pinkow, & Jasper Iversen. (2020). Strategic Objectives of Corporate Venture Capital as a Tool for Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 3–17. https://doi.org/10.3390/joitmc6040157
Henry W. Chesbrough. (2002). Making sense of corporate venture capital. Harvard Business Review, 80(3), 90–99.
Luc Armel G.Da Gbadji, Benoît Gailly. (2008). The Use of Corporate Venture Capital as a Strategic Tool: Literature Review and Key Characteristics of CVC Investments. LOIVAIN School of Management, 4–8.
Michael Song, Ksenia Podoynitsyna, Hans van der Bij, & Johannes I. M. Halman. (2008). Success Factors in New Ventures: A Meta-Analysis. Journal of Product Innovation Management, 25(7–27), 11–19.
Paul A. Gompers, & Josh Lerner. (1998). The Determinants of Corporate Venture Capital Success: Organizational Structure, Incentives, and Complementarities. NBER Working Paper, 6725, 21–25.
Susan A. Hill, & Julian Birkinshaw. (2008). Strategy–Organization Configurations in Corporate Venture Units: Impact on Performance and Survival. Journal of Business Venturing, 23(4), 423–443.
Yin, R. K. (2009). Case study research: Design and methods (4th ed.)


中文文獻:
《2021 台灣新創生態圈大調查報告》(2021), PWC資誠/台灣經濟研究院主辦
《創新生態發展 鼓勵企業投資新創》報告(2021), Deloitte勤業眾信
《聯發科110年年報》, 聯發科技
《十年低調撒大錢！鴻海、聯發科創投最中意的小金雞們是誰？》天下雜誌702期


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Chuang, J. (2022, February 15). 美國企業創投的運作策略分析. DIGITIMES. https://www.digitimes.com.tw/iot/article.asp?cat=158&cat1=20&cat2=&id=629476 (讀取於2022/04)
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The History Of CVC: From Exxon And DuPont To Xerox And Microsoft, How Corporates Began Chasing ‘The Future.’ (2017, March 7). CB Insights. https://www.cbinsights.com/research/report/corporate-venture-capital-history/#thirdwave (讀取於2022/05)
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聯發科技創業投資，聯發科技公司網站
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