創投與經營團隊入股對企業營運影響之研究－以新竹科學園區新進駐積體電路設計公司為例證

Abstract

本研究主要在探討創投業及經營團隊二者對被投資企業的持股比例高低，是否會對其經營績效產生影響。研究對象是自1996年至2005年期間，共計66家新進駐科學園區積體電路設計之設立公司，以其進駐年份、創投業持股比例（%）、經營團隊持股比例（%）、進駐園區後的第3年營業收入、實收資本額及員工人數等資料為績效分析的變數。利用敘述統計特性的基礎及散佈圖結果，進行相關性分析工作，了解其對科學園區內IC設計公司經營的影響程度與貢獻，並期望可以作為創業家日後新創公司募資、股權分配及投資人投資時的參考。

研究結果發現：

1.創投持股比例與公司每股營收比值、員工產值沒有顯著相關關係，而在與員工產值部分，顯示有負向相關趨勢，但不顯著。

2.經營團隊持股比例與公司每股營收比值、員工產值，都顯示有正向相關趨勢，但不顯著。

This study is to investigate the effects on operation performance of start-up fabless companies in Science Park with the level of venture capital and management team investments. The firms were selected from 1996 to 2005 in HsinChu Science Park as samples and included their financial information as the ratio of venture capital and management team investments, start-up timing, the 3rd year of firm’s revenue, the paid-in capital, and number of employee as to analyze. We employ the methods of descriptive statistics and scatter diagram to estimate the effects on operation performance and expect the result could be the reference to the entrepreneurs and investors focused on fabless industry..

The research results indicate: 1.There is no significant correlation between the level of venture capital investments and revenue share/output per employee. However, there could be a negative correlation tendency between the level of venture capital investments and output per employee, but not significant. 2.There is a positive correlation tendency between the level of management team investments and revenue share/output per employee, but not significant.