資源基礎觀點下創業投資業者投資評估準則之研究

Abstract

自2001年以來，由於受到網際網路、光纖通訊等產業熱潮消退，資訊產業發展趨緩及全球景氣衰退等因素影響，使得全球創投業陷入調整期，管理資產規模與投資額均大幅縮水，投資與募資活動均呈現保守現象，因此創投業對於新創企業之投資評估準則的看法有隨之調整的可能。而本研究在對過去文獻進行探討時發現，所有創投業投資評估準則之相關知名研究均是在2000年以前所發表，對於網路泡沫後之研究則不多，因此引發本研究由資源基礎理論探討創投業者投資新創公司之投資評估準則的動機。本研究首先經由文獻的回顧，推論出初步之概念性架構與創投業角度下資源基礎觀點的新創事業之投資準則；再利用統計方法，透過對國內創投業者進行問卷調查，並將問卷結果進行資料統計與整合分析。本研究利用因素分析萃取創投業資源基礎觀點投資準則之重要因素，接著再運用AHP探討創投業資源基礎觀點投資準則之重要排列次序。在因素分析的結果中，「創業家及經營團隊掌握市場與管理風險的能力」、「創業家及經營團隊的本業專業能力與態度」、「創業家及經營團隊的經驗」、「產品力」以及「投資案本質」為資源基礎觀點下創投業投資評估準則的五大主要構面，接下來本研究再透過AHP對各主要構面及其下之評估準則項目進行權重分析，而得到研究結論如下： 一、「團隊」這項要素不論在網路泡沫前後或以資源基礎觀點著眼，都是創投業者對於新創企業評估最重要的準則項目；此外，團隊本身也是必須是新創企業重要的資源連結； 二、「產品」成為新創企業資源與競爭力的必要條件之一，是新創企業成功必備的基礎資源，但創投業者對於產品本身獲利能力的重視已經大於傳統觀點的產品技術進入障礙； 三、「投資案本質」成為創投業者資源基礎投資評估準則構面，因為網路泡沫後創投業者們對於新創企業的評估轉趨保守，開始回歸將本求利的投資回報觀點對新創企業投資案進行審視。

Since 2001, due to the influential factors such as the ebbing of the Internet and fiber-communication industries, the slowing-down of IT industrial development as well as the global business recession, the global venture business has fallen into a period of adjustment. Both the property-management scale and investment amount have greatly shrunken. The investment and capital collection activities have appeared being conservative. Therefore, the venture industry has been hence adjusting her viewpoint about the investment evaluation criteria regarding the new-venture business. Having done the literature review, it has been found that all the relevant well-known researches regarding evaluation criteria of venture business investment were published before the year of 2000. There are not many studies completed after the Internet bubbles. Hence it leads to the motive of this research to explore the investment evaluation criteria adopted by a venture entrepreneur for investing a new-venture business. A preliminary conceptual framework and the investment criteria of a resource-based new-venture businesses viewing from venture-business angle have been proposed. A questionnaire investigation has been conducted with respect to the domestic venture entrepreneurs. Factor analysis has been adopted in this research to extract the critical factors of resource-based-viewpoint investment criteria adopted by a venture business. Then, implementing AHP to study the critical ranking sequences of the resource-based-viewpoint investment criteria of a venture business. From the factor analysis results, we found that <The ability to control the market and to manage the risk of an entrepreneur and a managing team>, <The industry-focused professional ability and attitude of the entrepreneur and the managing team>, <The experiences of the entrepreneur and the managing team>, <Product realization capability> and <The natural essence of the investment> are the five key aspects of the investment evaluation criteria of a venture business under the resource-based point of view. In the next, a weighting analysis has been performed against the key aspects and the corresponding evaluation criteria items by using AHP method; the following research conclusions have been acquired: I. <Team> factor is the most important criteria item adopted by the venture entrepreneur for a new-venture business evaluation no matter it is before or after the Internet bubbles; it (the team factor) applies too when considering from the resource-based viewpoints. In addition, the team itself must also be an important resource linkage of the newly founded business. II. <Product> has become one of the compulsory requirements concerning the new-venture business resources and competitive ability; it is the basic resource that must be owned by a new-venture business in order to be successful. However, the strong attention paid upon the product profitability by the venture entrepreneur has become greater in importance than the entry barrier of the product technology, which used to be the traditional viewpoint. III. <The natural essence of the project investment> has become the resource-based-viewpoint investment evaluation criteria aspect of a venture entrepreneur because after the Internet bubbles the venture entrepreneur has turned conservative with respect to the new-venture business evaluation. It begins to return to the ROI viewpoint of demanding a suitable profit vs. the cost in order to proceed with the inspection on the investment project of a new-venture business.