從企業併購個案探討創投的投資退場機制

Abstract

一間公司能存活多久?企業是否能藉由被併購或併購來終止或延續其經營的壽命?對創業投資者而言，如何在對的時間處理投資與出場，一直是其肩負的的使命及其事業終極追求的目標。

在本文中，是採用個案分析的方式探討一家由創投業者所投資的積體電路公司，從投資後管理到被投資企業的重整和注入新資金及最後被投資企業被併購後獲利出場的其間，所面臨種種投資決策的過程分析及探討。

文末，並引導出一套如何藉由所投資的企業被併購以達到投資退場機制的流程假說。

It was said that “a firm was born to die”; for venture capitalists, how to save or exit with better return of their investment in companies before its dying is always a challenge as well as an ultimate target to pursue.

In this thesis, it will use cast study method to describe a signal case of an Integrated Circuit (IC) design house from its investment of early expansion stage until exit of the investment by merger and acquisition. During the period, the activities were taken including review the performance of invested company, making decisions of turning around, restructuring company, package company to fund raising, dealing with merger and acquisition buyers and finally executed the transaction to get the money back. This thesis is going to answer a question of “how” a venture capital exited invested portfolio by merger and acquisition, and is going to approach a framework of hypotheses as a conclusion after descriptions and analysis of the case study.