台灣與中國大陸創業投資事業投資後管理之比較分析

Abstract

摘要 本研究探索台灣與中國大陸創投公司與被投資公司所真正需求的參與行為，並區分為種子期、創建期、擴充期、成熟期、重整期等五個事業階段，以及將創投事業分成(1)基金管理公司/創投公司；(2)育成中心/孵化器兩種事業型態，以被投資公司與創投公司的角度來探討雙方對參與行為的重視與差異程度。研究對象是兩岸創業投資公司經理人、育成中心經理人、孵化器經理人，以及他們的被投資企業。本研究利用統計方法中的因子分析、變異數分析、平均數差異之Ｔ檢定，分析結果。本研究將34種投資後管理的變項經過因子分析簡化成為8種需求與供給因子。本研究發現整體而言，兩岸的創投事業皆能滿足被投資公司的需求。但分別比較兩岸創投事業參與程度的差異，以及兩岸被投資公司需求變項的差異，本研究發現，兩岸的被投資公司對於投資後管理的需求變項存在差異，兩岸的創投事業對於投資後管理的供給變項亦存在比較大的差異。

This research explores the difference and similarity between Taiwan and China venture capital industry in post-investment management stages, as well as the expectations of portfolio companies to the VCs. The business stages are divided into five. They are seed, startup, expansion, mezzanine, and turnaround stages. The business types of venture capital firms are divided into two, either fund management/venture capital firm, or business incubator. This survey is based on the venture capitalists, managers of business incubators and portfolio companies in both Taiwan and China. We use the factor analysis, independent-sample t-test, paired-samples t-test, and one-way ANOVA to analyze the data. We reduced the 34 variables of post-investment management into 8 demand/supply factors, which are marketing, production, business administration, R&D, investment, legal, financial, and relationship management. We found that the overall post-investment management provided by venture firms in both Taiwan and China can satisfy what the portfolio companies need. However, comparing the difference of portfolio companies and venture capital firms in both Taiwan and China, there are some differences exist between portfolio companies and venture capital firms.