臺灣創業投資公司營運相關因素影響績效之研究

Abstract

國內外研究創業投資的論文，多集中在組織架構面上探討單一因素對於單一結果的影響或剖面式之觀察分析，缺乏整體觀且過分簡化問題，令人無法瞭解整體運作上各因子相互作用的；亦無法說明其間的因果關聯與可能的運作方式。 因此，本研究將創業投資公司視為一個系統，而將其內部的『經營策略』、『營運型態』及『經營績效』則視為子系統。觀察子系統間互動的關聯性，並找出影響經營績效的關鍵因素。換言之，透過『經營策略』、『營運型態』及『經營績效』的研究分析架構，找出影響經營績效的關鍵因子與影響途徑。 在本研究□『經營策略』是指該組織（或公司）為了達成組織基本目標，而設計的一套具有一致性、全面性及整合性的計劃。『經營績效』是指在經營運作上運用資源、利用團隊條件、組織因子和管理運作後，為達成目的所得到的結果。包含財務性績效及非財務性績效。『營運型態（operational model）』是指『經營組織（或公司），為達成目的（objective），在特定「團隊條件」、「組織因子」和「管理運作」下之表現』。 研究結果如下： 在『經營策略』方面：多個層面的策略組合，應是導致良好績效且在績效上產生差異的原因之一。 在經營績效方面：可以以『經營績效』作為衡量組織整體的績效指標。『經營績效』在此範圍下，包含『財務績效』與『提供的附加價值』兩部分。在使用上前者的比重應加以擴大，而後者的比重應予以縮小。其次，在評比對象上，若為各基金間的績效評比則應以IRR為標準；若為各公司間的績效評比則應以EPS為標準。但值得注意的是，各基金的股東不等同於公司所有基金的股東。而股東對於基金的績效評定，仍應是以IRR為標準方為恰當。 在『營運型態』方面：在營運型態各因子的重要性排序分別為：1.『團隊條件因子』、2.『管理運作因子』、3.『組織因子』。 在投資運作時，團隊條件因子上各項目的重要性排序分別為：1.『領導者的領導能力』、2.『專業經理人的成就動機』、3.『專業經理人的能力條件』、4.『股東的背景』。 在管理運作因子上，各項目的重要性排序分別為：1.『投資組合』、2.『投資標的物的選擇』、3.『投資退出的階段選擇（指失敗時）』、4.『留存資金的應用』。其次，各公司在風險/報酬偏好程度上，皆為低風險/次高報酬的愛好者。但若將低風險/次高報酬的選項刪除後，重新選擇時則呈現為高風險/高報酬的愛好者的結果。顯示出創投公司對於風險的偏好程度。換言之，創投公司願意將資金投入較早期的公司，以追求更高的報酬。 在分析架構上，確立了『經營策略』與『營運型態』和『經營績效』三者間不但具有關聯性，且三者間具有因果性。即『經營策略』對於『經營績效』有『直接』的影響，而『經營策略』可透過『營運型態』對於『經營績效』產生間接的影響。

Studying the papers of the Venture Capital from foreign to domain countries, all we got are these that they analyzed the organizational structure from peer to peer and more fragmentary. From these, we can’t catch the overview for the operation of Venture Capital Company. And we also can’t understand how they worked and the possible reaction paths of cause and effect. Therefore, I observe the venture capital company as a “System” view. And I try to find out the subsystems (included Management Strategy, Operational Model and Management Performance) how they works, what’s the interaction paths of cause and effect and what’s the key factors. Management Strategy is defined that it is a consistence, comprehensive and complete plan that the organization (or company) deigns for reaching the objective. Management Performance is defined that it is a result via using the resources and by the process such as people, organizational structure and operational conditions. Operational Model is defined that the specializations of the organization (or company) reaches an objective is based on the “team conditions”,” organizational structure “and “operational factors”. The results of this research are: On the “Management Strategy” side, the combination of various strategy aspects should be the one of the major factors that gets good management performance. On the Management Performance side, the management performance can be used as a significant index that measures the whole company performance. The index should be included two parts: the Financial Performance part and the Added Value part. On using this index, you should enlarge the weight of financial performance and reduce the weight of the added value that VC Company provided. In addition to, the IRR will be the standard index for evaluating the management performance among the VC funds. But the EPS will be the standard index for evaluating the management performance among the VC companies. Anyway, there is an important point that there exits some differences between the stockholders of one fund and the stockholders of the entire fund. So the IRR will be a proper index for stockholders evaluating the management performance of funds. On the Operational Model side, the ranks of the importance of operational model factors are: 1.team conditions 2.operational factors 3.organizational structure. By the investment, the ranks of the importance of team factors are: 1.the leadership of the main leader 2.the motivation of achievements for the professional managers 3.the abilities of the professional managers 4.the background of stockholders. By the operational factors, the ranks of the importance of these factors are: 1.portfolio of the investment 2.the stages of the investment objective 3.the exit stages (when failure) 4.the application of the reserving capital. All of the interview companies have the same preference that they all like the low risk-high return choice. But if we delete the low risk-high return choice, we get some interesting results that they all choose the high risk-high return one. This can be explained that the VC Company wants to invest the early stage company for seeking the high return. On the architecture of the analytic configuration, it can be work and there exits the relationship among the Management Strategy, The Operational model and the Management Performance. In addition to, there exits the cause and effect among the Management Strategy, the Operational model and the Management Performance. We get the direct effect from the Management Strategy to the Management Performance. And these exits the indirect effect from the Management Strategy to the Management Performance via Operational Model.