我國創業投資事業投資案篩選之研究

Abstract

創業投資最重要的工作在於決定是否應進行一項投資,因此創業投資事業的核心工作就是投資案的評估。由於我國的創業投資事業的管理基金規模與資源大多是小而美的經營形式,面對紛至沓來的投資案源,必須先經過篩選步驟。通過初步篩選的案源才有機會獲得創業投資事業的青睞,取得創業投資事業實際的投資與協助。因此本研究的目的旨在探討創業投資事業對投資案源之篩選要點與篩選模式。 本研究運用學者文獻,配合專家個案訪談的方式,探索台灣創業投資事業對於投資案源的篩選決策模式與篩選要點,期望能闡明此一階段的實務性做法。 研究結果發現,投資案源篩選的主要作用是排除不符合該公司策略考量與必要條件的案源。創業投資事業對於投資案篩選的必要條件,會隨事業階段而改變其重要性程度。創業投資事業對早期投資案之未來不確定性,轉而依據經營團隊因素作為篩選之首要考慮因素。創業投資事業對於不同的產業,是以資本市場的觀點去看產業的未來發展潛力,隨著資本市場的變化而改變其篩選考量。本研究同時也提出七項研究假設。

The most important task in venture capital investment is the determination of whether to engage in a particular investment. Therefore the core activity of a venture capital company is the venture evaluation. Due to the scale of managing fund and resource of domestic venture capital’s operation are mostly small and lean, when facing ventures from all different sources, a screening process must take precedence in the assessment procedure. Only the venture that passes the preliminary screening process has a chance to win the attention of venture capital firms, then gains realistic investment and assistance from venture capital companies. The purpose of this research is to build the deal screening criteria and screening model. This research refers previous scholar’s papers, and adopts the case in-depth interview method, realistically explores the deal screening criterions and screening model of domestic venture capital firms, hoping to clarify this crucial phase of the practical operation. The results of research revealed that the main function of deal screening is to exclude those ventures that do not satisfy the considerations within the strategic considerations, as well as the necessary requirements of the company. Venture capital firms, in regards to the factors for the screening criterions, will change in its importance in relation to the business stage of the venture. For early stage ventures, due to the uncertainty over the new company’s future, the main concerning factors in the screening will shift toward an assessment of the management team. Venture capital firms take the perspective of the capital market in viewing the future potential of an industry when selecting a venture, where the screening considerations will change according to changes in the capital market. Seven research hypotheses are also proposed.