台灣地區創業投資事業對被投資公司之參與行為研究

Abstract

我國經濟發展歷經進口替代時期與出口擴張時期後，雖然創造出傲人的經濟奇蹟，但以往的生產優勢隨著工資上升、土地成本高漲，環保抗爭不斷而逐漸消失;因此，為了突破產業發展的困境，唯有進一步從事產業升級，方能確保台灣競爭優勢。而高科技產業的發展，必須是技術、創新、資金、人才多方的配合，在此時空背景下，創業投資事業乃應蘊而生，創業投資事業除了對被投資公司直接提供資本外，尚提供企業經營、管理及諮詢等附加價值服務，也因此我國科技高科技產業得以蓬勃發展，為我國經濟基礎奠定雄厚基石。 本研究主要透過問卷調查及專家訪談來探討我國創投事業對被投資公司之參與行為研究。研究結果主要如下： (1)本研究經過因素分析，萃取出台灣創投事業之參與行為因素，分別為「財務協助」、「上市規劃」、「技術支援」、「生產支援」、「行銷參與」、「人事參與」、「諮詢服務」、「擔任董監事」、「監督管理」、「策略規劃」。 (2)被投資公司最需要的參與行為是「策略規劃」、「財務協助」、「諮詢服務」三項因素；創投公司參與程度最深的為「擔任董監事」、「財務協助」、「策略規劃」此三項因素。 (3)不同事業階段會造成被投資公司對參與行為需求程度差異；不同的投資事業階段亦會造成創投對被投資公司的參與程度差異。 (4)在四個事業階段中，除了雙方均較為重視「財務協助」、「策略規劃」兩項因素，均較不重視「生產支援」此項因素，其餘各項因素，被投資公司需求程度與創投實際參與程度均有顯著差異。 (5)由於「創業家的特性」、「國內資本市場的特色」、「創投的專業素養不夠」及「雙方的互動不足」，四項因素交互影響下，形成我國創投產業特殊的發展型態。

After the periods of import substitution and export extension, Taiwan created the incredible economic miracle. But the competitiveness had declined by the growing wages, high cost of lands, and the environmental protection action. Therefore, upgrading the industry has become the only way to ensure Taiwan’s competitiveness. The development of high-tech industry requires technologies, innovations, funds, and talent people; and venture capital firms have been established for this purpose. Besides supporting the venture-capital-backed firms with the capital, venture capital firms also provide the services of business management and consultation. This research uses general survey and expert interview to evaluate the involvement behaviors of venture capital firms to venture-capital-backed firms. The analyzed results are as followed: 1.This research uses the factor analysis to conclude that the involvement behavior factors of Taiwan’s venture capital firms include “finance assistant”, “planning IPO”, “technology support”, “production support”, “marketing involvement”, “human resource involvement”, “consulting service”, “being the board of supervisor”, “supervising the business” and “strategy planning”. 2.For venture-capital-backed firms, “strategy planning”, “finance assistance” and “consulting service” these three factors are very critical; but for venture capital firms, three most important involvement behaviors are “being the board of supervisor”, “finance assistance”, and “strategy planning”. 3.Different stages of business development would cause the various levels of involvement behaviors requirements for venture-capital-backed firms. Also, they would make the level differentiations of venture capital firms’ involvement behaviors to the venture-capital-backed firms. 4.Within these four stages of business development, both parties pay much attention on “finance assistance” and “strategy planning” these two factors, but less attention on “production support”. About other factors, the levels of the venture-capital-backed firms’ requirement and venture capital firms’ actual involvement have the noticeable variation. 5.Because of the reciprocal effects of “entrepreneur characteristic”, “the distinguishing feature of Taiwan’s capital market”, “the lack professional accomplishment of venture capital firms” and “the insufficient interaction between two parties” those four factors, a special development type of venture capital firms has formed in Taiwan.