以共生/寄生觀點探討台灣創業投資事業與高科技事業之互動關係

Abstract

創業投資事業的最大特徵：創業投資願意冒較大風險於獲取鉅額資本利，故有人稱創業投資為「風險性投資」。加上政府相關政策的配合，產生推波助瀾之效。由於有創投的投資機制存在，故從民國八十三年開始，國內的高科技產業因融資不易已經開啟了對外募集資金的大門，其用意就在於尋找支持公司成長的動力，由於有旺盛的創業投資來支援產業，因此在企業的萌芽期，創業投資就已扮演重要的角色。 創投的投資事業多以高科技為主，眾所周知高科技事業的經營與發展不易為一般大眾所明瞭或掌握，尤其於上市前或技術研發過程中，此一現象容易造成彼此雙方於合作上的關係含糊不清，進而使得雙方對「事前的判」與「事後的實況」間產生落差，故探討雙方因合作而產生之互動問題是一重要課題，也是本研究的主要動機。希冀在此一動機下，將創業投資事業與高科技事業的互動關係開展出來，瞭解彼此關係的特性，以降低雙方互動不良的情形，促進合作成功的機會。 由於上述現象存在，因此本研究運用共生/寄生觀點，建構可描述台灣創業投資事業與高科技事業互動的分析架構，並釐清創業投資事業與高科技事業在不同發展階段的互動關係。 綜合本研究結果，發現：(1) 創業投資事業與高科技事業的合作及互動，可運用「共生/寄生」觀點加以描述與詮釋。(2) 基於創業投資事業與高科技事業實際合作的複雜性，引用「共生/寄生」理論中的互利共生、片利共生、寄生、捕食、競爭、及互容性等觀點，可以有效且合理降低這些複雜性。(3) 創業投資事業與其他資金融通者最大不同之處，在於創業投資事業不僅提供高科技事業所需資金，甚而需與高科技事業合作，積極參與高科技事業之經營管理，以追求雙方皆贏的局面。

The major characteristic of Venture Capital Corporations is that Venture Capitals are willing to take great risks to obtain large capital gains. It is, therefore, also known as “Venture Investment”. It is helpful to promote Venture Capital because of government policies. Since 1994, High Tech Corporations started looking for Venture Capitals to support themselves for it is difficult to loan money from financial institutions. Venture Capitals act as an important role at the early stage of a new entrepreneur. Most of the investments Venture Capital Corporations involved in are High Tech Corporations. The management and development of High Tech Corporations is still opaque to the public, especially the time before IPO or the process of research and development. The relationship between Venture Capital Corporations and High Tech Corporations is, therefore, dark and unclear during their cooperation period. Hence, the differences between pre-existing judgment and post-existing situation are fairly large. The problems resulted from the cooperation between the two is an important issue which is also the purpose of this study. I hope that to understand the interaction between them will reduce the chances of bad interaction and increase the chances of success. This study is based upon the viewpoint of symbiosis/parasitism to establish the analysis structure to describe the interaction during different stages of development between Venture Capital Corporations and High Tech Corporations in Taiwan. Study findings are: (1) The cooperation and interaction between Venture Capital Corporations and High Tech Corporations can be described and explained by the viewpoint of symbiosis/parasitism theory. (2) The complexity of cooperation between Venture Capital Corporations and High Tech Corporations can be reduced by the viewpoint of mutualism, commensalisms, parasitism, predation, competition, and tolerance. (3) The differences between Venture Capital Corporations and other funding institutions are that Venture Capital Corporations not only supply the money to High Tech Corporations, but also cooperate with High Tech Corporations. Venture Capital Corporations must aggressively participate the operation and management of High Tech Corporations to pursue the winning situation of both.