創業投資事業投資後管理－追蹤監控方式之研究

Abstract

在創業投資過程中，投資後管理參與時間最長，對投資成效的影響很大。本論文主要目的在於研究投資後管理的各項議題，並對投資後追蹤監控方式加以探討。透過國內外創業投資事業投資後管理的文獻，整理彙總，且對台灣創投專家進行訪談，以AHP建構投資後追蹤監控方式。依此設計問卷，對中華民國創投業及創投專家進行問卷調查，以瞭解業界投資後管理追蹤監控方式各要素的權重。追蹤監控層級架構有助於創投業情境的了解、分析，採取最佳對策協助支援被投資公司，使被投資公司達到最好的績效。 本研究之結論如下： 一、創投公司在被投資公司擔任董事，其追蹤監控方式的權重值依序為（1）重大決策的同意（2）經營策略的制定（3）獲利率。 二、創投公司在被投資公司不擔任董事，其追蹤監控方式的權重值依序為（1）獲利率（2）財務結構（3）相關產業網路資訊及研究 三、創業投資過程中的「管理監控」與精心「評估投資項目」和策劃「設計投資協議」一樣重要。 四、追蹤監控的最主要目的是降低風險，提高投資報酬率。 五、追蹤監控的最重要考量是被投資公司股權的適時出脫。

Post-investment management is one of the critical phases of the investment process and is typically the most time consuming. The objective of this study is to explore venture capital operating cycle attributes and monitoring tools affecting post-investment management. Through literature review together with personal interviews with local venture capital specialists a questionnaire was developed by implementing Analytic Hierarchy Process (AHP) and answered by venture capitalists and venture capital firms. Data gathered from questionnaire were analyzed by using AHP to investigate the weightings for various monitoring tools that venture capitals implement. This study provides a realistic approach for venture capitalist to give support to investee company for achieving optimized performance. This study concludes that: 1.Venture capitalist acts as a member of board directors； the priority of monitoring tool is (1) the agreement on major policies (2) the initiation of business strategy (3) earning per share. 2.Venture capitalist does not act as a member of board directors； the priority of monitoring tool is (1) earning per share (2) financial structure (3) the information of related industry and individual research. 3.Post-investment management and monitoring, screening and evaluating the deals, and negotiating and structuring the deals are all considered important during the process of investment. 4.The main purpose of monitoring is to minimize risks and maximize returns. 5.The most important concern of monitoring should be exit driven.