台灣科技新創事業的融資策略—以國聯光電為例

Abstract

新創事業之所以成功，在於技術、市場及財務三方面，財務的功能係是以配合協調各部門運作之運作為主，唯財務運作在公司不同時期會有不同之策略，財務策略必須配合事業其他經營活動，妥善規劃，以發揮整體經營最大效益。 本論文以研究國聯光電科技為個案，對高科技產業不同時期所採取之融資策略作一研究，了解新創科技事業，在追求成長前題之下如何配合經營策略，未雨綢繆提前作出融資策略，而此一策略在企業成長過程當中佔有舉足輕重之地位，將個案公司融資行為作一分析研究，將研究結果提供企業作融資決策過程之參考。公司就資本市場與金融市場兩大資金市場融資工具因素：一、取得資金之方便性及可控性，二、取得資金之成本，三、事業體之形象，四、租稅規劃，五、融資條件，六、融資用途，作比較分析後再取決融資管道及工具。就個案公司之融資行為並不完全符合融資順位理論，資金主要來源以內部產生之資金為主，對外舉債﹝銀行融資﹞為次，最後為資本市場的現金增資及可轉換債。 本論文以研究分析高科技產業之融資策略之相關文獻、個人工作經驗及個案公司相關人員之訪談，歸納研究結論如下： 一、善用企業資源：技術優勢、豐富產業經驗之團隊或財務資源有助於取得資金來源。 二、融資策略的思維：企業在作融資策略時，要明瞭資金市場的各種金融工具外，更要清楚自己的需求，在資金提供者的訴求與企業本身績效評估間取得平衡點。 三、選擇適當融資時機：企業應把握資金市場較為寬鬆的時機未雨綢繆，利用良好契機才是最佳方針。 四、保持良好互動：新創事業財務人員必須與金融機構或證券公司以主動邀約、積極拜訪、發佈利多消息等方式，保持密切互動。 五、融資是事業取得資金的方式之一：融資是一種財務工具，其最終目的在支持企業達到營收成為企業主要資金來源的狀態。 六、財務人員的任務：財務人員必須明瞭公司指標透過各種融資管道取德資金並投入各項資產，作為事業營運的基礎。

The success elements of start-up enterprises lie in technology, market and finance. The finance function plays a vital role in business plans and operations. Finance strategy varies according to different phases of business development, and should be integrated with other strategies. This paper sets out to study the financing strategy on different phases of business development for high-tech start-ups with a view to comprehend how the financing function and other business functions are integrated. The study is based on the case of United Epitaxy Company (UEC). This paper is dedicated to discussing the following crucial topics, which should be considered before deciding the financing channels and tools : 1.how the money is obtained 2.cost of obtaining money 3. image of business entity 4.taxation planning 5. financing conditions 6.financing purpose. UEC acquires money mainly from internal sources, money from banks and capital market are optional. UEC’s practice does not meet the so-called Pecking Order Theory. The content of this paper is based on the study of related literatures, my personal working experience and the interviews with UEC’s staff. The conclusions of this paper are as follows: 1.Making good use of internal resources: The technology advantages and affluent industry experiences count in obtaining money. 2.Mindset for financing strategy: Understanding business needs is a top priority in making financing strategy. A balancing point can be found between the demands of money provider and business performance. 3.Financing timing: Better financing conditions can be obtained in loose capital market. 4.Showing initiative: The financial staff should take initiative in contacting outer organizations, like banks and securities. 5.Financing is the main money-obtaining channel: Financing is the main money-obtaining tool ,which provides the money business requires. 6.Task of financial staff: Financial staff should help business obtain the necessary money through different financing channels and making good use of the money.