運用分析層析法評量生技創投業者評估案源之準則

Abstract

摘 要 創業投資產業成就了台灣早期高科技電子產業成功的重要政策工具，民國86年國內行政院宣示5年內投入新台幣200億元投資生物科技產業，此為政府視生物科技醫療產業為國家重點發展工業項目。鑑於國內生技產業正值萌芽期，隨之而起的業者募資需求漸增，本研究就國內生技創投業者為主就其案源評估的準則作深入探討及瞭解。本研究探討生技創投業者評估案源之準則主要考量的因素，並運用分析層級法探討生技創投業者對各考量構面、準則之偏好。本研究針對不同背景、學歷、性別的生技創投評估案源業者進行問卷調查，共分為兩階段專家意見調查，第一階段問卷調查的目的為初步篩選出生技創投業專業經理人認為重要的評估項目。第一階段問卷調查的目的為初步篩選出生技創投業專業經理人認為重要的評估項目。第二階段問卷調查的目的為依據第一階段問卷調查的結果篩選出生技創投業專業經理人認為重要的前二十項評估項目，加以規類整理至四項構面後，針對國家外生技創投業專業經理人作權重及排序的研究。 整體結果，生技創投產業投資目標構面與評估準則考量之重點，以經營團隊之構面(0.474)為最高；其次為財務規劃與預期報酬率之構面(0.194)及技術產品之構面(0.193)；而市場行銷之構面(0.139)較低。二十項評量準則之權重，以經營團隊的管理與專長能力(0.127)最為重要，其次依序為創業家的人格特質(0.104)、營利模式(0.101)，最低為關鍵技術來源(0.017)。本研究發現不同的背景、學歷、性別之生技創投業者針對案源評估重視方面有不同的看法，但一致認為”經營團隊”之構面最為重要。本研究結果可以提供給需要募資的生技業者及生技創投業者評估投資案的參考。

Venture capital industry played a major role to the success of Taiwan IC and Electronic industries for the past 20 years. In 1997, ROC Government announced her investment plan of totaling NT$2000 million in Taiwan Biotech Industry in 5 years. The goal of this study is to research the evaluation criteria on investments of life science venture capitalists using AHP Model. Two phases of survey in questionnaire format were conducted. The first phase of survey was performed to screen the top 20 priorities as the evaluation factors chosen by life science venture capitalists in Taiwan. Four major evaluation domains were then formed based on the nature of the 20 evaluation factors and five evaluation factors were arranged accordingly under one domain. In summary, “management team” ranked highest amongst other domains and its weighed point is calculated as 0.474. The ranking order of weighed domains is “financial plan and expected return on investment (0.194)”, “R&D products (0.193)”, and “marketing and sales (0.139)”. Regarding the top 20 evaluation factors, the ranking order of weighed top three evaluation factors is “managerial and technical expertise of the management team (0.127)”, “characters of entrepreneur (0.104)”and “business model (0.101)”. The most unimportant factor is “the source of technology” and weighed 0.017. Professional background, educational background and gender are also considered as the major segments to evaluate the possible variances in the study. Despite of three segments, “management team” is considered as the most critical domain amongst other domains. The purpose of this study is intended to provide in-depth knowledge for those entrepreneurs in the fund-raising stage and for life science venture capitalists to share their experiences.