以動態能力理論探討創投業者對新興產業之投資評估準則

Abstract

政府期盼透過扶持新興產業來帶動民間投資，委託創投業者做投資評估，期盼透過帶動創投投資以協助新興產業之新創公司，促進國家經濟成長。

在資訊與科技高速變動與進步的環境下，企業組織所處的環境充滿不確定性，傳統靜態的策略思考模式，已經無法反應市場快速變化的腳步，因此Teece et al. (1997) 提出動態能力理論(Dynamic Capabilities Theory)，引導企業組織的內、外部資源資源整合與重整，因應變快速變化的環境，進而建立與維持組織的競爭優勢。本研究主要探討在動態能力觀點之下，創投業者對於新興產業之業者做投資評估準則之分析。

本研究結果顯示創業家與經營團隊的經營管理能力、創業家與經營團隊的本質與潛力、創業家與經營團隊的因應外部威脅能力、投資案的變現能力、市場性和投資案被併購的潛力等六項重要評估準則，是創投業者在動態能力下對與新興產業在做投資評估時的重要評估準則。

Our government expects the development of the new emerging Industries and invites venture capitalists to do the professional investment evaluation for the new start-up companies in the emerging industries that can foster the economy growth.

Fast growing technology and information has made the market competition more intensive when firms facing the uncertainty environment. The conventional decision-making process had been questioned whether if can assist the firms in responding to the fast-changing competition environment. Thus, scholars (e.g., Teece et al. 1997) have proposed the Dynamic Capabilities Theory to help firms to integrate, build, and reconfigure internal and external resources and capabilities to address rapidly changing environments in order to keep their competitive advantages. This research focuses on the investment evaluation criteria of venture capitalists for the emerging industries from the perspective of dynamic capabilities.

The research shows that the management and operation capabilities of the entrepreneur and management team, the essence and the potentiality of the entrepreneur and management team, the capability to overtake the external threat of the entrepreneur and management team, the capability to cash-out of the investment, marketability, and the possibilities of the firm/team to be merged and acquired are the important investment evaluation criterions of venture capitalists for the emerging industries from the perspective of dynamic capabilities.