頁籤選單縮合
題 名 | 創投在不同事業發展階段及不同產業投資策略之研究=The Study of Venture Capital Investment Strategies for Different Industries and Different Stages of Enterprises' Development |
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作 者 | 龔尚智; 林衛理; 蔡幸蓁; 紀宛均; | 書刊名 | 中小企業發展季刊 |
卷 期 | 2 民95.12 |
頁 次 | 頁185-210 |
分類號 | 563.52 |
關鍵詞 | 創投投資策略; 創投評分計分卡; Venture capital; Investment; Assessment criteria; Score card; Bell Mason diagnosis model; |
語 文 | 中文(Chinese) |
中文摘要 | 過去許多研究創投投資案決策及評估準則中,並未針對投資事業發展階段不同階段別和不同產業別的投資評估重點差異性進行比較分析。因此,本研究針對創投專業經理人進行有效專家問卷調查,比較產業別與階段別評估重點不同之差異性分析。 本研究發現不同產業在各階段評估構面重視程度、同產業不同階段重視程度或同階段不同產業重視程度仍然有所差異性。有以下幾點發現:1. 在「早期階段」不論是「半導體與光電」、「資通訊」、「電子相關」、「生物科技」其最重視評估構面的是「團隊」構面;2. 在產業別中「生物科技」產業之評估準則與其他產業有明顯差異區別;3. 在「早期階段」的評估指標會與「其他階段別」有明顯上的差異;4. 在同階段不同產業比較分析中可發現,又以「電子相關產業」在「早期」,「發展期」、「成熟期」中所表現出的評估指標重視程度較其他產業為高。唯有在「退出階段」各產業的評估指標則差異性不大。 本研究結果將提供國內創投公司就投資策略面、未來投資產業方向、在產業別與階段別不同給予投資評估重點差異之參考與建議。 |
英文摘要 | This research is trying to utilize Bell Mason 12 dimensions diagnosis model to study Taiwan's venture capital (VC) investment strategies in different industries and stages. The results of this research will be used to set up venture capital effective investment rules. Questionnaire based on Bell Mason diagnosis model is designed and emailed to local VC mangers to collect their investment assessment criteria. Four important industries (Semiconductor/Photonics, Information/communication, Electronics, and Biotechnology) are chosen in this study. Each investment manager is asked only to answer the questionnaire for one industry she or he is good at. The results of which are compared, analyzed and summarized are as follows: 1.For early stage investment, the most important evaluation criterion in all four industries is people structure of board and management team. 2. The assessment criteria for biotechnology investment are obviously different from other industries. 3. The investment evaluation benchmarks in early stage are apparently different from other stages. 4. The investment for electronic industry especially can be found that, when in the early stage, development stage as wel1 as late stage, the assessment index is higher than other industries except at exit stage. The results from this study could be applied for Taiwan VC companies as a meaningful guideline or reference when drawing up their future investment strategy for different industries at different stages. |
本系統中英文摘要資訊取自各篇刊載內容。