中國獨角獸企業發展之研究：以投資生態圈為例

Abstract

根據 CB Insights 2022 年 10 月全球獨角獸的數據顯示，獨角獸公司 Unicorn Startup 總數 1,200 家，總累計估值約 38,690 億美元，其中第一名來自中國的ByteDance ，第二名是美國的 SpaceX，第三名是中國的 SHEIN ， 令人矚目的是，中國有兩家公司擠進前 3 名。本研究欲探討中國獨角獸企業崛起之原因，透過文獻資料的蒐集，利用大事記表整理排序，了解中國各時期的政治變化，採用結構化 PEST 分析，找出獨角獸企業成功的關鍵性。\n1999 年至 2022 年間，中國初期的政策是積極支持中小企業，並促進外資和創投進入國內市場。在這個政策背景下，中國國內市場蓬勃發展，企業獲得政府的大力支持，同時獲得到創投融資的機會。近年中國政策側重國家安全，主要重於中小企業、微型企業，但企業發展到一定規模且涉及國家重點產業時，政府必對大型企業管理嚴加監管，以確保國家安全。\n研究發現，清楚了解中國的政治走向及政策各部門發佈法令之狀況，再投\n入中國支持的重點新興產業，有利於投資者在中國的發展。

According to CB Insights` October 2022 data on global unicorns, there were a total of 1,200 unicorn companies with a cumulative valuation of approximately $386.9 billion. Notably, the top three positions were occupied by ByteDance from China, SpaceX from the United States, and SHEIN from China. Remarkably, China secured two out of the top three positions. This study aims to investigate the reasons behind\nthe rise of unicorn enterprises in China, which involves collecting relevant literatures, organizing and sorting these data into a timeline of significant events, while\nunderstanding China`s political changes over different periods, employing structured PEST analysis, and identifying key factors contributing to the success of these unicorn enterprises.\nFrom 1999 to 2022, China`s early policies actively supported small and mediumsized enterprises while facilitating foreign investments and venture capital entries into the domestic market. Within this policy framework, China`s domestic market thrived with enterprises receiving robust governmental support and opportunities for venture\ncapital financing. In recent years, Chinese policies have increasingly emphasized national security and focused primarily on small and micro enterprises. When\ncompanies reach a certain scale and are involved in strategically important industries, the government exercises strict oversight over larger enterprises to ensure national\nsecurity.\nThe research findings suggest that gaining a clear understanding of China`s political trajectory and the status of decrees promulgated from various departments, and\nsubsequently investing in key emerging sectors supported by China, will be advantageous for investors` development in China.