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題名 Venture Capital in Taiwan
作者 蘇家義
sossa,jair
貢獻者 沈中華
Shen ,Chung Hua
蘇家義
sossa,jair
關鍵詞 創業投資
Venture Capital in Taiwan
日期 2003
上傳時間 17-Sep-2009 18:51:29 (UTC+8)
摘要 這個論文的題目就是台灣的創業投資. 研究包括五家公司作創業投資. 三家公司是普通的創投公司, 一家是人壽保險公司. 最後一家是工業銀行.
The venture capital investment model was established in Taiwan in 1983, following a similar scheme from the United States. Since its inception, it has played a decisive roll in the development of the high technology industry in Taiwan. It helps enterprises by providing them with capital funding, necessary for the creation of innovative projects with high potential to become successful business activities in the future.

Taiwan has one of the most developed Venture Capital markets in the world. By December 31, 1999 the aggregate number of Venture Capital firms came to 145 with a total investment of NT$ 81.1 billion.

With this thesis, an analysis of the investment strategies that five financial institutions adopt for their venture capital will be executed. A number of variables that define the framework of venture capital investing will be examined in order to have a clear picture of those investment strategies.

In one hand we will have three “traditional” Venture Capital firms which have their own criterion and procedure on why and how to do investments in this field. In the other hand, we will study other types of investors, a life insurance company and an industrial bank.

For this study, a qualitative approach was adopted. Interviews with members of those five venture capitalists’ top management team were held.

Interesting results were taken from the empirical study as it was found that not all “traditional” venture capital companies share the exactly same view on how to do venture capital investments. Results regarding the life insurance company were mostly in line with expectations as well as results from the industrial bank.
參考文獻 Ahlberg, Emil & Dahlberg, Anders (1999), Strategic issues and Activities in Venture
Capital firms, Master Thesis, Chalmers University of Technology, Gothenburg, Sweden
Bygrave, William D. & Timmons, Jeffry A. (1992), Venture Capital at the
Crossroads, Harvard Business School, Mass., USA
Cardelius, Fredrik & Lundborg, David (1999), Venture capital in Sweden, Master
Thesis, School of Economics, Stockholm, Sweden
Fredriksen, Ö., Olofsson, C., and Wahlbin, C. (1991), Frontiers of
Entrepreneurship Research: The role of venture capital in the development
of portfolio firms, Babson College.,Wellesley, Ma, USA
Fried, V.H. & Hisrich, R.D. (1994), Toward a model of venture capital investment decision making. Financial Management, 23(3)
Gompers, Paul. (1995), Optimal Investment, Monitoring, and the Staging of Venture Capital. Journal of Finance 50, 1461-1489.
Gompers, Paul. (1994) The Rise and Fall of Venture Capital. Business and Economic History 23 (2), 1-26.
Gompers, P. and J. Lerner (1998), What Drives Venture Capital Fundraising?
Brookings Papers on Economic Activity (Microeconomics), 149-192.
Gompers, P. and J. Lerner (1999), The Venture Capital Cycle, , MIT
Press. Cambridge, Mass, USA
Hellman, T. and M. Puri (2000), The Interaction between Product Market and
Financing Strategy: The Role of Venture Capital, Review of Financial Studies, Vol.
13, 959-984.
Holme, I. M., Solvang. B. K. (1997), Forskningsmetodik: Om kvalitativa och kvantitativa metoder. Studentlitteratur: Lund.
Isaac, Robert (1998) Green logic: Ecopreneurship, Theory band Ethics: Greenleaf Publishing, Sheffield, UK
Kaplan, S. and P. Stromberg (2000), Financial Contracting Theory Meets the Real
World: An Empirical Analysis of Venture Capital Contracts, NBER Working Paper
No. 7660.
Larsson & Roosvall (2000) Overruling uncertainty - A study of venture capital decision making, Handels Vanner.
Lerner, Josh (1995), Venture Capitalists and the Oversight of Private Firms
published in Wright, Mike & Robbie, Ken, Venture Capital, 267-284
Lerner, Josh, (2000), Venture capital & Private equity - A case book John Wiley &
Sons Inc., New York
Leslie A., Philippe C. Wells, The determinants of venture capital funding:
evidence across countries, Boston University School of Management, Boston, Mass, USA
MacMillan, I.C., Siegal, R., & SubbaNarasimha, (1985). Criteria used by venture
capitalists to evaluate new venture proposals. Journal of Business Venturing,
119-128.
MacMillan, I.C., Zemann, L., & SubbaNarasimha, (1987). Criteria distinguishing
successful from unsuccessful ventures in the venture screening process. Journal
of Business Venturing, 123-137.
MacMillan, Ian, et all (1985), ”Criteria used by venture capitalists to evaluate new venture proposals”, Journal of Business Venturing, Vol 1, 119-125.
Robbie, Ken and Wright, Mike (1997), Venture Capital. Dartmouth Publishing
Company Limited.
Robinson, R.B., Jr. (1987) Emerging strategies in the venture capital industry. Journal of
Business Venturing, 2, 53-77.
Sahlman, W. A. (1988), Aspects of financial contracting in venture capital. Journal of
Applied Corporate Finance 1:2, 23 -36.
Sahlman, W. A. (1990), The structure and governance of venture-capital
organizations. Journal of Financial Economics 27, 473-521
Shepherd, D.A. (1999). Venture capitalists’ introspection: A comparison of “in use” and
“espoused” decision policies. Journal of Small Business Management, 37(2), 76-87.
Timmons, J.A. (1994), New Venture Creation: Entrepreneurship for the 21st
Century. Fourth Edition. Boston, Mass, USA.
Zider, Bob, (1998), How venture capital works. Harvard Business Review, Volume 76, Number 6, 131-140
描述 碩士
國立政治大學
國際經營管理碩士班(IMBA)
91933033
92
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0091933033
資料類型 thesis
dc.contributor.advisor 沈中華zh_TW
dc.contributor.advisor Shen ,Chung Huaen_US
dc.contributor.author (Authors) 蘇家義zh_TW
dc.contributor.author (Authors) sossa,jairen_US
dc.creator (作者) 蘇家義zh_TW
dc.creator (作者) sossa,jairen_US
dc.date (日期) 2003en_US
dc.date.accessioned 17-Sep-2009 18:51:29 (UTC+8)-
dc.date.available 17-Sep-2009 18:51:29 (UTC+8)-
dc.date.issued (上傳時間) 17-Sep-2009 18:51:29 (UTC+8)-
dc.identifier (Other Identifiers) G0091933033en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/33935-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理碩士班(IMBA)zh_TW
dc.description (描述) 91933033zh_TW
dc.description (描述) 92zh_TW
dc.description.abstract (摘要) 這個論文的題目就是台灣的創業投資. 研究包括五家公司作創業投資. 三家公司是普通的創投公司, 一家是人壽保險公司. 最後一家是工業銀行.zh_TW
dc.description.abstract (摘要) The venture capital investment model was established in Taiwan in 1983, following a similar scheme from the United States. Since its inception, it has played a decisive roll in the development of the high technology industry in Taiwan. It helps enterprises by providing them with capital funding, necessary for the creation of innovative projects with high potential to become successful business activities in the future.

Taiwan has one of the most developed Venture Capital markets in the world. By December 31, 1999 the aggregate number of Venture Capital firms came to 145 with a total investment of NT$ 81.1 billion.

With this thesis, an analysis of the investment strategies that five financial institutions adopt for their venture capital will be executed. A number of variables that define the framework of venture capital investing will be examined in order to have a clear picture of those investment strategies.

In one hand we will have three “traditional” Venture Capital firms which have their own criterion and procedure on why and how to do investments in this field. In the other hand, we will study other types of investors, a life insurance company and an industrial bank.

For this study, a qualitative approach was adopted. Interviews with members of those five venture capitalists’ top management team were held.

Interesting results were taken from the empirical study as it was found that not all “traditional” venture capital companies share the exactly same view on how to do venture capital investments. Results regarding the life insurance company were mostly in line with expectations as well as results from the industrial bank.		en_US
dc.description.tableofcontents CHAPTER 1. INTRODUCTION

1.1 Background
1.2 Purpose
1.3 Potential Readers
1.4 Scope
1.5 Delimitations

CHAPTER 2. METODOLOGY

2.1 Methodological Approach
2.1.1 Qualitative and Quantitative Approach
2.1.2 This Paper’s Methodological Approach
2.2 Research Process

CHAPTER 3. INVESTMENT STRATEGY AND VENTURE CAPITAL

3.1 Investment Strategy.
3.2 Venture Capital
3.2.1 The Venture Capital Concept
3.2.2 Existence of Venture Capital
3.2.3 Players in the Venture Capital Industry
3.2.4 Starting Venture Capital Operations
3.2.5 Stages of Venture Capital Investments
3.2.6 Venture Capital Activities
3.2.6.1 Deal Flow Creation
3.2.6.2 Examination and Evaluation of Potential Candidates
3.2.6.3 Deal Structuring
3.2.6.4 Post-Investment Strategies
3.2.6.5 Become an Active Investor in the Start-Up Firm
3.2.6.6 Investment Realization through an Exit Strategy.
III
CHAPTER 4. OVERVIEW OF THE VENTURE CAPITAL INDUSTRY IN TAIWAN.

4.1 Background
4.2 Industry Fundamentals
4.3 Legal Issues governing the Taiwanese Venture Capital Industry

CHAPTER 5. RESULTS FROM EMPIRICAL RESEARCH.

5.1 Corporate Venture Capital Firms
5.1.1 Corporate Venture Capital Firm A
5.1.1.1 Sources of Capital
5.1.1.2 Asset Allocation
5.1.1.3 Sources of Deal Flow
5.1.1.4 General Investment Criteria
5.1.1.5 Pre-Investment Activities
5.1.1.6 Post-Investment Activities
5.1.1.7 Added-Value Services Offered to the Start-Up Firms
5.1.1.8 Exit Strategies
5.1.1.9 Employee Education and Background

5.1.2 Corporate Venture Capital Firm B
5.1.2.1 Sources of Capital
5.1.2.2 Asset Allocation
5.1.2.3 Sources of Deal Flow
5.1.2.4 General Investment Criteria
5.1.2.5 Pre-Investment Activities
5.1.2.6 Post-Investment Activities
5.1.2.7 Added-Value Services Offered to the Start-Up Firms
5.1.2.8 Exit Strategies
5.1.2.9 Employee Education and Background



IV
5.1.3 Corporate Venture Capital Firm C
5.1.3.1 Sources of Capital
5.1.3.2 Asset Allocation
5.1.3.3 Sources of Deal Flow
5.1.3.4 General Investment Criteria
5.1.3.5 Pre-Investment Strategies
5.1.3.6 Post-Investment Strategies
5.1.3.7 Added-Value Services Offered to the Start-Up Firms
5.1.3.8 Exit Strategies
5.1.3.9 Employee Education and Background

5.2 Life Insurance Company

5.2.1 Source of Capital
5.2.2 Sources of Deal Flows
5.2.3 Asset Allocation
5.2.4 General Investment Criteria
5.2.5 Pre-Investment Activities
5.2.6 Post-Investment Activities
5.2.7 Added-Value Services Offered to the Start-Up Firms
5.2.8 Exit Strategies
5.2.9 Employee Education and Background

5.3 Industrial Bank

5.3.1 Sources of Capital
5.3.2 Sources of Deal Flow
5.3.3 Asset Allocation
5.3.4 General Investment Criteria
5.3.5 Pre-Investment Activities
5.3.6 Post-Investment Activities
5.3.7 Added-Value Services Offered to the Start-Up Firms
5.3.8 Exit Strategies
V
5.3.9 Employee Education and Background
5.3.10 Other Issues related to the Industrial Bank


CHAPTER 6. ANALYSIS

6.1 Sources of Capital
6.2 Asset Allocation
6.2.1 By Investment Stage
6.2.2 By Industry
6.2.3 By Geographic Allocation
6.3 Sources of Deal Flows
6.4 General Investment Criteria
6.5 Pre-Investment Activities
6.6 Post-Investment Activities
6.7 Added-Value Services Offered to the Start-Up Firms
6.8 Exit Strategies
6.9 Employee Education and Background
6.9.1 Education Level
6.9.2 Areas of Expertise
6.9.3 Employee Development Program

CHAPTER 7. CONCLUSIONS

7,1 Conclusions of the Empirical Study.
7.2 Criticism of Methodology
7.3 Suggestions for Further Research


Table of References		zh_TW
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dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0091933033en_US
dc.subject (關鍵詞) 創業投資zh_TW
dc.subject (關鍵詞) Venture Capital in Taiwanen_US
dc.title (題名) Venture Capital in Taiwanzh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Ahlberg, Emil & Dahlberg, Anders (1999), Strategic issues and Activities in Venturezh_TW
dc.relation.reference (參考文獻) Capital firms, Master Thesis, Chalmers University of Technology, Gothenburg, Swedenzh_TW
dc.relation.reference (參考文獻) Bygrave, William D. & Timmons, Jeffry A. (1992), Venture Capital at thezh_TW
dc.relation.reference (參考文獻) Crossroads, Harvard Business School, Mass., USAzh_TW
dc.relation.reference (參考文獻) Cardelius, Fredrik & Lundborg, David (1999), Venture capital in Sweden, Masterzh_TW
dc.relation.reference (參考文獻) Thesis, School of Economics, Stockholm, Swedenzh_TW
dc.relation.reference (參考文獻) Fredriksen, Ö., Olofsson, C., and Wahlbin, C. (1991), Frontiers ofzh_TW
dc.relation.reference (參考文獻) Entrepreneurship Research: The role of venture capital in the developmentzh_TW
dc.relation.reference (參考文獻) of portfolio firms, Babson College.,Wellesley, Ma, USAzh_TW
dc.relation.reference (參考文獻) Fried, V.H. & Hisrich, R.D. (1994), Toward a model of venture capital investment decision making. Financial Management, 23(3)zh_TW
dc.relation.reference (參考文獻) Gompers, Paul. (1995), Optimal Investment, Monitoring, and the Staging of Venture Capital. Journal of Finance 50, 1461-1489.zh_TW
dc.relation.reference (參考文獻) Gompers, Paul. (1994) The Rise and Fall of Venture Capital. Business and Economic History 23 (2), 1-26.zh_TW
dc.relation.reference (參考文獻) Gompers, P. and J. Lerner (1998), What Drives Venture Capital Fundraising?zh_TW
dc.relation.reference (參考文獻) Brookings Papers on Economic Activity (Microeconomics), 149-192.zh_TW
dc.relation.reference (參考文獻) Gompers, P. and J. Lerner (1999), The Venture Capital Cycle, , MITzh_TW
dc.relation.reference (參考文獻) Press. Cambridge, Mass, USAzh_TW
dc.relation.reference (參考文獻) Hellman, T. and M. Puri (2000), The Interaction between Product Market andzh_TW
dc.relation.reference (參考文獻) Financing Strategy: The Role of Venture Capital, Review of Financial Studies, Vol.zh_TW
dc.relation.reference (參考文獻) 13, 959-984.zh_TW
dc.relation.reference (參考文獻) Holme, I. M., Solvang. B. K. (1997), Forskningsmetodik: Om kvalitativa och kvantitativa metoder. Studentlitteratur: Lund.zh_TW
dc.relation.reference (參考文獻) Isaac, Robert (1998) Green logic: Ecopreneurship, Theory band Ethics: Greenleaf Publishing, Sheffield, UKzh_TW
dc.relation.reference (參考文獻) Kaplan, S. and P. Stromberg (2000), Financial Contracting Theory Meets the Realzh_TW
dc.relation.reference (參考文獻) World: An Empirical Analysis of Venture Capital Contracts, NBER Working Paperzh_TW
dc.relation.reference (參考文獻) No. 7660.zh_TW
dc.relation.reference (參考文獻) Larsson & Roosvall (2000) Overruling uncertainty - A study of venture capital decision making, Handels Vanner.zh_TW
dc.relation.reference (參考文獻) Lerner, Josh (1995), Venture Capitalists and the Oversight of Private Firmszh_TW
dc.relation.reference (參考文獻) published in Wright, Mike & Robbie, Ken, Venture Capital, 267-284zh_TW
dc.relation.reference (參考文獻) Lerner, Josh, (2000), Venture capital & Private equity - A case book John Wiley &zh_TW
dc.relation.reference (參考文獻) Sons Inc., New Yorkzh_TW
dc.relation.reference (參考文獻) Leslie A., Philippe C. Wells, The determinants of venture capital funding:zh_TW
dc.relation.reference (參考文獻) evidence across countries, Boston University School of Management, Boston, Mass, USAzh_TW
dc.relation.reference (參考文獻) MacMillan, I.C., Siegal, R., & SubbaNarasimha, (1985). Criteria used by venturezh_TW
dc.relation.reference (參考文獻) capitalists to evaluate new venture proposals. Journal of Business Venturing,zh_TW
dc.relation.reference (參考文獻) 119-128.zh_TW
dc.relation.reference (參考文獻) MacMillan, I.C., Zemann, L., & SubbaNarasimha, (1987). Criteria distinguishingzh_TW
dc.relation.reference (參考文獻) successful from unsuccessful ventures in the venture screening process. Journalzh_TW
dc.relation.reference (參考文獻) of Business Venturing, 123-137.zh_TW
dc.relation.reference (參考文獻) MacMillan, Ian, et all (1985), ”Criteria used by venture capitalists to evaluate new venture proposals”, Journal of Business Venturing, Vol 1, 119-125.zh_TW
dc.relation.reference (參考文獻) Robbie, Ken and Wright, Mike (1997), Venture Capital. Dartmouth Publishingzh_TW
dc.relation.reference (參考文獻) Company Limited.zh_TW
dc.relation.reference (參考文獻) Robinson, R.B., Jr. (1987) Emerging strategies in the venture capital industry. Journal ofzh_TW
dc.relation.reference (參考文獻) Business Venturing, 2, 53-77.zh_TW
dc.relation.reference (參考文獻) Sahlman, W. A. (1988), Aspects of financial contracting in venture capital. Journal ofzh_TW
dc.relation.reference (參考文獻) Applied Corporate Finance 1:2, 23 -36.zh_TW
dc.relation.reference (參考文獻) Sahlman, W. A. (1990), The structure and governance of venture-capitalzh_TW
dc.relation.reference (參考文獻) organizations. Journal of Financial Economics 27, 473-521zh_TW
dc.relation.reference (參考文獻) Shepherd, D.A. (1999). Venture capitalists’ introspection: A comparison of “in use” andzh_TW
dc.relation.reference (參考文獻) “espoused” decision policies. Journal of Small Business Management, 37(2), 76-87.zh_TW
dc.relation.reference (參考文獻) Timmons, J.A. (1994), New Venture Creation: Entrepreneurship for the 21stzh_TW
dc.relation.reference (參考文獻) Century. Fourth Edition. Boston, Mass, USA.zh_TW
dc.relation.reference (參考文獻) Zider, Bob, (1998), How venture capital works. Harvard Business Review, Volume 76, Number 6, 131-140zh_TW