我國創業投資事業法制之研究

Abstract

現代創業投資活動主要崛起於第二次世界大戰後，我國自1984年引進創投事業發展迄今，對科技事業之發展頗具成效。然自2000年起政府基於租稅公平，取消促進產業升級條例原來賦予創投事業股東的投資抵減優惠，使得我國創投事業資金來源大幅減少。\r\n 目前我國創投事業面臨的困境有：一、資金募集困難；二、投資績效不彰；三、國內投資案源不足；四、欠缺熟悉國外創投運作的人才；五、國內外創業投資事業組織型態之不同；六、尚未能開放退休基金投資創投事業。\r\n 本研究係探討創投事業法制上相關問題，主要發現節錄如下：一、我國對創投事業之管制方式，已由管理放寬為輔導協助。二、建議適度放寬創投事業之資金來源限制。創投事業之資金來源甚廣，本研究討論之範圍為金融機構之投資限制、政府基金及四大基金之投資等。其中，放寬四大基金投資創投事業，向來為國內創投業界及創投公會之期望，然數年來仍未能達成該項目標。主要為：1.相關法令之限制，2.投資創投事業之風險控管問題。三、利用資本市場活動，協助創投事業退出。四、我國創投事業大部份係委託基金管理公司來管理，故形成雙層的公司治理結構，與國外創投契約型的治理結構不盡相同。五、引進國外有限合夥法制，與國際接軌。\r\n 惟引進有限合夥組織時，需考量制度本身之優劣，國情及使用者需求之不同。在有限合夥制度中，一般合夥人必須負無限清償責任，另一方面有限合夥人僅扮演出資者，完全不介入管理。對我國現行投資者習慣依出資比例，分配董監事席次，是否願意僅出資而不介入經營，尚待評估。

The modern venture capital activities were incepted after World War II. The operation of venture capital were introduced to Taiwan in 1984, having a beneficial impact to the development of Taiwan’s science and high technology. However, since 2000 for the sake of Tax Equity, Our government abolish The Statute for Upgrading Industries was given to venture capital investment in the cause of the shareholders preferential credit, making the cause of Taiwan’s venture capital funding sources substantially reduced.\r\n Currently, Taiwan’s venture capital business is facing difficulties are: first, fund-raising is difficult; Second, poor investment performance; Third, the case of domestic investment was not enough; Fourth, the lack of venture capitalist are familiar with the operation of foreign talent; five, types of organizations of domestic and foreign venture capital business are different; six, have not allow pension fund to invest in venture capital business.\r\n In this study, is to explore the legal system on venture capital related issues, excerpts from major findings are as follows: First, The control of Taiwan’s venture capital business is from management to relax for the guidance and assistance. Second, it is proposed to deregulate venture capital funding source restrictions. Venture capital business have a wide range of funding sources, this study is to discuss the scope of financial institutions of investment restrictions, government funds and four pension funds. Among them, the relaxation of four pension funds wae the domestic venture capital industry and the Association of venture capital’s expectations, but over the years fail to reach the goal. Mainly for: 1. Relevant legal’s restrictions, 2. The risk management issues of venture capital business. Third, the use of capital market activities to withdraw from the venture capital business. Fourth, the majority of Taiwan’s venture capital business is managed by fund management company, so it’s formed a two-tier corporate governance structure, with foreign venture contractual governance structure is different. Fifth, the introduction of foreign limited partnership law.\r\n However, the introduction of a limited partner organizations, is need to consider the advantages and disadvantages of the system itself, the national conditions and needs of different users. In the limited partnership system, the general partner must bear the responsibility of unlimited liquidity, on the other hand, limited partner only play a role of investors, and not allow to intervene the management of venture capital business. Habits of our existing investors is familiar with in accordance with the proportion of funding, to allocate the seats of the Director board, are doubtful only willing to finance and not to intervene the operation, yet to be evaluated.