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題名 台灣創業融資環境之初探
A Preliminary Study of Early-Stage Entrepreneurial Financing in Taiwan作者 陳奇勵
Chen, Chi-Li貢獻者 謝凱宇
Hsieh, Kai-Yu
陳奇勵
Chen, Chi-Li關鍵詞 融資
新創
訊號理論
Financing
Startups
Signaling Theory日期 2020 上傳時間 1-二月-2021 14:31:09 (UTC+8) 摘要 根據Global Startup Ecosystem Report(2019)，全球新創企業數量逐年攀升，全球創業型經濟之發展，相較於2017年增長20%之產值，由此可見新創產業已成為未來之趨勢，而在台灣目前新創產業發展與世界趨勢相同，創業家數量逐年攀升，政府也透過更改法規與設立圓夢基地之方式改善新創環境，並且設立獎項與補助之方式提供資金援助。但創業前期之企業生存不易，前期新創企業以募資最為困難，前期資金因資訊難以透明化容易造成企業家與投資者之資訊不對稱難以獲得投資者之肯定，新創企業家必須利用各種方式尋找資源，傳遞出正向之訊號，較容易獲得企業家之肯定，才能夠讓嶄新之商品或是營運模式持續經營，而台灣目前主要卓著於研究群眾募資或是創業投資等部分，對於天使投資之部分則相對較少，因此本研究將專注於天使投資階段。本研究透過訪談獲得國家新創事業獎之微型企業，以了解該企業之創設動機與主要新創前期之問題點和透過何種方式募取資金之面向為核心，根據訪談內容進行統整與分析，搭配訊號理論，以提出未來新創產業之企業家如何募資與政府單位如何改進之建議。研究發現，以台灣現況來說天使投資人接觸不易，新創企業必須善用說故事之方式，拉近企業與投資者之距離，並且利用新創獎項與詳細計算之財務數字傳遞出有質量之訊號，降低投資人和創業者間的資訊不對稱，以期能夠提升前期融資之成功率。
According to the Global Startup Ecosystem Report (2019), the number of global startups is increasing year by year. The development of the global entrepreneurial economy has increased its output value by 20% compared to 2017. This shows that startup industries have become the trend of the future. The current development of new startup industries is the same as the world trend. The number of entrepreneurs is increasing year by year. The government has also improved the environment for startups by changing regulations and setting up “dream bases”, and providing financial assistance by setting up awards and subsidies.However, it is not easy for early-stage ventures to survive. Early-stage startups are the most difficult to raise funds. The difficulty of transparent information in the early stage of capital can easily cause information asymmetry between entrepreneurs and investors and it is difficult for investors to evaluate the quality of new ventures. Entrepreneurs must use various ways to find resources and send positive signals, and it is easier to get the affirmation of entrepreneurs so that brand-new products or business models can continue to operate. Current research has mostly focused on the role of crowdfunding or venture capital, while little attention has been paid to the role of angel investors.Against this background, this research aims to explore the role of angel investors in entrepreneurial financing in Taiwan. This research aims to understand the motivations of the company, the main problems in the early stage of the startup, and the way to raise funds. This research uses interviews with one micro-enterprise that have won the National New Venture Award as the focus of analysis. The content of the interviews is integrated and analyzed. From the perspective of signaling theory, this research proposes that signals are important in raising funds for entrepreneurs in new industries and receiving awards from government organizations.The study found that in the current situation in Taiwan, it is not easy to contact angel investors. Start-ups must make good use of storytelling to narrow the distance between the company and investors and use the new start-up awards and detailed financial numbers to deliver quality signals, reducing information asymmetry between founders and investors. This will significantly increase the success rate of early-stage financing.參考文獻 吳定，2003。《政策管理》。台北：聯經出版社。胡幼慧，1996。質性研究：理論、方法與本土女性研究實例。台北：巨流陳君毅，2019。數位時代《2019創業大調查》。台北:數位時代萬文隆，2004。深度訪談在質性研究中的應用。生活科技教育月刊，第37卷第4期。資誠，2019。台灣新創生態圈大調查。台北：資誠蕭佑和，2018。種子輪、天使輪、A輪、B輪、C輪，你都弄懂了嗎。https://reurl.cc/3DAbWR。搜尋日期：2020 年 8 月 23 日。Ahlstrom, David & Levitas, Edward & Hitt, Michael A. & Dacin, M. Tina & Zhu, Hong. 2014. The three faces of China: Strategic alliance partner selection in three ethnic Chinese economies, Journal of World Business, 49(4): 572-585.Busenitz, L. W., Fiet, J. O., & Moesel, D. D. 2005. Signaling in venture capitalist—New venture team funding decisions: Does it indicate long–term venture outcomes? Entrepreneurship Theory and Practice, 29(1): 1-12.Bird, R. B., & Smith, E. A. 2005. Signaling theory, strategic interaction, and symbolic capital. Current Anthropology, 46(2): 221-248.Cardon, M. S., Mitteness, C., & Sudek, R. 2017. Motivational cues and angel investing: Interactions among enthusiasm, preparedness, and commitment. Entrepreneurship Theory and Practice, 41(6): 1057-1085.Cardon, M. S., Wincent, J., Singh, J., & Drnovsek, M. 2009. The nature and experience of entrepreneurial passion. Academy of management Review, 34(3): 511-532.Colombo, O. 2020. The Use of Signals in New-Venture Financing: A Review and Research Agenda. Journal of Management: 10-20.Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. 2011. Signaling theory: A review and assessment. Journal of management, 37(1): 39-67.Cumming, D., Schmidt, D., & Walz, U. 2010. Legality and venture capital governance around the world. Journal of Business Venturing, 25(1): 54–72.Ding, Z., Sun, S. L., & Au, K. 2014. Angel investors’ selection criteria: A comparative institutional perspective. Asia Pacific Journal of Management, 31(3): 705-731.Feeney, L., Haines Jr, G. H., & Riding, A. L. 1999. Private investors` investment criteria: insights from qualitative data. Venture Capital: An international journal of entrepreneurial finance, 1(2): 121-145.Gupta, A. K., Govindarajan, V., & Malhotra, A. 1999. Feedback-seeking behavior within multinational corpora-tions. Strategic Management Journal, 20: 205-222Gupta, A. K., Govindarajan, V., & Malhotra, A. 1999. Feedback-seeking behavior within multinational corporations. Strategic Management Journal, 20(3): 205-222.Gauthier JF, Penzel Marc, Stephen Kuester, Whitlock Tricia, Morelix Arnobio, Russ Patricia, Bregu Adam, Chatterjee Rahul, Arya Pranav, Dr. Farshad Fahimi. 2020. Global Startup Ecosystem Report. https://startupgenome.com/report/gser2020. Accessed August 16, 2020.Global Ecosystem Dynamics Investigation. 2019. Global Entrepreneurship Index. https://thegedi.org/global-entrepreneurship-and-development-index/. Accessed August 16, 2020.Maxwell, A. L., Jeffrey, S. A., & Lévesque, M. 2011. Business angel early stage decision making. Journal of Business Venturing, 26(2), 212-225.Maxwell, A. L., & Lévesque, M. 2014. Trustworthiness: A critical ingredient for entrepreneurs seeking investors. Entrepreneurship Theory and Practice, 38(5), 1057-1080.Mitteness, C., Sudek, R., & Cardon, M. S. 2012. Angel investor characteristics that determine whether perceived passion leads to higher evaluations of funding potential. Journal of Business Venturing, 27(5), 592-606.Murray, G. C., & Marriott, R. 1998. Why has the investment performance of technology-specialist, European venture capital funds been so poor? Research Policy, 27(9), 947-976.Myers, S., & Majluf, N. 1984. Corporate financing and investment decisions when firms have information thatinvestors do not have. Journal of Financial Economics, 13: 187-221Parhankangas, A., & Ehrlich, M. 2014. How entrepreneurs seduce business angels: An impression management approach. Journal of Business Venturing, 29(4), 543-564.Peng, M. W., Sun, S. L., Pinkham, B., & Chen, H. 2009. The institution-based view as a third leg for a strategy tripod. Academy of Management Perspectives, 23(3), 63-81.Spence, M. 1973. Job market signaling. Quarterly Journal of Economics, 87: 355-374.Warnick, B. J., Murnieks, C. Y., McMullen, J. S., & Brooks, W. T. 2018. Passion for entrepreneurship or passion for the product? A conjoint analysis of angel and VC decision-making. Journal of Business Venturing, 33(3), 315-332. 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
106363103資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106363103 資料類型 thesis dc.contributor.advisor 謝凱宇 zh_TW dc.contributor.advisor Hsieh, Kai-Yu en_US dc.contributor.author (作者) 陳奇勵 zh_TW dc.contributor.author (作者) Chen, Chi-Li en_US dc.creator (作者) 陳奇勵 zh_TW dc.creator (作者) Chen, Chi-Li en_US dc.date (日期) 2020 en_US dc.date.accessioned 1-二月-2021 14:31:09 (UTC+8) - dc.date.available 1-二月-2021 14:31:09 (UTC+8) - dc.date.issued (上傳時間) 1-二月-2021 14:31:09 (UTC+8) - dc.identifier (其他 識別碼) G0106363103 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/133981 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 106363103 zh_TW dc.description.abstract (摘要) 根據Global Startup Ecosystem Report(2019)，全球新創企業數量逐年攀升，全球創業型經濟之發展，相較於2017年增長20%之產值，由此可見新創產業已成為未來之趨勢，而在台灣目前新創產業發展與世界趨勢相同，創業家數量逐年攀升，政府也透過更改法規與設立圓夢基地之方式改善新創環境，並且設立獎項與補助之方式提供資金援助。但創業前期之企業生存不易，前期新創企業以募資最為困難，前期資金因資訊難以透明化容易造成企業家與投資者之資訊不對稱難以獲得投資者之肯定，新創企業家必須利用各種方式尋找資源，傳遞出正向之訊號，較容易獲得企業家之肯定，才能夠讓嶄新之商品或是營運模式持續經營，而台灣目前主要卓著於研究群眾募資或是創業投資等部分，對於天使投資之部分則相對較少，因此本研究將專注於天使投資階段。本研究透過訪談獲得國家新創事業獎之微型企業，以了解該企業之創設動機與主要新創前期之問題點和透過何種方式募取資金之面向為核心，根據訪談內容進行統整與分析，搭配訊號理論，以提出未來新創產業之企業家如何募資與政府單位如何改進之建議。研究發現，以台灣現況來說天使投資人接觸不易，新創企業必須善用說故事之方式，拉近企業與投資者之距離，並且利用新創獎項與詳細計算之財務數字傳遞出有質量之訊號，降低投資人和創業者間的資訊不對稱，以期能夠提升前期融資之成功率。 zh_TW dc.description.abstract (摘要) According to the Global Startup Ecosystem Report (2019), the number of global startups is increasing year by year. The development of the global entrepreneurial economy has increased its output value by 20% compared to 2017. This shows that startup industries have become the trend of the future. The current development of new startup industries is the same as the world trend. The number of entrepreneurs is increasing year by year. The government has also improved the environment for startups by changing regulations and setting up “dream bases”, and providing financial assistance by setting up awards and subsidies.However, it is not easy for early-stage ventures to survive. Early-stage startups are the most difficult to raise funds. The difficulty of transparent information in the early stage of capital can easily cause information asymmetry between entrepreneurs and investors and it is difficult for investors to evaluate the quality of new ventures. Entrepreneurs must use various ways to find resources and send positive signals, and it is easier to get the affirmation of entrepreneurs so that brand-new products or business models can continue to operate. Current research has mostly focused on the role of crowdfunding or venture capital, while little attention has been paid to the role of angel investors.Against this background, this research aims to explore the role of angel investors in entrepreneurial financing in Taiwan. This research aims to understand the motivations of the company, the main problems in the early stage of the startup, and the way to raise funds. This research uses interviews with one micro-enterprise that have won the National New Venture Award as the focus of analysis. The content of the interviews is integrated and analyzed. From the perspective of signaling theory, this research proposes that signals are important in raising funds for entrepreneurs in new industries and receiving awards from government organizations.The study found that in the current situation in Taiwan, it is not easy to contact angel investors. Start-ups must make good use of storytelling to narrow the distance between the company and investors and use the new start-up awards and detailed financial numbers to deliver quality signals, reducing information asymmetry between founders and investors. This will significantly increase the success rate of early-stage financing. en_US dc.description.tableofcontents 摘要 IAbstract II目次 III圖目錄 IV表目錄 V第一章 緒論 1第一節 研究背景 1第二節 研究動機及目的 1第三節 研究架構 2第貳章 文獻探討 3第一節 創業融資階段 3第二節 台灣整體創業環境 6第三節 訊號理論 14第三章 研究方法 20第一節 研究架構 20第二節 研究方法 21第三節 研究範圍與對象 23第四章 個案探討與效益分析 24第一節 A公司介紹 24第二節 個案 26第三節 個案統整 35第五章 研究結論與限制 36第一節 研究結論 36第二節 研究限制 46第三節 研究建議 46參考文獻 47 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106363103 en_US dc.subject (關鍵詞) 融資 zh_TW dc.subject (關鍵詞) 新創 zh_TW dc.subject (關鍵詞) 訊號理論 zh_TW dc.subject (關鍵詞) Financing en_US dc.subject (關鍵詞) Startups en_US dc.subject (關鍵詞) Signaling Theory en_US dc.title (題名) 台灣創業融資環境之初探 zh_TW dc.title (題名) A Preliminary Study of Early-Stage Entrepreneurial Financing in Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 吳定，2003。《政策管理》。台北：聯經出版社。胡幼慧，1996。質性研究：理論、方法與本土女性研究實例。台北：巨流陳君毅，2019。數位時代《2019創業大調查》。台北:數位時代萬文隆，2004。深度訪談在質性研究中的應用。生活科技教育月刊，第37卷第4期。資誠，2019。台灣新創生態圈大調查。台北：資誠蕭佑和，2018。種子輪、天使輪、A輪、B輪、C輪，你都弄懂了嗎。https://reurl.cc/3DAbWR。搜尋日期：2020 年 8 月 23 日。Ahlstrom, David & Levitas, Edward & Hitt, Michael A. & Dacin, M. Tina & Zhu, Hong. 2014. The three faces of China: Strategic alliance partner selection in three ethnic Chinese economies, Journal of World Business, 49(4): 572-585.Busenitz, L. W., Fiet, J. O., & Moesel, D. D. 2005. Signaling in venture capitalist—New venture team funding decisions: Does it indicate long–term venture outcomes? Entrepreneurship Theory and Practice, 29(1): 1-12.Bird, R. B., & Smith, E. A. 2005. Signaling theory, strategic interaction, and symbolic capital. Current Anthropology, 46(2): 221-248.Cardon, M. S., Mitteness, C., & Sudek, R. 2017. Motivational cues and angel investing: Interactions among enthusiasm, preparedness, and commitment. Entrepreneurship Theory and Practice, 41(6): 1057-1085.Cardon, M. S., Wincent, J., Singh, J., & Drnovsek, M. 2009. The nature and experience of entrepreneurial passion. Academy of management Review, 34(3): 511-532.Colombo, O. 2020. The Use of Signals in New-Venture Financing: A Review and Research Agenda. Journal of Management: 10-20.Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. 2011. Signaling theory: A review and assessment. Journal of management, 37(1): 39-67.Cumming, D., Schmidt, D., & Walz, U. 2010. Legality and venture capital governance around the world. Journal of Business Venturing, 25(1): 54–72.Ding, Z., Sun, S. L., & Au, K. 2014. Angel investors’ selection criteria: A comparative institutional perspective. Asia Pacific Journal of Management, 31(3): 705-731.Feeney, L., Haines Jr, G. H., & Riding, A. L. 1999. Private investors` investment criteria: insights from qualitative data. Venture Capital: An international journal of entrepreneurial finance, 1(2): 121-145.Gupta, A. K., Govindarajan, V., & Malhotra, A. 1999. Feedback-seeking behavior within multinational corpora-tions. Strategic Management Journal, 20: 205-222Gupta, A. K., Govindarajan, V., & Malhotra, A. 1999. Feedback-seeking behavior within multinational corporations. Strategic Management Journal, 20(3): 205-222.Gauthier JF, Penzel Marc, Stephen Kuester, Whitlock Tricia, Morelix Arnobio, Russ Patricia, Bregu Adam, Chatterjee Rahul, Arya Pranav, Dr. Farshad Fahimi. 2020. Global Startup Ecosystem Report. https://startupgenome.com/report/gser2020. Accessed August 16, 2020.Global Ecosystem Dynamics Investigation. 2019. Global Entrepreneurship Index. https://thegedi.org/global-entrepreneurship-and-development-index/. Accessed August 16, 2020.Maxwell, A. L., Jeffrey, S. A., & Lévesque, M. 2011. Business angel early stage decision making. Journal of Business Venturing, 26(2), 212-225.Maxwell, A. L., & Lévesque, M. 2014. Trustworthiness: A critical ingredient for entrepreneurs seeking investors. Entrepreneurship Theory and Practice, 38(5), 1057-1080.Mitteness, C., Sudek, R., & Cardon, M. S. 2012. Angel investor characteristics that determine whether perceived passion leads to higher evaluations of funding potential. Journal of Business Venturing, 27(5), 592-606.Murray, G. C., & Marriott, R. 1998. Why has the investment performance of technology-specialist, European venture capital funds been so poor? Research Policy, 27(9), 947-976.Myers, S., & Majluf, N. 1984. Corporate financing and investment decisions when firms have information thatinvestors do not have. Journal of Financial Economics, 13: 187-221Parhankangas, A., & Ehrlich, M. 2014. How entrepreneurs seduce business angels: An impression management approach. Journal of Business Venturing, 29(4), 543-564.Peng, M. W., Sun, S. L., Pinkham, B., & Chen, H. 2009. The institution-based view as a third leg for a strategy tripod. Academy of Management Perspectives, 23(3), 63-81.Spence, M. 1973. Job market signaling. Quarterly Journal of Economics, 87: 355-374.Warnick, B. J., Murnieks, C. Y., McMullen, J. S., & Brooks, W. T. 2018. Passion for entrepreneurship or passion for the product? A conjoint analysis of angel and VC decision-making. Journal of Business Venturing, 33(3), 315-332. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100008 en_US
