Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/22242
標題: A Study of Investment Strategies And Evaluation Criteria of Taiwan Venture Capitals ― Analysis of the Differences in Investment of IT Industry And Biotech Industry
台灣創投公司投資策略與評估之研究―從資訊科技到生技產業之差異化分析
作者: 曾德富
Tseng, Te-Fu
關鍵字: venture capital
創業投資
information technology
biotechnology
資訊科技
生物科技
出版社: 科技管理研究所
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摘要: 創業投資事業在我國發展二十多年來,台灣曾是全球創投最活躍的區域之一,成為他國培植高科技產業仿效之對象。由於創業投資基金對早期台灣資訊科技的投資,提供了一個良好的融資管道,有效地推動資訊科技 (Information Technology, 簡稱IT) 產業一波接一波的發展。但近年來台灣資訊科技發展逐漸遲緩,因此希望藉由投資生物科技,繼IT產業發展之後,能再次創造出另一波台灣優勢。 過去許多針對創投投資案策略及評估的研究中,並未針對資訊科技產業和生技產業的投資評估重點差異性進行比較。因此,本研究針對創投公司專業經理人進行專家問卷調查,比較兩者評估重點異同之處,得到了以下的訪談結果與結論: (一) 台灣無論IT產業或生技產業在投資案源的取得均以創投公司主動尋找居多,可能因此二產業投資標的不足。 (二) 生技產業由於投資時程長,故財務評估相較於IT產業更顯得重要。 (三) 台灣創投公司投資IT、生技產業投資案來源,皆以小型投資標的為主。單一個案之平均金額約在50萬~200萬美金之間。 (四) 有母公司之創投公司,投資後之研發管理更顯重要,因為可能在企業策略上有時需要技術合作。 (五) 影響IT和生技創投之外部因素,皆為台灣整體經濟環境與法規影響最大。和台灣背景相似的以色例,卻能因為政府的積極政策,而產生遠高於台灣之創投績效。 (六) 創投業者皆希望台灣政府政策面上能夠部分恢復投資抵減及開放四大基金投入,以增加其募資來源。挹入創投事業的資金,往往日後在產業中會產生數倍的資本。 (七) 可學習新加坡和以色列的成功經驗,將台灣創投的觸角延伸至國際上。 而本研究建議台灣創投可結合IT與生物科技相關領域,運用兩者的特色,使其產生槓桿效應。也可藉由產學合作,節省投資評估成本並培養出更多的創投人才。
The venture capital had thrived over the past 20 years in Taiwan and had been the model for countries developing high-tech industries. Because of the early financial support by venture capital to the information technology (IT) industry which resulted in the flourishing of Taiwan''s IT industry. Due to the slowdown of IT industry Taiwan hopes to invest in biotechnology to create another climax of a new industry. Very few of the previous studies on the strategies and evaluation of venture capital investments focused on the key differences between IT and biotechnology industries. Therefore, our study compared the differences of investment considerations of the two by a survey of managers of venture capital companies. Our findings and conclusions are summarized below: (1) In Taiwan, venture capitals obtain their cases in both IT and biotechnology industries by their own searches which might because of lack of investment targets. (2) The financial evaluation is more impotent in investing biotechnology companies than IT ones due to their longer investment period required. (3) Venture capitals in Taiwan prefer to invest small IT and biotechnology companies. The average size of investment is between five hundred thousand to two million US dollars. (4) R&D management after investment is impotent for cases invested by venture capitals of a parent company because technological cooperation with the parent company may be necessary for business strategies. (5) The external factors affecting venture capital in IT and biotechnology industries the most in Taiwan are the macroeconomic eclimate and government regulations. Israeli is similar to Taiwan, however, it has achieved higher performance by positive policies. (6) The venture capitals interviewed in this study all expressed their hope for the government to reactivate the tax incentives to investments in VC and allow investment of the “Four Funds” in VC. It not only can increase the sources of capitals for the VC, but also might double the original capitals through promoting the rapid development of economy. (7) Our government could borrow the experiences from Singapore and Israeli to turn Taiwanese venture capital to the world arena. This study suggests that VC should leverage Taiwan''s IT strengths to the development of biotechnology industries. VCs can outsource the evaluation of their investment cases to universities to save cost and to grow future professionals for them.
URI: http://hdl.handle.net/11455/22242
其他識別: U0005-2808200715073000
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-2808200715073000
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