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    政大典藏 > College of Commerce > MBA Program > Theses >  Item 140.119/125053


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/125053


    Title: 台灣創投產業轉型之個案分析: 從VC到PE
    A Case Study of Taiwan`s Venture Capital Industry Transformation: From VC to PE
    Authors: 張鈞翔
    Contributors: 巫立宇
    郭曉玲
    張鈞翔
    Keywords: 創業投資
    私募基金
    產業轉型
    Venture Capital
    Private Equity
    Industrial Transformation
    Date: 2019
    Issue Date: 2019-08-07 17:10:55 (UTC+8)
    Abstract: 在1980年代的台灣，『創投』還是一個相對陌生的詞彙，隨著台灣高科技產業的蓬勃發展，人們開始慢慢發現到創投對於產業發展的重要性，相關的概念也因此逐漸被大眾所熟悉。然而，隨著全球經濟發展的趨緩，台灣創投業者也從過去的產業高峰中漸漸開始意識到成長的壓力，不論是募集資金的活動或是優質投資項目的取得，都比過往還要來的更不容易，面對如此嚴酷的挑戰，如何扭轉現況並成功轉型成為台灣創投業者所必須要面臨的新課題。
    本文首先將針對創投以及私募基金這兩種名詞做詳盡的介紹，而後再以個案研究的方式，分析華威國際集團身處在台灣這樣的環境前提之下，是如何逐步從單純的創投業者進而轉型為等待期更長、整合更多資源且需介入被投資企業的私募基金。本文的個案是以華威國際分別在不同時間點以兩種投資角色進入穎台科技為出發點，從中觀察當華威以創投者業者的身分時，如何透過嚴謹的產品評估、產業結構剖析、市場評估、企業評估到最終的風險評估，進而配合產業趨勢在最終退出後獲取高額的報酬；而在時空背景轉換之下，華威又如何以私募基金的角度再度投資穎台，透過價值藍圖設計、現金流改善、企業價值提升以及報酬極大化等四大步驟協助穎台科技在產業趨勢下滑的狀況下進而成功轉型。
    本研究的目的即是期望透過華威國際的個案研究結果分析，進而從中歸納出台灣創投業者在現在的環境之下，適合往私募基金領域轉型的原因，包含了台灣隱形冠軍企業多，但鮮少被資本市場關注、企業家面臨二代接班問題以及創投業者可透過被投資的企業做為平台，進而找尋相關投資機會等三大原因。
    雖然創投業者之間所擁有的資源並不相同，其營運風格及發展策略也不一樣，考量的因素也會因此改變，然而期望藉由探討華威國際集團成功的案例，給予台灣的創投業者們在未來發展的過程中一個不同的思考方向。
    In the 1980s, " Venture Capital" was still an unfamiliar word in Taiwan. With the development of Taiwan`s high-tech industry, people began to notice the importance of venture capital, and the related concepts were adopted by the public by then. However, with the downturn of the global economy, Taiwanese venture capitalists start to realize the pressure of growth, fund-raising activities and the acquisition of quality investment projects became more and more difficult. Therefore, the transformation of venture capital became a new issue that Taiwanese venture capitalists must face in the future.
    This study will start with the introduction of venture capital and private equity, and then analyze how CID Group transforms itself from a venture capitalist into private equity. The case is based on CID Group invested Entire-Tech under the form of venture capital and private equity in different time. From the perspective of venture capital, CID Group evaluates the company from their product、industrial structure and market size. As for private equity，CID Group followed the steps from value blueprint design、cash flow enhancement、value creation and return maximization to help Entire-Tech turnaround. By analyzing the results of the case study, we can conclude that Taiwanese venture capitalists are suitable for the transformation of private equity. The first reason is that Taiwan has a lot of great companies which do not have the connection to the capital market, and the second is that a lot of entrepreneurs are now facing enterprise inheritance problem. The third reason is that venture capitalists can use the invested company as a platform to find relevant investment opportunities.
    Although different venture capitalists may have different operating styles and development strategies. However, the purpose of this study is to find out a different perspective for the transformation of Taiwan’s venture capital industry.
    Reference: 一、 中文文獻
    1. 王生睿（1995），「創業投資事業與高科技產業及資本市場三者關係之研究」，未出版之碩士論文，輔仁大學，管理學研究所，新北市。
    2. 白俊男（1984），「創業投資事業與我國工業的發展」，產業金融雜誌，45期。
    3. 江俊逸 (2009)，「私募股權基金之探討」，未出版之碩士論文，朝陽科技大學
    財務金融系，台中市。
    4. 林弘昌 (2004)，「創投的本質、起源及其歷史」，未出版之碩士論文，中央大學，產業經濟研究所，桃園。
    5. 紀宛均 (2006)，「創投在不同階段投資策略之研究」，未出版之碩士論文，輔仁大學，科技管理學程碩士在職專班，新北市。
    6. 陳家樂（2000），「創投決策與高科技廠商研發行為之研究—以新竹科學園區上市上櫃公司為例」，未出版之碩士論文，中央大學，產業經濟研究所，桃園。
    7. 康潤生 (1985)，「創業投資與科技發展」，幼獅出版社。
    8. 程宜中 (2004)，「創業協同-國內高科技創業育成模式研究」，未出版之碩士論文，交通大學，管理學院高階主管管理碩士學程，新竹市。
    9. 勤業眾信，「2018台灣私募基金白皮書」，上網日期2019年5月26日，檢自: https://www2.deloitte.com/content/dam/Deloitte/tw/Documents/finance/tw-2018-private-equity-white-paper.pdf
    10. 劉常勇 （1997）， 「如何成為相中千里駒的伯樂─ 創業投資評估決策程序」，會計研究月刊，134，12-36。
    11. 蔣宛如、吳國卿(2007)，「私募股權基金凱雷：政商遊走實錄」，財訊出版社。
    二、 英文文獻
    1. A. David Silver, (1985), Venture Capital – The Complete Guide For Investors
    2. Bernard Black and Ronald J. Gilson (1997), “Venture Capital and the Structure
    of Capital Markets: Banks Versus Stock Markets”, 47 Journal of Financial
    Economics, p.243-p.277
    3. Jonathan Bevilacqua (2006), “Convergence and Divergence: Blurring the Lines Between Hedge Funds and Private Equity Funds”, 54 Buffalo Law Review 101.
    4. Rosenstein, Joseph,(1988), The Board And Strategy: Venture Capital And High Technology
    5. Stanley E. Pratt（1982）, “How to Raise Venture Capital”, New York: Charles Scribner.
    6. Thomas Meyer, (2005), Beyond The J Curve: Managing A Portfolio Of Venture Capital and Private Equity Funds
    7.. “Venture Capital Activity in 2017”(2012), Preqin. Retrieved May 26, 2019, from https://docs.preqin.com/reports/2018-Preqin-Global-Venture-Capital-Extr
    act- Report.pdf
    Description: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    106363011
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106363011
    Data Type: thesis
    DOI: 10.6814/NCCU201900338
    Appears in Collections:[MBA Program] Theses

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