政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/133981
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113311/144292 (79%)
造访人次 : 50933130      在线人数 : 957
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/133981


    题名: 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
    贡献者: 謝凱宇
    Hsieh, Kai-Yu
    陳奇勵
    Chen, Chi-Li
    关键词: 融資
    新創
    訊號理論
    Financing
    Startups
    Signaling Theory
    日期: 2020
    上传时间: 2021-02-01 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: 205-222
    Gupta, 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 that
    investors do not have. Journal of Financial Economics, 13: 187-221
    Parhankangas, 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
    数据类型: thesis
    DOI: 10.6814/NCCU202100008
    显示于类别:[企業管理研究所（MBA學位學程）] 學位論文

    文件中的档案:

    没有与此文件相关的档案.



    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈