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研究生： 蘇家義
sossa,jair
論文名稱： Venture Capital in Taiwan
指導教授： 沈中華
Shen ,Chung Hua
學位類別： 碩士
Master
系所名稱： 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年： 2004
畢業學年度： 92
語文別： 英文
論文頁數： 88
中文關鍵詞： 創業投資
外文關鍵詞： Venture Capital in Taiwan
相關次數： 點閱：106  下載：68 
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    • 這個論文的題目就是台灣的創業投資. 研究包括五家公司作創業投資. 三家公司是普通的創投公司, 一家是人壽保險公司. 最後一家是工業銀行.

    The venture capital investment model was established in Taiwan in 1983, following a similar scheme from the United States. Since its inception, it has played a decisive roll in the development of the high technology industry in Taiwan. It helps enterprises by providing them with capital funding, necessary for the creation of innovative projects with high potential to become successful business activities in the future.

    Taiwan has one of the most developed Venture Capital markets in the world. By December 31, 1999 the aggregate number of Venture Capital firms came to 145 with a total investment of NT$ 81.1 billion.

    With this thesis, an analysis of the investment strategies that five financial institutions adopt for their venture capital will be executed. A number of variables that define the framework of venture capital investing will be examined in order to have a clear picture of those investment strategies.

    In one hand we will have three “traditional” Venture Capital firms which have their own criterion and procedure on why and how to do investments in this field. In the other hand, we will study other types of investors, a life insurance company and an industrial bank.

    For this study, a qualitative approach was adopted. Interviews with members of those five venture capitalists’ top management team were held.

    Interesting results were taken from the empirical study as it was found that not all “traditional” venture capital companies share the exactly same view on how to do venture capital investments. Results regarding the life insurance company were mostly in line with expectations as well as results from the industrial bank.

    CHAPTER 1. INTRODUCTION

    1.1 Background
    1.2 Purpose
    1.3 Potential Readers
    1.4 Scope
    1.5 Delimitations

    CHAPTER 2. METODOLOGY

    2.1 Methodological Approach
    2.1.1 Qualitative and Quantitative Approach
    2.1.2 This Paper’s Methodological Approach
    2.2 Research Process

    CHAPTER 3. INVESTMENT STRATEGY AND VENTURE CAPITAL

    3.1 Investment Strategy.
    3.2 Venture Capital
    3.2.1 The Venture Capital Concept
    3.2.2 Existence of Venture Capital
    3.2.3 Players in the Venture Capital Industry
    3.2.4 Starting Venture Capital Operations
    3.2.5 Stages of Venture Capital Investments
    3.2.6 Venture Capital Activities
    3.2.6.1 Deal Flow Creation
    3.2.6.2 Examination and Evaluation of Potential Candidates
    3.2.6.3 Deal Structuring
    3.2.6.4 Post-Investment Strategies
    3.2.6.5 Become an Active Investor in the Start-Up Firm
    3.2.6.6 Investment Realization through an Exit Strategy.
    III
    CHAPTER 4. OVERVIEW OF THE VENTURE CAPITAL INDUSTRY IN TAIWAN.

    4.1 Background
    4.2 Industry Fundamentals
    4.3 Legal Issues governing the Taiwanese Venture Capital Industry

    CHAPTER 5. RESULTS FROM EMPIRICAL RESEARCH.

    5.1 Corporate Venture Capital Firms
    5.1.1 Corporate Venture Capital Firm A
    5.1.1.1 Sources of Capital
    5.1.1.2 Asset Allocation
    5.1.1.3 Sources of Deal Flow
    5.1.1.4 General Investment Criteria
    5.1.1.5 Pre-Investment Activities
    5.1.1.6 Post-Investment Activities
    5.1.1.7 Added-Value Services Offered to the Start-Up Firms
    5.1.1.8 Exit Strategies
    5.1.1.9 Employee Education and Background

    5.1.2 Corporate Venture Capital Firm B
    5.1.2.1 Sources of Capital
    5.1.2.2 Asset Allocation
    5.1.2.3 Sources of Deal Flow
    5.1.2.4 General Investment Criteria
    5.1.2.5 Pre-Investment Activities
    5.1.2.6 Post-Investment Activities
    5.1.2.7 Added-Value Services Offered to the Start-Up Firms
    5.1.2.8 Exit Strategies
    5.1.2.9 Employee Education and Background

    IV
    5.1.3 Corporate Venture Capital Firm C
    5.1.3.1 Sources of Capital
    5.1.3.2 Asset Allocation
    5.1.3.3 Sources of Deal Flow
    5.1.3.4 General Investment Criteria
    5.1.3.5 Pre-Investment Strategies
    5.1.3.6 Post-Investment Strategies
    5.1.3.7 Added-Value Services Offered to the Start-Up Firms
    5.1.3.8 Exit Strategies
    5.1.3.9 Employee Education and Background

    5.2 Life Insurance Company

    5.2.1 Source of Capital
    5.2.2 Sources of Deal Flows
    5.2.3 Asset Allocation
    5.2.4 General Investment Criteria
    5.2.5 Pre-Investment Activities
    5.2.6 Post-Investment Activities
    5.2.7 Added-Value Services Offered to the Start-Up Firms
    5.2.8 Exit Strategies
    5.2.9 Employee Education and Background

    5.3 Industrial Bank

    5.3.1 Sources of Capital
    5.3.2 Sources of Deal Flow
    5.3.3 Asset Allocation
    5.3.4 General Investment Criteria
    5.3.5 Pre-Investment Activities
    5.3.6 Post-Investment Activities
    5.3.7 Added-Value Services Offered to the Start-Up Firms
    5.3.8 Exit Strategies
    V
    5.3.9 Employee Education and Background
    5.3.10 Other Issues related to the Industrial Bank

    CHAPTER 6. ANALYSIS

    6.1 Sources of Capital
    6.2 Asset Allocation
    6.2.1 By Investment Stage
    6.2.2 By Industry
    6.2.3 By Geographic Allocation
    6.3 Sources of Deal Flows
    6.4 General Investment Criteria
    6.5 Pre-Investment Activities
    6.6 Post-Investment Activities
    6.7 Added-Value Services Offered to the Start-Up Firms
    6.8 Exit Strategies
    6.9 Employee Education and Background
    6.9.1 Education Level
    6.9.2 Areas of Expertise
    6.9.3 Employee Development Program

    CHAPTER 7. CONCLUSIONS

    7,1 Conclusions of the Empirical Study.
    7.2 Criticism of Methodology
    7.3 Suggestions for Further Research

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