研究生: |
卓承賢 CHENG-HSIEN CHO |
---|---|
論文名稱: |
從A輪融資資訊觀察新創企業後續發展之研究 Study on Startups’ Series A Round Funding and Their Future Development |
指導教授: |
管中徽
Chung-Huei Kuan |
口試委員: |
劉顯仲
John S. Liu 何秀青 Mei-HC Ho 管中徽 Chung-huei KUAN |
學位類別: |
碩士 Master |
系所名稱: |
應用科技學院 - 專利研究所 Graduate Institute of Patent |
論文出版年: | 2020 |
畢業學年度: | 108 |
語文別: | 中文 |
論文頁數: | 124 |
中文關鍵詞: | 新創融資 、新創企業發展 、創業投資 、新創投資 、A輪融資 、國別 、地域 、產業別 、融資因素 、投資人類型 、首次公開募股 、併購 、倒閉 、退出 |
外文關鍵詞: | A round, Series A, Venture Capital, IPO, acquisitions, closed, Acquired, VC, crunchbase, Startup Development, Startup Funding, Exit |
相關次數: | 點閱:402 下載:0 |
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《財富》雜誌於 2019 年 12 月整理出影響社會大眾生活甚切,但於十年前卻尚未
創立的 Instagram、Airbnb、Uber、Slack 等新創企業,其共通點在於都曾經歷新創投
資的融資階段;又依據美國調查機構 Startup Genome 於 2019 年 4 月發表的全球新創
生態系報告(Global Startup Ecosystem Report, GSER)指出,2019 年全球創業型經濟規
模較 2017 年增長 20%來到 2.8 兆美元的產值。而 KPMG 安侯建業聯合會計師事務所
發佈的《創投脈動:2018 Q4 全球創業投資分析》報告中指出 2018 年的新創投資金額
更是大幅成長突破 2550 億美元,遠超過 2017 年的 1710 億美元。
不僅代表新創企業的產品服務確實有機會能預測並滿足下一世代的社會需求,且
同時更表示全球都對新創企業的投資市場抱持著深厚的期待,然而根據經濟部中小企
業處統計,新創企業有高達 90%的機率在一年內倒閉,而存活下來的 10%中,又有
90%會在五年內倒閉,代表僅有約 1%的企業能存活超過五年;由此可知新創投資也需
承擔極高風險,但若投資的新創企業成功滿足新世代的社會需求並持續成長,投資者
也將獲取豐厚的回報。
本研究期許透過觀察並分析具備已近乎成熟商業模式的新創企業 A 輪融資階段資
訊,發掘新創企業是否在未來能成功滿足下一世代的趨勢及需求。採用的資料分析範
圍為,1990 年 1 月 1 日至 2019 年 9 月 30 日的近三十年期間內,有參與 A 輪融資事件
並有被收錄在Crunchbase 全球新創資料庫中的融資事件、新創企業與投資人等相關資
訊。
本研究分別以 A 輪融資事件資訊本身、A 輪投資人資訊、國別與區域影響、以及
產業領域影響等四方面的因素,進一步觀察數年後,獲投 A 輪融資新創企業後續發展
是否具有成功 IPO 公開募股上市(櫃)、企業被併購、企業關閉等企業指標性關鍵事
件;對於前述所列舉的四方面因素與不同企業發展狀態的關聯性檢驗,本研究採用統
計學中的皮爾森相關分析、卡方獨立性檢定、以及羅吉斯迴歸分析等三種統計分析檢
定,並歸納出在 A 輪融資階段時,能用於預測新創企業後續發展狀態的 A 輪融資事件
資訊關聯與特徵。
In December 2019, Fortune sorted out the start-ups that have had a profound impact on
the lives of the general public but have not been established a decade ago such as Instagram,
Airbnb, Uber, Slack, etc. One thing they have in common is that they had all been through the
financing stage of venture capital. According to the Global Startup Ecosystem Report
(GSER) published by the US investigation agency Startup Genome in April 2019, the
output value of the global entrepreneurial economy in 2019 increased by 20% from 2017 to
2.8 Trillion US dollar. "Venture Pulse Q4 2018: Global analysis of venture funding"
released by KPMG International indicated that the amount of new venture investment in 2018
increased significantly to more than 255 billion US dollars, far exceeded 171 billion US
dollars in 2017.
It not only represents that products and services of start-ups do have the opportunity to
predict and meet the needs of the next generation but also means that the world holds deep
expectations for the investment market of start-ups. However, according to statistics from the
Small and Medium Enterprise Administration of Ministry of Economic Affairs, there is a 90%
chance that a start-up will be closed down within one year, and 90% of the 10% that survive
will fail within five years, which represents that only about 1% of enterprises can survive for
more than five years. It can be seen that venture capital investors also need to bear extremely
high risks, but if the start-up invested in successfully meets the social needs of the new
generation and continues to grow, investors will also get rich returns.
Thus current study aims to find out whether startups equipped with almost mature
business model can successfully meet the trends and needs of the next generation in the future
by observing and analyzing the information on the series A financing stage.
The data applied in the current study contains financing events, start-ups and investors
that both participated in series A and were included in Crunchbase Global Start-up database
ranged from January 1, 1990 to September 30, 2019, nearly thirty years.
Based on four factors including series A funding itself, information of investors in series
A, impact of the nationality and the regions of investors and impact of industries, further
observations are made after few years to see if the subsequent development of start-ups which
acquired series A funding has Key corporate events such as successful IPO, mergers and
acquisitions or corporate closure. This study applies three statistical analysis tests including
Pearson correlation, The Chi-Squared Test of Independence and Logistic Regression in
Statistics and summarizes the information relations and characteristics of series A financing
events that can be used to predict the subsequent development of start-ups during the series A
financing phase.
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