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研究生: 賴荃賢
Chuan-Hsien Lai
論文名稱: 創投之投資評估準則研究:以服務業為例
A Study of Venture Capitalist Investment Guidelines - Evidence from Service Industry
指導教授: 林孟彥
Meng-Yen Lin
口試委員: 蔡瑤昇
Yao-Sheng Tsai
葉穎蓉
Ying-Jung Yeh
林孟彥
Meng-Yen Lin
學位類別: 碩士
Master
系所名稱: 管理學院 - 企業管理系
Department of Business Administration
論文出版年: 2017
畢業學年度: 105
語文別: 中文
論文頁數: 76
中文關鍵詞: 創業投資創投服務業投資評估投資階段投資評估準則
外文關鍵詞: Investment by Stage
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我國自1984年成立第一家創業投資公司以來,國內創業投資事業發展至今已超過33年,根據臺灣創投年鑑統計,截至2015年底國內創業投資累計總投資金額為新台幣3,305億元,期間共扶植800多家企業進入資本市場,創業投資事業成功扮演我國挹注產業資金活水的角色。
然而隨著國內長期以製造為主的產業發展導向,創投資金亦多數集中投資於高科技與製造業(佔歷年總投資金額達79.5%),且隨著多年投資經驗的累積,創投對製造業的投資模式也相對成熟。
另行政院主計處統計,我國服務業2016年的產值整體占整體GDP的比重為62.8%,顯見服務業已成為我國經濟活動之主體,再者,近年來隨著網際網路技術的日益成熟,加上行動通訊的普及,可謂帶動一波服務業的高度成長,儼然成為目前投資人最高度關注的新興產業。但有鑑於服務業其具有輕資產、創新型態的服務模式等特性,和製造業的產業特性上有極大的差異,於此,我國創投業者對服務業的投資評估也相對的較為陌生,投資模式有待建立。
於此,本研究特別進行「創投之投資評估準則研究:以服務業為例」。希望藉由問卷調查與深度訪談方式進行資料蒐集,進而探討我國創業投資業者在服務業之投資評估準則與投資模式,以作為創業投資業者參考依據,並期能建立更精準的評估準則。


The first Taiwanese venture capital company was founded in 1984 and since then the venture capital industry in Taiwan has been evolving for more than 30 years. This industry has accumulated over NT$330 billion, successfully assisting more than 800 enterprises into the capital market.
Nevertheless, as the manufacturing orientation dominated the long-term development of the industry in Taiwan, venture capital funds also concentrated on the investment in high-tech and manufacturing industries, accounting for 79.5% of the total investment over the years. With the accumulation of investment experience, the investment model of VCs for the manufacturing industry is relatively mature.
According to Directorate-General of Budget, Accounting and Statistics, Executive Yuan, the service industry accounted for 62.8% of the total GDP output, indicating the service industry has become the main economic activity in Taiwan. Moreover, the service industry is expected to achieve high growth given that the Internet technology has rapidly become mature in recent years and that the popularity of mobile communication. Now the service industry has attracted the eyes of VC investors. However, the characteristics of the service industry differ from the manufacturing industry, such as its light assets and various innovative service models. There is a need to establish distinctive assessment criteria for investment in the service industry.
In this regard, this study focuses on the research of VC’s strategy for investment assessment of the service industry. Through the data collection from the questionnaire survey and in-depth interview, the study will discuss the investment assessment criteria for the service industry, hopefully in order to establish systematic criteria for VCs to evaluate startups in the service industry.

目錄 摘要 I ABSTRACT II 誌謝 III 目錄 IV 圖目錄 VI 表目錄 VII 壹、 緒論 1 第一節 研究背景與動機 1 第二節 研究問題與目的 1 第三節 研究步驟 3 貳、 文獻探討 5 第一節 臺灣創業投資事業現況 5 第二節 臺灣服務業現況與發展機會 15 第三節 創業投資評估決策程序與評估指標 23 參、 研究方法與實施 34 第一節 研究流程 34 第二節 研究對象 36 第三節 研究方法與設計 36 第四節 投資評估指標前置研究 38 肆、 資料分析與研究結果 44 第一節 訪談對象 44 第二節 訪談結果歸納 45 伍、 結論與建議 61 第一節 研究結論 61 第二節 研究限制 63 第三節 研究貢獻 64 第四節 後續研究建議 64 陸、 參考文獻 66 附錄 71

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