中國獨角獸企業驅動力與成功因素之研究—以2021年中國獨角獸企業為例

Abstract

過去的十年中，市值超過 10 億美元的獨角獸企業數量正以極快速度增加。同時，全球獨角獸企業發展最快速的國家更以中國莫屬。藉由領先市場的商業模式與技術，獨角獸企業快速聚攏了大量的資金，並在短暫的成長周期中，創造出前所未見的高估值水準。隨著中國獨角獸企業獲得越來越多關注，學界對於此的整體性研究卻相當有限，多停留在案例介紹性或敘述統計分析階段，缺乏對獨角獸企業成長和發展規律的動力實證分析。然而，正是初創企業所具備的顛覆性特質，促使其在短時間內獲得 10 億美元以上的高估值水準。

因此，本研究根據胡潤研究院（2021）定義，獨角獸企業必須符合三個要件：(1) 創立時間不超過 10 年；(2) 公司價值超過 10 億美元；(3) 獲得私募投資且未上市。在達成上述條件後，即被認列為獨角獸企業。嗣後，若估值跌落 10 億美元，或是公司被併購、上市，則會被移除於榜單之外。本文手工整理中國胡潤研究院《2021 全球獨角獸榜》和 IT 桔子獨角獸俱樂部企業資料庫中的 2021 年 265 家獨角獸企業資訊，對獨角獸企業地域分布、企業特徵及估值驅動因素，進行多元線性迴歸分析。

實證研究結果顯示，互聯網普及率、平台商業模式、資本供給對獨角獸企業估值成長速度具有顯著影響；技術創新、人力資本對獨角獸企業估值成長速度不具有顯著影響。研究限制方面，受限於獨角獸企業快速發展的性質，躋身榜單的企業可能稍縱即逝，以及許多公司提供的資訊完整度和質量參差不齊，因此難以尋找公司層級資料。另外，也建議後續研究能增加國際組織的資訊，以對中國官方資料進行清洗與校正。

In the past decade, the number of unicorn companies with a market value exceeding $1 billion has been growing at an extremely rapid pace. At the same time, China has become the country with the fastest development of unicorn companies worldwide. By leveraging market-leading business models and technologies, unicorn companies quickly attract large amounts of capital and achieve unprecedented high valuation levels in a short period of growth. While Chinese unicorn companies are gaining increasing attention, comprehensive research on this topic is limited in academia, with most studies focusing on case introductions or descriptive statistical analysis, lacking a dynamic empirical analysis of the growth and development patterns of unicorn companies. However, startups’ disruptive characteristics enable them to achieve valuation levels of over $1 billion in a short period.

Therefore, according to the definition by Hurun Research Institute (2021), unicorn companies must meet three requirements: (1) the company has been established for no more than 10 years; (2) the company's value exceeds $1 billion; (3) the company has received private equity investment and has not been listed. A company is recognized as a unicorn company upon meeting the above conditions. Subsequently, if the valuation falls below $1 billion, or the company is acquired or goes public, it will be removed from the list. Manually collating information on 265 unicorn companies in China from the Hurun Research Institute's "2021 Global Unicorn List" and ITJuzi Unicorn Club's company database, this study conducts multiple linear regression analysis on the geographical distribution of unicorn companies, their characteristics, and valuation driving factors.

Empirical research shows that internet penetration, platform business models, and capital supply significantly impact the valuation growth rate of unicorn companies. In contrast, technological innovation and human capital do not significantly affect the valuation growth rate. In terms of research limitations, due to the fast-paced development of unicorn companies, those that make it onto the list may be short-lived. Furthermore, the completeness and quality of the information provided by many companies vary, making it challenging to find company-level data. Future research is advised to incorporate information from international organizations to clean and correct data from official Chinese sources.