跨組織資源連結對新創公司績效影響之探討

Abstract

一般新創企業的特點是資源缺乏，因此，在策略及新創事業的文獻中，學者曾提出跨組織連結可被視為提供資源取得的基礎，補強新創企業的資源不足。跨組織連結有各種方式，而一般被認定強度較高的連結為股權投資關係。本研究欲觀察，既有公司對新創公司的股權投資所呈現的跨組織權連結，除了針對較狹隘的集團衍生公司，也涵括一般獲得既有公司資金挹注的新興企業。由於過去有關企業興業投資的研究，大部分將重點擺在既有公司如何透過投資新興企業而取得學習探索成長的機會，我們對於股權投資及其衍生而出的關係，是否對被投資的新興企業而言也有價值創造的效果，缺乏一個系統性的探索。 因此本研究針對此議題──與既有組織存在的這種脈絡連結，是否能夠讓新創企業在資源的取得與建立擁有相對優勢，進而影響績效表現──提供一個實證研究的基礎。 本研究以知識密集快速變遷的台灣IC設計產業為研究對象，從數個不同的資料來源萃取資訊，用以觀察從1995至2005曾經歷公開發行過程的新興企業。本研究運用不同的指標以反應科技產業績效表現的多方面貌。 有關公司投資支持的構念，本研究除勾勒其存在之有無，也衡量其實際比例，同時檢驗投資者與被投資者是否擁有互補性資產者，並呈現治理模式。 研究結果顯示，企業興業投資有助於新公司取得較豐沛的期初資源，享有較大的規模，並縮短其公開發行時間，但對於其他財務上的獲利，營運成長以及技術上的績效指標卻無正面效應。 進一步探討這些獲有外部資源挹注的公司，結果呈現，就一個族群整體而言，這些公司並無相對優秀的表現，但是，這個族群比較容易衍生特別出色的公司。 本研究的實務貢獻在於釐清一般認定的富爸爸效益，以及歸納其實際本質。有關於理論上的意涵，除提供資源基礎理論進一步佐證，也顯示透過外部資源連結有助於內部資源能耐的累積，而經由如此的資源－能耐轉化過程，新創公司得以展現優異的績效表現。

The garnering and utilization of resources is at the heart of both strategy and entrepreneurship literature. Concerning the resources possessed by ventures are typically scant, this dissertation is premised on inter-organizational linkages being important means to bridge the needed resources or provide the base of resource leverage for young ventures, especially those operated in the turbulent high tech industries. The strong form of inter-organizational linkages, linkages through equity holding, is the focus of the study. Particularly, the effect of corporate venture backing, in a broader sense of equity investment in venture by the established corporations, as well as in a narrower sense of corporate spin-offs, is examined in two studies contained in this dissertation. The central question is to examine if technology-based firms that were supported or instigated by established corporations have different resource profiles and performance consequence. The empirical context is a carefully selected sector of the IC design industry, because of its emergent, dynamic nature and its high varieties in entrant origin. Various sources of data were utilized to examine ventures that had gone through the IPO process between 1995 to 2005. To reflect the multiple-dimensional aspect of technology-based venture performance, several performance measures, such as profitability, growth, time to IPO, and technological outputs were adopted. The concept of corporate backing was expressed in terms of the presence, the level, as well the characteristics associated with the relations between the corporate investors and the ventures. The results demonstrate that inter-firm connections contribute to a positive performance effect; however, the evidence does not provide any real support for the benefits of venture capital involvement, benefits which have been typically assumed in prior studies. While internal capabilities are seen as strong predictors of performance, we suggest that linkages via corporate spin-off also provides a strong initial boost for the subsequent build up of resource strength. Furthermore, the dissertation also demonstrates the divergent findings of significant enhancing impact on time to IPO and equivocal impact on financial performance. There is obviously a positive impact on time to IPO, that is firms funded in part by established corporations develop faster, bigger and reach initial success of getting IPO sooner, supporting the value added role of CVB. Nevertheless, there are no equivalent positive impacts on financial performance nor on technological performance. Additional probing reveals that although CVB firms as a group appears no more likely than non CVB firms to have better financial performance, it is more likely for CVB firms to have super star performers. Our study applies the knowledge of the extant literature on resources, networks and venture finance to a relatively unexamined phenomenon which has gained increasing importance in the business practices. The dissertation contributes to demystify the generally conceived notion of “rich dad effect” and provide a rationale to reconcile the notion and the empirical findings. Also, the dissertation provides opportunities for further studies in the extended area of corporate governance, and the social impact of entrepreneurial efforts.