創業財務：籌資管道選擇與合約設計

Abstract

本論文針對創業財務經常使用的籌資管道, 說明創業市場的外部環境與發展, 以及公司內部的創業要素與各募資階段流程, 並介紹目前歐美與台灣的創業投資市場的統計概況, 說明不同市場在產業選擇與投資行為的差異. 再分別以投資利益與經營管理等方面討論創業投資合約的相關項目. 接著介紹各創業投資管道的特質和投資結構, 並輔以哈佛商學院個案教學的實際案例說明, 以不同個案的歷史背景結合當時創業投資合約的內容, 說明創業者在尋找資金的過程中所面臨的重大抉擇, 並討論各種創業模式下可能發生的困境與狀況. 依照各種產業市場的特性以及創業背景, 選擇出最適合的資金來源, 並討論相關投資合約中的重要項目如何影響創業公司的未來發展, 說明創業投資合約的合理性與創業者的決策分析, 藉以達成創業者和投資者的利益平衡和共識, 避免可能潛伏的代理問題或道德風險. 再觀察創業公司目前的發展情形, 對照當時的營運計畫與目標, 是否能成功藉由適當的資金, 實現公司的成長, 並創造更多的價值. 最後整理出不同籌資管道的特性以及所預期的風險承擔能力, 決定出適用的產業特性以及投資階段, 能以最適當的資金來源, 提供創業者最大的附加價值與成長機會.

With the most popular entrepreneurial financing channels, this thesis introduces, at the first, the environment and development of the entrepreneurial capital, and the critical factors for an entrepreneur and the eccencial financial stages of his company. By means of the statistics of the entrepreneurial activities in Westen countries and Taiwan in recent 10 years, the difference is shown in the form of the properties of the investment behaviors and invenstment sectors. Then, it is discussed that how some important deal terms affect the benefits of the investors and how company owners negotiate the terms with investors to keep theirs interests. In the second half of the thesis introduces the most popular financial tools for the entrepreneurs, and discusses the characteristics of each financial channel in detail. This is the primary part of the thesis. After the analysis on the investment properties and deal structures for each financial tool, one case study is attached to make the basic theories more practical and easier to understand. These classical cases which are quoted from Havard Business School describe how the founders raise capital and make strategic decisions under the environment of the current industry and the time history. Every financial tool would be optimal with proper timing and situation, and of course, with a proper deal. A reasonable agreement can balance benefits between investors and founders, and avoid agency problems and moral hazards. Good money can drive business plans more easily and help new companies to create more value with a rapid growth. The expected risk level of these financial tools depends on market structure and financing stage. Which tool is most suitable also depends. The rule of thumb for entrepreneurs to be success is choosing a good financing tool which can fit the business plan best and provide more added values into company.