從初次上市櫃公開說明書看新創科技公司之經理人薪酬與團隊留任策略

Abstract

新創科技公司在商業模式或核心技術取得成功後，為因應公司擴張與規模化，逐步走向股票公開發行，這對許多創業家而言，是一個公司邁向成功的重大里程碑。然而在商業模式取得穩定現金流之前，多數團隊面對的是看不見的未來，如何留任高階經理人與關鍵研發團隊，同時激勵他們在創新創業道路上持續保有披荊斬棘的信念及向心力是一個重要課題。 有鑑於已有許多參考文獻針對大型上市科技或製造公司之高階經理人薪酬與績效進行研究，亦有針對研發團隊薪酬設計對於公司創新、探索與利用情形等研究，本研究奠基於其結論基礎上，以成功在台灣達成股票公開發行之新創科技公司作為研究標的，利用並整理其公開資訊，來梳理分析高階經理人與研發團隊之薪酬計劃與留任策略。 本研究使用民國107至110年共三年間之初次上市櫃公開說明書，排除非科技相關產業、全體董事席次由單一相關法人組成、明顯家族事業等，篩選出設立10年內成功申請掛牌公開發行之17家公司。研究中有效利用上市櫃公開說明書，探討其團隊樣貌、公司營利情形、初始董事與後進董事對應經理人團隊之股權關係、高階經理人薪酬結構、研發人員流動狀態、離職率與專利關係、員工認股權等，並試圖了解這些新創公司如何在這議題上思考規畫，進而邁向成功。 研究中亦針對相同產業中之研發團隊離職率差異進行個案分析，試圖在分析過程中更貼近新創公司經營實務，進而推測公司可能採取與應對高離職率之策略。 期望本研究之產出可以有助於創業人士更進一步思考高階經理人與研發團隊之薪酬規劃以及留任策略，持續保有團隊創新思維，同時降低公司技術研究開發過程中的風險；也期望可以鼓勵優秀創新技術人員投入創業行列，活絡國家產業創新力與產業再升級；更期望國家有效投入資源，除了支持新創科技公司發展之外，亦能主動平衡人力資源過度傾斜，支持更多產學人才投入新創科技事業，打造科學園區下一個四十年。

In order to obtain greater momentum to support and drive startups to expend and scale-up their business after business models have been validated or core technologies have been developed, these startups will consider to get on the track for Initial Public Offering (IPO). As far as the most of entrepreneurs are concerned, IPO is a huge step and key milestone to startup’s success. However, most of startup teams cannot specifically see their future before their business models are confirmed with stable and growing cash flow. Inspiring and retaining all executives and the team to keep faith with overcoming challenges are important issues on the way to success. Some of prior studies in correlation between executive compensation and company performance for large listed technology or manufacturing companies, and in correlation between compensation design and innovative development are referred. Base on those theoretical comments, we target tech startups which successfully went IPO in Taiwan. We use their public information to analyze their compensation design and retention strategy for executives and R&D teams. This study uses IPO prospectuses issued between 2018 and 2022, excluding companies which are non-tech, composed of simple board of directors, and family business. We screened out 17 companies which went IPO within 10 years from establishment. We effectively analyze their operation status, equity of board directors and executive team, executive compensation, turnover rate of R&D team and its correlation with patent application, stock option plan, etc. Those are helpful to understand their considerations to these issues. We also had a case study on huge turnover-rate difference performed by two companies which are in the same industry. Trying to analyze them practically and think back the strategies which would be adopted for the scenario of high turnover rate. This study can be useful in helping entrepreneurs to think twice about their compensation plan and retaining strategy for the executives and the R&D team, to keep innovation moving forward, in the meantime, to reduce the risks in R&D progress.