台灣創業投資事業專業經理人之投資評估準則研究

Abstract

本研究主要是在研究創業投資事業專業經理人員的投資評估準則為何，並以個案分析的角度做一印證與分析。

在創業投資事業專業經理人員評估投資案時所採取的主要評估準則因素構面上，本研究將其區分為四大類，分別為主要經營團隊因素、市場因素、產品技術因素、財務投資因素。說明如下: (一) 主要經營團隊因素:指被投資案的經營團隊的特質、經營團隊組成分子的背景資歷及過去在該產業的經驗、經營團隊的承諾、經營團隊的組成分子等。 (二) 市場因素:指有關市場因素的考量，包括市場的需求與市場的供給與競爭態勢、市場規模大小等。

(三) 產品技術因素:指有關產品技術方面的考慮，包括產品的專利、產品市場的接受性、產品技術創新、製造設備及製造程序的可行性等。 (四) 財務投資因素:指預期的投資報酬率、所需的資金佔基金的比例、被投資案的股東結構等。 經由不同個案研究驗證分析，我們可以得知那些投資評估準則構面因素是創業投資專業經理人所重視的，同時，我們也經由訪談得知被投資公司所處的不同階段與不同產業類別的產業特性對被投資案各評估準則因素構面重視程度有所不同。

The purpose of this research, through corroboration and analysis using a case study method, is to study the investment valuation criterion used by venture capital professionals. This study identified factors that were taken into consideration upon evaluating investment portfolios by venture capital professionals (venture capitalists), into four major factors: management team, market, technology, and finance: (1) Management team: including personalities, characteristics, competences and industrial experiences, background, commitments, team members of the management team...etc. (2) Market: aspects of the underlying markets, including market demand and supply, the competitions and market size…etc. (3) Technology: aspects of the product technology, including patents, market acceptance, technology innovations, equipment for mass production and feasibility of production process…etc. (4) Finance: including projected return on investment, the proportion of capital commitment in terms of the fund, the equity structure of the target investment company…etc.

The importance of investment evaluation factors considered by venture capital professionals was corroborated and analyzed in several case studies. Meanwhile, through interviews conducted, we have learned that the valuation factors weighed differently when applying to target investment companies that were at different stages and who had different industry characteristics.