企業創業投資與企業價值關係之實證研究

Abstract

追求成長與永續經營是企業經營者的核心挑戰，自80年代後，企業透過創業投資活動進行新事業發展與策略佈局的需要性，逐漸受到實務界與學術界的重視。過去的研究指出公司在進行創投活動時，若能有明確的與母公司策略相連結的目標，其投資績效應不亞於獨立在外的創投公司，但是，企業創業投資對母公司的價值創造是否有正向的助益？不同的策略佈局，是否對母公司的價值創造有不同的影響？仍有待吾人做更進一步的探究。 本論文先藉由文獻回顧了解現有之理論發展與架構後，歸納出相關多角化與垂直佈局兩種企業創業投資佈局特質，與創投子公司在投資活動中應扮演經營監管之角色，並據以建立實證假說。本研究以台灣科技產業與傳統產業市值前50大上市公司中，設立專屬創投子公司之企業為研究樣本，透過經濟計量分析驗證(1)投資程度、(2)不同的投資佈局特質，以及(3)創投子公司在投資活動中之比重，對母公司價值之影響。此外，在實證分析的同時，本研究根據每種假設情境引入不同個案，期望能與統計結果產生相互回應之效。 本研究發現母公司越是投資於與本業相關之新事業，因彼此能共享資源、能力而有較高的機會產生綜效，將能正向提升母企業的價值；另一方面，本研究發現科技產業的系統廠商傾向於透過企業創投活動進行垂直佈局，以提高價值鏈的營運效能，從而提升母公司的價值；最後，母公司透過成立創投子公司進行創投活動，由於有專責單位監督以及創投相似之財務紀律，進行對標的事業之審核與監督管理，將有助於提升母公司價值。根據以上研究結果，我們提出研究意涵與對未來研究的建議。

Sustaining corporate growth has been a central task for general management. Of great importance and attention, both in the practitioner world and in academic research, is how to implement corporate venturing investments (CVIs) function to grow new businesses and sustain growth. Previous research suggests that the performance of CVIs will be as successful as those invested by independent venture capitalists if they have a clear strategic link to the corporate development. However, there are scant empirical studies investigating the extent of impact on the corporate value due to differential strategies of CVIs. Specifically, the present research intends to explore the impact of CVIs on the parent firm’s value and the extent of differential value impact attributable to the way of configuring CVIs with respect to the parent firms. Based on the literature in diversification strategies and CVIs research, we establish several testable hypotheses concerning the impact of (1) the extent of investments, (2) vertical and related investments, and (3) the extent of investments made by their venture capital arms on corporate value. We took the CVIs made by the top fifty publicly listed companies, based on their market capitalization, in Taiwan as empirical context. In addition, we undertook several case-based explorations to enhance result presentation from econometric analysis. Our empirical results show that the making investments that are related to the focal firm’s value will be positively associated with the parent firm’s value due to potential synergy creation between new ventures and the existing businesses. Furthermore, we also found that system integrators in the technology-based industries who invest more in their vertical value chain will positively affect company value. Finally, making new venture investments through venture capital companies reveal positive impact on the investing firm’s value as these collaborating partners would bring up rigorous investment evaluation, market discipline and scrutiny to improve the success likelihood of new ventures. Implications of these results to practices and future research are also discussed.