金控創投經營發展策略之研究－以T金融控股公司為例

Abstract

金控創投就客體而言，是具有獨立公司治理的法人組織，並得以開放地接觸外在投資環境；就主體而言，則是從屬於金融集團的事業體，而有較明確的方向與更嚴謹的紀律。因此，金控創投也就同時具有「獨立創投」與「企業創投」的雙重角色。 台灣16家金融控股公司，旗下設有創投子公司者有14家，但觀察其獲利比重，卻非為金控集團的核心獲利引擎。由於企業之目的在持續創造價值，故本研究探討如下問題：1、個案公司所處創投產業環境及關鍵因素。2、個案公司之對比者概況。3、個案公司事業組合及競爭策略分析。 過往基於稅賦優惠及投資報酬，帶動了台灣創投產業的發展。目前除主觀因素如企業創投持續成長外，客觀之產業關鍵因素如投資案源豐富、退場機制順暢、市場資金充足、政府政策支持等均屬正向，故本研究認為創投產業將2次成長。 因投資事業並非零和遊戲，其屬性不似製造業、服務業提供商品以滿足顧客，也就不適用具排他性的「佔有率」、「成長率」議題。本研究探微個案公司的投資組合後，提出從雙元能力進行檢視，以詮釋價值管理的意涵。一是從金控母公司視角出發的「資本效率性」(投資報酬率的高低)；二是從經營團隊視角出發的「業務鏈結性」(是否符合獲利目的之創投業務)。並區分為「發展業務」、「變革業務」、「縮減業務」、「機會業務」等四種樣態。 最後，總結本研究對創投產業及創投企業之結論：1、創投產業之資本形成，維持穩定並備受關注。2、創投產業之投資基於理性，並趨於成熟、多元。3、創投產業之金融機構股東比重遞增，將使股東結構趨穩、公司治理增強。4、台灣創投產業的特徵包括：(1)具誘因的稅賦工具。(2)以資本利得為目的之財務性投資持續增加。(3)企業創投益受重視。(4)經營管理雖仍以委託管理為主，但自行管理逐漸增加。5、檢視產業關鍵因素均為正向，推知創投產業將持續發展。6、相較其他直接投資者，創業投資仍具競爭優勢。7、企業創投藉由「資本效率性」、「業務鏈結性」雙元指標以評析投資組合。

The Venture Capital Subsidiary of Financial Holding Company is not only an “Independent Venture Capital” but also a “Corporate Venture Capital”. In Taiwan, most of all Financial Holding Companies have Venture Capital Subsidiaries, but they are not the core profit engine in group. Thus, this study intends to explore: 1. The venture capital industry environment. 2. The comparator with the case company. 3. The portfolio strategy of case company. In the past, the development of Taiwan's venture capital industry was driven by tax incentives and investment returns. Nowadays, in addition to subjective factors such as the growth of corporate venture capital, and objective factors such as abundant investment cases, smooth exit mechanism, sufficient market funds, and government policy support, this research believes that the venture capital industry will continue to develop. Venture capital is not a zero-sum game, so the market share rate and growth rate are not issues. Therefore, this study recommends ambidexterity capabilities to evaluate value portfolio. One is the 'Capital Efficiency' (high return on investment); the other is the 'Business Linkage' (venture capital business). There are four types: Development Business, Transformation Business, Reduction Business, and Opportunity Business. Finally, the conclusions of this research: 1. The fund raising of venture capital is steady. 2. Venture capital is getting mature and diversified. 3. The financial institution shareholders will stabilize venture capital. 4. The characteristics of Taiwan's venture capital industry include: (1) Incentive tool of tax. (2) Increasing of financial investments. (3) Increasing of corporate venture capital. (4) Increasing of self-management. 5. The key factors of venture capital industry are positive. 6. Compared with other direct investors, venture capital still have an advantage. 7. There are dual indicators, “capital efficiency' and 'business linkage', to evaluate portfolios of corporate venture capital.