銀行業投資金融科技新創公司之評估要素研究 —以投資金融科技新創C公司為例

Abstract

2008年金融海嘯後，因大眾對銀行的不信任加上國際金融規範日益趨嚴以及銀行為了降低營運成本，在這些因素造就下，加速了金融科技的發展，也對傳統銀行帶來了壓力與挑戰。 近年金管會取消了銀行業對金融科技公司(FinTechs)之投資比率限制，也讓銀行可藉著投資機會，更加了解FinTech產業之商業模式，並進行合作或投資。 本研究是用個案分析法來探討銀行業投資 FinTechs時所需考慮之評估要素，筆者以商業模式九宮格及顧客價值主張來檢視個案公司，以確認個案公司之顧客價值主張可以解決銀行的痛點，接著進行投資價格合理性之評估。 本研究以個案公司為例，探討天使輪之公司估值，首先使用一般企業評價方法：現金流量折現法進行評價，之後再採常用於衡量新創公司之評價方法，包括以股價對銷貨收入( P/S)為財務乘數之市場法、融資估值法及目前實務上美國常使用由Bill Payne所提出之評分卡估值法，對個案公司進行估值並加以分析探討。 本研究結論是在投資金融科技新創公司，使用商業模式九宮格、價值主張可以較有系統性地確認該新創公司是否符合銀行之投資目的，而此質性分析評估為策略性投資的相當重要因素，另外新創公司之評價雖亦會納入投資時之決策參考，但對銀行而言，只要估值落在當時市場上之類似案件之募資價格區間，即可接受。 後續將追蹤個案公司之發展，以回溯本論文所使用方法之效力，並研究有無更新有效的評價方法，來衡量新創公司之企業價值。

In the wake of 2008 global financial crisis, banks were under much more stress as they lost faith of the public and faced tightened global regulations that added up to their operating costs. Against this backdrop, FinTech startups boomed and threatened traditional bank’s lead in the banking industry. In recent years, financial regulators have lifted the ban on the ceilings for banks to invest FinTech companies, a move that allowed bankers to deeply understand how FinTech operated commercially and even formed strategic ties with them via investment in FinTech. This research includes a case study to explore the evaluation items for banks to invest FinTech, such as Business Model Canvas and Value Proposition, in order to find out and tackle the pain points for Value Proposition in the studied company before we evaluated and determined the fair price of the investment. The study takes on the case of C company by looking into their enterprise value in the angel round fundraising. We firstly adopted a traditional evaluation method - discounted cash flow method, followed by the startup evaluation methods, such as the multiple of share price to sales revenue (P/S), as well as scored card evaluation method, a practice brought up by Bill Payne and widely adopted in the U.S., so as to appraise the firm’s fair value in the case. The study concluded that by using Business Model Canvas and Value Proposition, banks could determine if the FinTech startup fits into their investment purposes, which is a key issue of banks’ strategic investment. Futhermore, decision-makers would certainly look at the evaluations, however, in the banking sector, they would accept it even if the evaluation results fall in the bands of similar cases. Going forward, we expect to trace the development of studied company so as to review our methodology and effectiveness in the study, while hoping to discover new methods to evaluate startup company enterprise value.