以Q方法論探討台灣企業創投發展之型態

Abstract

早期台灣在發展高科技業之時，引進了美國的創投機制及人才，在產官學各界共同的努力下，創造了台灣在半導體及資訊科技業的全球地位，創投在當時科技業仍存在高風險之時，的確成功扮演了承擔風險、積極開創的推手。台灣創投業在最顛峰時，曾經是僅次於美國的全球創投聖地。 但是隨著創投政策的修訂，加上中國本地創投及紅色供應鏈的崛起，台灣創投業快速衰退走下神壇，過去曾金光閃亮的創投勢必要面臨轉型挑戰。台灣的高科技業在成功奠定產業基礎之後，近年來也紛紛成立企業創投探索未來成長的動能。企業創投及一般獨立型創投，是否可以為企業升級及產業轉型而共同合作，這是值得探討的課題。 企業創投的活躍程度，時常是觀察一個國家或區域創新程度的重要指標。企業創投已經成為台灣產業推動創新轉型的一股強勁力量，投資的方向可能是新創，也可能是擴國併購，企業創投的投資往往是產業界所關注的焦點。 但自從台灣創投業進入轉型調整期後，國內對於本地創投業之文獻研究漸漸減少。企業創投為新興起之企業投資型態，近年來也少有關於台灣企業創投型態之研究。因此，本研究以兼具質化及量化特性之Q方法論，透過實際面訪業界實務專家，就受訪者的主觀意見，以Q問句進行排序，並針對問卷資料進行解析，進而得出台灣企業創投的四種型態: 「生態平台型」、「綜合型」、「PE+CVC」、「加速器+CVC」，此四種台灣企業創投各有其不同的特性、目的，也於管理與實務上有其不同之意涵。 本研究所歸納出之四種台灣企業創投型態，雖無法包含所有企業創投之型態，但恰可填補對於台灣企業創投相關研究之缺口，亦可達拋磚引玉之效，提供給對於台灣企業創投有興趣之人士參考研究。

In the early days, when Taiwan was developing the high-tech industry, it introduced the venture capital mechanism and talents from the United States. With the joint efforts of the industry, government and academia, Taiwan's global position in the semiconductor and information technology industry was created. At that time，there is still high risk in high tech industry, venture capital has indeed successfully acted as a promoter of risk taking and active creation. At its peak, Taiwan's venture capital industry was once the world's mecca for venture capital only second to the United States. However, with the revision of venture capital policies and the rise of China's local venture capital and the red supply chain, Taiwan's venture capital industry has declined rapidly, and the once glittering venture capital in the past is bound to face the challenge of transformation. After Taiwan's high-tech industry has successfully laid an industrial foundation, in recent years, venture capital has also been established to explore the momentum of future growth. Whether corporate venture capital and general independent venture capital can work together for Enterprise upgrading and industrial transformation is a topic worth exploring. The activity level of corporate venture capital is often an important indicator to observe the level of innovation in a country or region. Corporate venture capital has become a strong force in promoting innovation and transformation in Taiwan's industries. The direction of investment may be new ventures, or it may be expansion of mergers and acquisitions. The investment of corporate venture capital is often the focus of the industry. However, since Taiwan's venture capital industry entered a period of transformation and adjustment, domestic literature research on the local venture capital industry has gradually decreased. Corporate venture capital is a newly emerging type of corporate investment. In recent years, there has been little research on the type of corporate venture capital in Taiwan. Therefore, this research uses the Q methodology with both qualitative and quantitative characteristics, interviews industry experts through actual interviews, ranks the respondents' subjective opinions by Q questions, and analyzes the questionnaire data, and then concludes that Taiwan Four types of corporate venture capital: 'ecological platform type', 'comprehensive type', 'PE+CVC', 'accelerator+CVC', these four types of Taiwanese corporate venture capital have different characteristics and purposes. Management and practice differ from their types. Although the four types of Taiwanese corporate venture capital summarized by this research cannot include all types of corporate venture capital, they can just bridge the gap in the relevant research on Taiwanese corporate venture capital, and can also achieve the goal of inspiring new creativity and provide information to the reference study for those interested in Taiwan's corporate venture capital.