企業創投在策略投資外的財務操作研究

Abstract

本研究以聯華電子（聯電）旗下之宏誠創投為研究對象，深入探討企業創投(Corporate Venture Capital, CVC) 在策略性投資與財務性投資雙重目標下的運作機制與操作模式。聯電自1980年成立以來，歷經從整合元件製造商 (IDM) 轉型為專業晶圓代工領導廠商的轉型歷程，並於2001年設立宏誠創投，成為台灣半導體產業中首家具獨立運作機制之企業創投平台。 宏誠創投作為聯電集團全資子公司，在營運定位上具有雙重功能：一方面作為集團策略布局的重要工具，透過投資活動促進企業創新與產業生態系發展；另一方面則扮演財務投資角色，追求投資組合的長期價值增長與穩健現金流。 本研究採用文獻分析、質性研究與個案比較分析等多元研究方法，系統性探討宏誠創投的財務操作策略及其在企業創投領域的獨特定位。首先透過文獻回顧釐清企業創投與傳統創投的差異性，進而分析宏誠創投如何在資本配置效率、風險控管機制與創新促進目標間取得動態平衡。研究特別聚焦國際財務報導準則 (IFRS)架構下，宏誠創投在投資決策流程、資產評價模型與財務報表揭露等方面的操作特性。此外，透過比較一級市場直接投資與二級市場證券投資的策略差異，剖析宏誠創投在科技產業週期波動中的財務投資彈性與策略調適能力。 研究發現顯示，宏誠創投不僅有效支持聯電集團在半導體產業鏈的垂直整合策略（如與轉投資IC設計公司的協同效應），更透過專業化的投資組合管理與嚴謹的財務操作，在策略目標外達成穩健的投資報酬。其營運經驗具體呈現企業創投在兼顧母公司戰略需求與獨立財務績效時的關鍵成功要素，特別是在高技術密集與高資本密集的半導體產業環境中。這些實證發現不僅為企業創投理論提供新的分析視角，更為實務運作提供具參考價值的操作框架。 本研究在學術貢獻上，深化了企業創投多重目標平衡的理論探討；在實務意涵上，則為高科技產業企業創投的營運模式提供可借鑑的案例參考。未來研究可延伸探討不同產業特性下企業創投的適應性策略，以及其在全球價值鏈重組過程中的策略角色演變。 聯電的發展歷程實為台灣半導體產業技術升級與商業模式創新的縮影，其透過宏誠創投所建構的雙軌投資機制，充分體現企業在策略創新與財務紀律間的動態平衡智慧。本研究以宏誠創投結合財務操作與策略投資的獨特營運模式為核心，系統性解析企業創投在高科技產業中的價值創造邏輯與永續經營之道。

This study investigates UMC Capital, a wholly owned subsidiary of United Microelectronics Corporation (UMC), aiming to examine the operational mechanisms and managerial models of Corporate Venture Capital (CVC) under the dual objectives of strategic and financial investment. Since its establishment in 1980, UMC has transformed from an Integrated Device Manufacturer (IDM) into a leading pure-play foundry. In 2001, the company launched UMC Capital, establishing the first independently operated CVC platform in Taiwan’s semiconductor industry. Positioned as both a strategic arm and a financial vehicle of the UMC Group, UMC Capital plays a dual role: it supports corporate innovation and ecosystem development through strategic investments, while also pursuing long-term portfolio value growth and stable cash flow through disciplined financial investments. Adopting a multi-method research design that integrates literature review, qualitative analysis, and comparative case studies, this study systematically explores UMC Capital’s financial strategies and distinctive positioning within the broader CVC landscape. The research first delineates the differences between corporate and traditional venture capital, then analyzes how UMC Capital achieves a dynamic balance among capital allocation efficiency, risk management, and innovation promotion. Particular emphasis is placed on the application of International Financial Reporting Standards (IFRS), with specific analysis of investment decision-making processes, asset valuation models, and financial disclosure practices. Furthermore, the study compares direct investments in the primary market with securities investments in the secondary market to evaluate the firm’s financial flexibility and strategic responsiveness amid the cyclical fluctuations characteristic of the technology sector. Empirical findings reveal that UMC Capital has not only supported UMC’s vertical integration strategies within the semiconductor value chain—such as synergy generation with affiliated IC design firms—but has also achieved robust financial returns through professional portfolio management and rigorous financial governance. These outcomes highlight the critical success factors in managing the trade-off between strategic alignment with the parent firm and the attainment of independent financial performance, particularly within a high-tech, capital-intensive industrial context. The case thus provides valuable empirical evidence that enriches existing CVC theory and offers a practical framework for CVC operations. From an academic perspective, this study contributes to the literature by deepening the theoretical discourse on managing multiple objectives within CVC organizations. From a practical standpoint, it presents a benchmark case for CVC operations in high-technology industries. Future research could extend this inquiry by investigating the adaptive strategies of CVCs across different industrial sectors and analyzing their evolving strategic roles amid global value chain restructuring. UMC’s developmental trajectory serves as a microcosm of Taiwan’s broader semiconductor industry, reflecting both technological advancement and business model innovation. The dual-track investment mechanism constructed through UMC Capital exemplifies a sophisticated balancing act between strategic innovation and financial discipline. By focusing on this unique operational model that integrates strategic and financial functions, the study provides a comprehensive framework for understanding value creation and sustainable development in the corporate venture capital context of the high-tech sector.