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私募引進策略性投資人對公司績效之探討 / Performance after strategic private placement詹竣揚 Unknown Date (has links)
本研究以在民國96~98年間辦理私募引進策略性投資人之公司為樣本,檢視宣告日前後異常報酬之走勢,並探討私募後研發投資及會計績效是否顯著增加。
本研究以事件研究法測試企業利用私募方式引進策略性投資人,發現宣告日前後之異常報酬率確實有顯著增加,表示投資人看好私募公司未來的發展,但在利用Healy, Palepu and Rubak (1992)模型檢驗現金流量報酬率、EPS、營業利潤率、資產報酬率與股東權益報酬率及Tobin’s Q等不同的經營績效指標,比較公司私募前後經營績效時,卻發現私募後兩年內,公司之績效並未如市場之預期顯著地提升。但私募後公司在研發費用確實有顯著的提升,代表公司在投資方面有顯著的成長,或許這類私募公司需要更長的時間,會計績效才有可能會顯著的提升。 / This study investigates two issues, the abnormal return and the R&D investment and accounting performance before/after the announcement of the strategic private placement.
We found that investors gain abnormal return before/after the announcement of the strategic placement. It indicates that the information leakage before the announcement is severe and, as investors expected, they gain high abnormal return even after the strategic placement.
However, based on Healy, Palepu and Rubak (1992) model, we found that the accounting performances after strategic placements are not as investors expected when they are measured in terms of cash flow returns on investments, EPS, gross profit, ROA, ROI and Tobin’s Q. On the other hand, the companies do invest more R&D input after strategic private placement. Observing these two facts together, we may conclude that the strategic private placement makes firms input more R&D expenditure but couldn’t gain significant accounting performance within 2 years.
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組織文化、服務創新、服務品質與經營績效關係之研究-以L公司為例 / A study on the relationship between organizational culture, service innovation, service quality, and operating performance - a case study of L company嚴心妤, Yen, Hsin Yu Unknown Date (has links)
在網路科技與技術科技日新月異的今天,消費者的需求隨著生活習慣的變化而不斷的在改變,企業必須進行服務創新才能在競爭激烈的市場與產業中佔有優勢。因此本文係以飯店業者為研究對象,以服務創新為主軸,針對可能會影響服務創新,或會因服務創新而受到影響的幾個研究構面進行探討,包括組織文化、服務品質與經營績效,分別探討個案公司在這些研究構面中有哪些作為,並分析構面間互相影響的關係。
本研究採用文獻分析法與個案分析法的方式撰寫,以深度訪談的方式進行個案公司的資料收集,並以過去學者提出的理論為基礎,將訪談收集來的資料對個案公司進行研究主題的分析。過程中採用的文獻理論,包括Wallach(1983)對組織文化的分類方式;Hertog(2000)提出的服務創新模型;Parasuraman, Zeithaml & Berry(1988)提出的服務品質五大衡量構面;Kaplan & Norton(1992)提出的平衡計分卡四大領域等。
研究結果發現,不同的組織文化類型會對公司的服務創新策略,甚至是經營策略造成影響,而成功的服務創新包含多個可能影響成敗的因子,包括新服務概念、新顧客介面、新服務傳遞系統與技術選項等;另外,許多企業在衡量經營績效時都認為非財務性的衡量指標比財務指標更重要,對企業經營整體的影響力更大;而經由對個案公司的訪談,本研究也發現,組織文化、服務創新、服務品質與經營績效等各構面間確實存在著互相影響的正向關係。
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臺灣上市櫃董監事薪酬影響因子與投資組合 / Determinants of Board Compensation of Taiwan Listed Companies and Investment Portfolios李宛諭, Li, Wan Yu Unknown Date (has links)
本研究主要探討我國上市櫃公司的董監薪酬影響因素,採用新制董監薪酬揭露制度,將董監事兼任經理人、兼任員工的薪酬與分紅排除後,以董監薪酬合計和平均董監薪酬作為研究對象。本研究以2005年至2013年所有上市上櫃(含下市下櫃)的公司為研究樣本,並使用普通最小平方法則和固定效果模型進行檢測影響董監薪酬因子。
研究結果發現我國上市櫃公司的董監薪酬確實受到董事會特性、公司特性以及公司經營績效影響。董事會特性中以董事會規模、董監事持股比例和董事兼任經理人比例具有顯著之影響;公司特性以公司規模、負債比例、股價日報酬波動度和投資機會均對董監薪酬具顯著影響;最後,公司經營績效指標中以Tobin's Q、資產報酬率、營業收入淨額與股利殖利率與董監薪酬呈顯著正向影響。這表示我國公司在制定公司董監薪酬時,確實會考量其董事會特性、公司特性以及公司之經營績效。
最後,本研究使用迴歸式的殘差項由大至小組合投資組合以觀察其績效表現,殘差項最大(小)投資組合表示支付過高(低)董監薪酬的公司,研究發現並無法從投資組合的績效表現看出支付過高(低)董監薪酬對公司股價報酬表現之影響,本研究認為這可能是因為支付過高董監薪酬可能同時包含因為該公司的董監事之能力佳而支付較高的薪酬亦可能該公司的董監事僅為坐領高薪的肥貓。 / This study empirically examines variables that influence director compensation of Taiwanese companies. With new disclosure rule for board compensation, we exclude the salaries and bonus of concurrently serving as managers or employees, and divide board compensation as total director compensation and average director compensation. We collect 2005 to 2013 listed companies on Taiwan Stock Exchange and Taipei Exchange as research samples. In our regression analysis, we distinguish three types of determinants: board characteristics, firm characteristics and corporate performance.
Using ordinary least squares estimator method and fixed effect method, our results show that board characteristics, firm characteristics and corporate performance do affect board compensation. We find board size, directors’ equity holding ratio and the ratio of director concurrently serving as manager that significant influence director compensation. From the aspect of firm characteristics, results show that firm size, leverage ratio, daily stock returns volatility and investment opportunity also significant influence director compensation. We also provide evidence that higher Tobin’s Q, ROA, sales and dividend yield, higher director compensation.
Finally, we use residuals from the regression to construct portfolios and observe their performance. The portfolio with highest (lowest) residuals considers as companies overpaying (underpaying) their directors. However, from performance of portfolios, we cannot conclude that directors are overpaid or underpaid can reflect companies future performance, since directors are overpaid may because of their extraordinary ability or simply because they are fat cats.
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青年商店之經營績效及連鎖經營之研究陳宏煜, Chen, Hong-Yu Unknown Date (has links)
第一章緒論。分為三節:ヾ研究動機,ゝ目的,ゞ架構、方法與限制。
第二章名詞定義。分為三節:ヾ青年商店之介紹,ゝ企業績效及其衡量,ゞ連鎖之定
義。
第三章美日中各國連鎖經營概況。分為三節。
第四章青年商店的經營績效。分為四節:ヾ財務分析,ゝ與損益有關之因素之分析(
包括產業結構、環境、策略……)ゞ重要管理功能之遂行程度,々各店主的經營滿足
程度。
第五章青年商店連銷的可行性與方式。分為四節:ヾ現行聯合進貨之績效與困難,ゝ
青年商店連銷可得之利益,ゞ阻礙青年商店連銷的因素,々連銷方式之評估。
結論與建議,分為二節。
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外資投入對大陸國有企業經營績效影響之實證研究李承信, Lee, Sueng-Shin Unknown Date (has links)
本論文主要在探討外商投資,特別是與國有企業合資,對國有企業經營機制轉換及其經營績效的改善有何影響。新制度經濟學者,Williamson(1991)認為,當制度環境變化時(這些環境的變化包括:產權、政治、法律、及不確定性等),會降低組織結構的轉換成本,因而會改善企業經營機制。本論文把外商與國有企業的合資看成產權結構的變化也就是制度環境的變化,外商投資可以降低國有企業改造(建立公司治理結構或企業現代化)的成本,因而會導致國有企業經營機制的轉換。另外,國有企業和外商合資之後,會援用較先進之外商的管理方式來建立對其經營績效改善有益的企業治理結構。本文應用的就是組織再造理論來探討其問題。
雖然相關的研究發現,外商投資對國有企業的經營機制轉換有影響,但是用一些具體的理論來說明其內涵的研究並不多。因此,本研究想對此問題進一步利用計量方法,研究外商投資對國有企業經營機制的轉換有何影響,即外商與國有企業合資之後,國有企業產權的變化對其企業組織形式有何改變,探討中外合資企業中外資對其經營績效改善的影響程度。
從實證模型的迴歸分析結果發現,有外資投入的國有企業的經營績效比沒有外資投入的國有企業的經營績效高;國有企業與外商合資經營企業的經營績效比未利用外資的國有企業經營績效高,因此可推論合資企業的經營機制較佳。這表示,外商投資使國有經濟達到以產權明晰化為條件的資源最優配置,有助於解決國有企業綜合低效益問題。
本文研究得到的結論為外商投資對國有企業經營績效之改善有顯著的效果,究其原因主要有三,一是國有企業有龐大的社會負擔,二是國有企業冗員太多,人力資源運用效率較差,三是國有企業的經營機制不佳。外商投資帶給國有企業現代企業管理知識、技術,建立較佳的企業經營制度,因而合資企業經營績效較好。
關鍵字:中國大陸、國有企業、經營績效、外資投入、外商投資、新制度經濟學、交易成本、組織再造 / This study mainly discuss about foreign direct investment (FDI) in mainland China, especially the influence of the joint venture (JV) of FDI and state-owned enterprises (SOE) on the change of management mechanism and management performance of SOE. New Institutional Economist Williamson (1991) said, when the institutional environment (including property right, politics, laws and uncertainty) is changed, the transaction cost of organization will be reduced. In this study, consider JV of foreign enterprises and SOE as a change of the property right which is the change of institutional environment. FDI can reduce the cost of enterprises’ reform and it causes the change of management system of SOE. After SOE and foreign enterprise’s JV, Chinese company will adopt a relatively advanced foreign company’s organization structure to build its’ organization structure that is effective for the management performance. And Reengineering theory is used to explain their adjustment of organization structure.
The result of regression analysis shows that the management performance of JV is much better than SOE without foreign investment. Therefore, we can infer the management system of JV is better than SOE’s management system. It shows that foreign investment can make property right of SOE more clearly and effective resource allocation which is helpful for resolving SOE’s low economic effectiveness.
The conclusion of this study is that FDI is remarkably effective for the improvement of SOE’s management performance. There are three reasons to this: first, SOE has a great amount of social responsibility; second, SOE has too much labor, so it has low effectiveness of human resource management; third, SOE has a bad management system. FDI can bring modern knowledge of management, new technology, and can build an effective management system, therefore we can say the management performance of JV is relatively good.
Key words: mainland China, state-owned enterprise (SOE), management performance, foreign direct investment (FDI), New Institutional Economics, transaction cost, Reengineering
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大陸鄉鎮企業對國有企業經營績效之影響-以工業部門為例詹雅惠, Ya-Hui Chan Unknown Date (has links)
本文主要是利用中國統計年鑑、中國鄉鎮企業年鑑、中國工業經濟統計年鑑及1995年第三次全國工業普查資料匯編各年版所提供的一九九五至一九九七年期間大陸工業三十三個產業別之追蹤資料,研究大陸鄉鎮企業對國有企業經營績效之影響。本文所定義的國有企業經營績效,主要分為兩部分:一為大陸國有企業的獲利能力,一為大陸國有企業的生產技術效率。在大陸國有企業的獲利能力部分,本研究論文是採用固定效果模型(fixed-effect model)之迴歸模型來探討大陸鄉鎮企業的產業發展對國有企業獲利能力的影響。接著在大陸國有企業的生產技術效率部分,本研究論文則採用Battese and Coelli(1995)提出的具有轉移對數形式及可採用時序加截面數據的隨機邊界生產函數模型(stochastic frontier production function model),來探討大陸鄉鎮企業的產業發展對國有企業技術效率的影響。
本文主要的研究發現為,大陸鄉鎮企業確實對國有企業之經營績效產生不利影響。從區分的產業類別來看,大陸鄉鎮企業對國有輕工業部門經營績效之影響,已由損害獲利階段進入不利技術效率之階段,而國有重工業部門則停留在受鄉鎮企業負面影響獲利的階段,此乃由於鄉鎮企業發展階段的不同,所造成的影響結果亦有所差異。在本文之研究期間,鄉鎮企業在輕工業的發展已趨成熟,並開始積極發展重工業部門,所以國有之重工業部門依循其輕工業受影響模式,已出現獲利受到鄉鎮企業影響而下降之情形。
其次,本文之實證結果顯示,國有企業規模對其經營績效有顯著的助益效果。規模較大之國有企業尤其是大型國有之重工業,確實存在顯著的規模經濟效益。亦顯現出大陸政府自一九九0年開始,希望透過國有企業資源之整合,促進其發揮規模經濟效益之政策,在一九九五至一九九七年期間可能已在國有企業及其重工業部門初見成效。
此外,本文之實證結果顯示,資金密集度對國有重工業部門產生不利技術效率的影響,對其獲利能力並無顯著影響。
雖然,本文之研究結果顯示,大陸鄉鎮企業確實對國有企業之經營績效產生不利影響,但這僅是短期之現象,本論文認為鄉鎮企業所扮演的角色除了是市場競爭者外,其更應積極的被視為篩選國有企業之機制,經由鄉鎮企業的競爭壓力及短期內之不利影響,可迫使國有企業為保護其獲利不被損害及在市場上繼續生存,必須採取反應措施,而逐漸走向符合市場經濟的制度,例如讓營運不佳的企業在競爭下自市場退出、選擇適當的技術路線、發展具生產利益的產業及企業必須加強產品的創新,以獲取較高的創新利潤等回應措施。若國有企業在長期下真能依循上述模型進行調整,則國有企業之技術效率將有所提昇,並能改善其獲利低下的情況,進而達到經營績效改善。依此看來,本論文認為鄉鎮企業所發揮的是更為積極、穩定的改革力量,促使國有企業長期且持續的進行經營績效改善。
因此,在解決大陸國有企業經營績效的問題時,國有企業制度的改革固然重要,但若大陸政府在推行改革時,能加以考量鄉鎮企業發展此一重要因素,將大陸鄉鎮企業之發展視為篩選國有企業之機制,淘汰不適於市場機制、競爭力不足、虧損之國有企業,則長期下將可使國有企業達到經營績效改善之效果。 / This thesis investigates the influence of township-village enterprises (TVEs) on the performance of China’s state-owned enterprises (SOEs). Industrial-based panel data from 1995~1997 provided by various published years of the China Statistical Year Book , China Industry Economy Statistical Year Book, The data of The Third National Industiral Census of The People’s Repiblic of China in 1995, and China Township-Village Enterprises Year Book are adopted to estimate the fixed-effect model of SOEs’ profit rate function, and stochastic frontier production function model of SOEs’ technical efficiency function.
The primary finding is that the profit rate in the heavy industry and the technical efficiency in light industry of China’ SOEs are both influenced negatively by the output share of TVEs, the above proves the influence of TVEs on the performance of SOEs has changed from profit loses to technical inefficiency, but this condition won’t exist for long because of the policies to improve performance adopted by SOEs , like relocation factors, adjustment size or any useful acts will take effect.
Secondly, larger scale of SOEs, especially in heavy industry, gets higher profit rate and higher technical efficiency, the conclusion indicate that size of SOEs brings improvement of performance to SOEs.
Besides, improvement of the technical efficiency of SOEs is crossed in capital intensive, but has no effect on profitability.
The above proves that SOEs will against the competition by reactions in policy, as long as longtime performance, the technical efficiency of SOEs will make great advances. Therefore, for solving the problem about the performance of SOEs, besides the innovation in economic system, China should concern about the competitiveness of TVEs. In conclusion, China should regard TVEs not only as a competitor but also as a mechanism to sift out uncompetitive SOEs from China’s market so that the performance of SOEs can be improved to reach the crucial position in China.
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董事會動機與能力、策略資源投入及經營績效關聯性之探討林侑正, Lin, Yu Cheng Unknown Date (has links)
企業之競爭策略,對於其生存與發展具有舉足輕重的影響力,而董事會依法對策略負有監督與協助制定之責,以提升企業績效,極大化股東財富。各理論學派也均同意董事會在策略制定上具有重要影響力。故本研究參考Baysinger and Robert (1990)及Pearce and Zahra (1992)等學者的理論架構,納入策略資源投入(衡量企業策略),並依He and Mahoney (2006)之建議,將董事會特性劃分為董事會動機與能力兩部份,探討董事會動機與能力、策略資源投入及經營績效之關聯性。
本研究之主要研究結論包括:
1.董事會動機和能力與研發策略資源投入有顯著關聯性,但對其餘三種策略資
源投入(降低成本、行銷、品牌)無顯著影響。而Pearce and Zahra
(1992)認為策略會影響董事會組成之看法,本研究實證結果並不支持。
2.董事之參與程度越高,企業之經營績效越好,而監察人之參與程度則與經營
績效無顯著之關聯性。
3.納入策略資源投入變數後,董事會動機與能力變數仍維持與企業績效呈顯著
相關,而整體模型解釋力提升。
4.董監持股與經理人持股對所有策略資源投入與經營績效關聯性有顯著影響,
而機構投資人持股、董事會規模、董事會專業性與董事會參與程度則對部份
策略資源投入與經營績效關聯性有顯著影響。 / A company’s competitive strategy plays a crucial role in its sustainable development. In order to escalate the performance of the company and maximize the wealth of the shareholders, the board should oversee in the process of formulating a strategy and assist when the strategy is under its way. All corporate governance theorists agree that the board has important influence on strategy planning. Adopting the framework of Baysinger and Robert (1990), and Pearce and Zahra (1992), this study takes “strategic resource input”(measuring corporate strategy) into another consideration. This research also divides the board characteristics into board motivation and capability according to the advices of He and Mahoney (2006). The present study aims to investigate the relationship among board motivation and capability, strategic resource input and operating performance.
Several conclusions can be summarized as follows:
First, the board motivation and capability is significantly related to R&D strategic resource input while the other three strategic resource input(cost-down, sale, patent) plays little role in this study. In addition, the empirical results don’t support what Pearce and Zahra (1992) claim that strategy will affect the board’s composition.
Next, the results indicate that better operating performance is associated with higher participation figure of the directors but not the inspectors.
Next, incorporating strategic resource input into the study enhances the explanatory power of the model whereas the effect of board motivation and capability on operating performance remains the same .
Finally, the present study suggests that stock holdings of the board and the manager seem to have significant effect on the relationship of strategic resource input and operating performance. In addition, other factors, such as the board scale, professionalism and participation figure, have partial effect on the relationship between strategic resource input and operating performance.
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僑外來台投資經營績效的影響因素 / The Determinants of Performance of Overseas Chinese and Foreign Nationals in Taiwan楊佩詩, Yang, Pei Shih Unknown Date (has links)
在全球化浪潮下,廠商為追求利潤極大化,紛紛向外尋找適合的市場,其營運策略已由傳統的國際貿易移轉至全球對外直接投資,並儼然成為各國經濟發展的重要動力。對外直接投資對地主國而言,可帶來經濟成長的動力、創造就業機會、促進技術移轉及創新活動等外溢效果,因此,各國無不積極吸引外商前往投資,台灣亦不例外。由於,僑外來台投資對台灣經濟發展具有重大貢獻,據此,本研究利用經濟部投資審議委員會2008年委外調查之「華僑及外國人投資事業營運狀況調查表(非服務業)」問卷資料,分別由廠商特性、競爭優勢及營運策略等構面,探討僑外來台投資營績效之影響因素,並運用Probit Model進行實證分析。實證結果發現,產業類別、廠商規模、成立時間、租稅負擔、國際化程度及在台設立製造生產部門等,是顯著影響僑外來台投資經營績效的重要因素。因此,政府除鼓勵僑外來台投資非資訊電子工業、擴大公司規模、善用先占優勢、提升國際化程度及設立製造生產部門外,亦應給予租稅優惠,降低其租稅負擔,使其有較佳之經營績效表現,以吸引並提升投資意願。 / Corporations in pursuit of profit maximization have to seek out a suitable market under globalization trend and their business strategy has changed from the international trade shifted to the foreign direct investment. This study explores keys of performance of overseas Chinese and foreign nationals in Taiwan. By using Probit Model analysis based on 2008 statistical data from Investment Commission of Ministry of Economic Outsourcing Survey are empirically analyzed. Findings from the research indicate that “industry category, firm scale, set up time, the taxation, internationalization level and the establishment of manufacturing sector in Taiwan,” are significantly factors on firm's performance. Therefore, in order to have better operating performance and enhance the willingness on investment in Taiwan, the government should encourage overseas Chinese and foreign nations invest in Taiwan on non-information and electronics industry, expand firm scale, use of first mover advantage, enhance the internationalization level and set up manufacturing sector, but should also give tax incentives to reduce their tax burden.
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家族企業世代併購決策:以台灣上市櫃公司為例 / M&A decisions across generations:the evidence of Taiwanese family firms吳婉禎, Wu, Wan Chen Unknown Date (has links)
過去許多國內外的研究顯示,由創業者所經營之家族企業公司績效表現與投資決策優於由接班者所經營之家族企業和非家族企業。然而,台灣過去卻鮮少有文獻探討創業者與接班者在投資決策上的主要差異,以及是否在特定的公司治理特性下可以協助創業者和接班者做決策,進一步增加公司價值。
本研究主要以2010年至2014年間台灣上市櫃家族企業作為樣本,並將樣本分為由創業者所經營之家族企業與接班者所經營之家族企業,探討由創業者經營之家族企業與接班者所控制之經營企業在併購決策上是否有所不同,在何種公司治理特性或是公司特色可使併購宣告效果增加。本研究以兩階段迴歸和事件研究法作為研究方法,第一部分分析創業者與接班者在公司經營績效上之差異,第二部分分析創業者與接班者在併購宣告效果上的差異,最後進一步分析,何種公司治理特性或是公司特色可使併購宣告之累積異常報酬增加。實證結果顯示,創業者所經營之公司經營績效較佳,且由創業者所作之併購決策,能夠顯著提升併購宣告之累積異常報酬。此外,本研究發現外部董事比例越高,對於投資人預期之累積異常報酬顯著負向效果;然而外部股東持股對於併購宣告之累積異常報酬則有正向之加強效果。 / Past studies indicate that founder-family firms exhibit better firm performance and investment decisions than successor-family firms and non-family firms. However, little research has examined the difference in investment decisions across generations (founders and successors) in Taiwan. Moreover, it is unclear whether there exist some specific firm characteristics or corporate governance structure arrangements that can improve the decision-making of corporate investment to enhance firm value.
This study employs the family firms and M&A data during the period of 2010 to 2014 in Taiwan to examine whether M&A decisions differ across family generations in Taiwan. Through the two-stage least squares regression analysis and the event study analysis, we find that the founder-family firms have better firm performance than successor-family firms. The founder-family firms also earn higher acquisition announcement returns than successor-family firms. Besides, we show that the percentage of outside directors has a negative effect on the acquisition announcement returns while the largest outside ownership is positively correlated with the acquisition announcement returns.
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影響我國創投業者投資與管理因素之研究許炳煒 Unknown Date (has links)
本論文研究動機係筆者基於近十年於國內創投業之相關工作經驗,感受到國內創投業正面臨急遽之環境變遷,而興起以「評鑑各類型創投業者管理品質」觀點來探討我國創投業目前經營方式,俾供未來發展方向參考。研究目的有三:(1)整理有關創投業管理品質之文獻;(2)瞭解國內績效較佳之創投業者在管理投資案之作法;(3)提出有關創投業管理品質之命題,供後續研究者和業者之參考。本研究方法係將國內創投業者作適當分類,經由對各類代表性業者作探索性研究,綜合歸納影響我國創投業管理品質之主要因素。研究結果,就目的(1)而言,由於國內過去有關創投業之文獻大都偏重於業者之投、融資行為及其影響因素之探討,甚少文獻直接涉及投資後管理之研討及分析影響業者管理品質之主要因素,因此在第二章各節,除說明所蒐集文獻之要點外,另於各節小結中補述國外情況及實務運作經驗,以補文獻之不足;就目的(2)及(3)而言,經對選擇性個案研究綜合分析後,歸納出影響我國創投業管理品質之主要因素有下列八項:
1.具備專業之決策小組,包括:(1)專業董事會;(2)專業領導人;(3)專業幕僚。此結構愈完整,面對高風險之科技事業投資計畫,愈具明確決策及避險能力。
2.配合產業發展潮流,以主流產業為主要投資對象,此投資組合較能因取得政府研發補助等資源挹注而獲致較高成功機會。
3.能提供被投資事業高度附加價值,主要涵蓋以下四項:1.金融網絡(包括後續增資之配合及協助取得融資);2.產業網絡(包括協助技術引進、市場開發及策略聯盟等);3.國際化網絡:主要用予協助拓展海外市場及建立國際策略聯盟;4.諮詢輔導(包括協助申請政府研發補助、協助解決計畫推動面臨之技術引進不順利、主力產品之市場需求不如預期、關鍵技術人員流動、計畫資金不符實際需求等問題)。
4.能給予經營團隊具激勵性之獎酬制度,主要包含下列兩項措施:(1)優厚之技術股;及(2)與業績相連結之績效獎金。此激勵措施若能予以公開化、制度化,且激勵之實質內涵愈完備,愈能留住專業人才並激發其最大之效益。
5.公司或經營團隊具聲譽效果,創投業者面對高風險之科技投資,若能因獨特之差異性產生競爭優勢並衍生聲譽效果,相對地較能覓得好的案源,降低其投資風險及經營成本。
6.對被投資事業施予適度之涉入管理,掌握「及時」之管理資訊,此要素功能主要透過以下三方式而發揮:(1)取得董事會席次;(2)參與經營管理會議;(3)設置專案管理人(A/O),專案追蹤管理。對被投資事業若能掌握「及時」之管理資訊,可提早發現問題、事先防範風險,對提升創投業者之管理品質甚具助益。
7.協助取得政府資源之挹注,在政府選擇性之介入產業科技發展下,投資案若能取得政府資源之挹注,成功率自然較高。
8.聯合投資或策略聯盟之程度,經由與旗下或其他國內外同業間之聯合投資或策略聯盟,創投業者可獲取下列三項效益:(1)分散投資風險;(2)拓展網絡關係,增加產業資訊來源;(3)學習評估及經營管理經驗。聯合投資或策略聯盟之程度愈密切,效益愈高。
本研究根據文獻探討、個案研究及實務經驗而發展出四類命題:(1)創投業者公司特質與投資管理之關係;(2)創投業者投資政策與投資管理之關係;(3)專業團隊與投資管理之關係;(4)投資管理與績效之關係。研究過程中,本論文雖已力求客觀、週延表達我國創投業之經營管理狀況,但在業者經營績效資料不易充分取得之下,本研究存在三項限制:(1)只針對六個選擇性個案分析,雖然其績效均優於同業,本研究之分析結果可能不具有一般性,且除個人經手外,其他案件因係訪談而取得之資訊,可能有誇大情形;(2)國內創投業之發展,相較於美國仍在早期,業者可能仍在摸索階段,目前之作法未必為最佳之作法;(3)由於經營失敗之創投案例,資料不易取得及作歸納分析,本研究並未予以蒐集與探討,這是在詮釋本研究之結果時,應納入考慮的。
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