在資本主義盛行之今日，「公司治理」已成為舉世矚目之焦點。自從1997年亞洲爆發金融危機後，許多國際組織、非政府組織及亞洲經濟體投入大量的資源與時間研究此一議題，認為完善的公司治理是提昇企業策略能力及國際競爭力的最佳良方。在台灣，隨著資本主義盛行的浪潮，近二十年來產業轉型、高科技事業蓬勃發展的幕後功臣，除了政府主導科技研發計劃與租稅優惠及專案補助措施外，首推「創業投資業」；創業投資業之所以成為台灣高科技產業之推手，主要在於其「投資後管理」之積極性、策略性功能。根據經濟合作暨發展組織（OECD）於2002年所發表之研究報告顯示，創業投資業投資額佔GDP比率與該國公司治理績效之評比成正相關，由此可見創業投資業對提昇公司治理的貢獻。 本研究之目的在探討創業投資業於各投資階段，增進轉投資事業公司治理之最佳實務作法，期能提供我國創業投資業者參酌、運用，以發揮其對被投資公司積極、正面之監督控管功能，並符合公司治理的四個基本原則：公平性（Fairness）、透明性（Transparency）、課責性（Accountability）、責任性（Responsibility），建立二者間良性、穩定的溝通模式及信賴關係，讓創業投資業繼續為台灣產業競爭力加分。 「創業投資」（Venture Capital）又稱「風險投資」，而專為投資於高科技、高風險、具發展潛力且成長快速之事業所募集之資金，則為「創業投資基金」（Venture Capital Fund）。創業投資的投資模式是在高風險、高報酬的前提下，對具成長潛力的被投資公司提供中、長期資本及經營、資源、網絡的加值服務，協助投資標的快速成長，克服各項經營問題，申請上市櫃，以實現其高額之資本利得；因此，創業投資業與被投資公司間之投資關係，是建立在相互合作之互信基礎，互謀長期最大利益，而創業投資業最重視的則是，投資資金是否能順利回收及獲利，被投資公司的獲利是否有如預期、體制運作是否健全，進而進入資本市場，讓其所投入之資金有退出機制。 公司治理 (Corporate Governance) 這個議題是從美國發展出來的，當初國內學者對該名詞的翻譯不盡相同，有譯為「公司管理」、「公司治理」者；亦有譯為「公司監控」、「公司管控」者；在台灣統稱為「公司治理」，以兼顧管理、監控及自治、自律之功能。依據中華公司治理協會之定義：「公司治理是一種指導與管理的機制，以落實公司經營者責任為目的，在兼顧其他利害關係人利益下，藉由加強公司績效，保障股東權益」。 良好的公司治理必須符合四個原則，分別是公平性 (Fairness)、透明性 (Transparency)、課責性 (Accountability)以及責任性 (Responsibility)。公平性指的是對公司各投資人以及利益相關者予以公平合理的對待；透明性指公司財務以及其他相關資訊，必須適時適當地揭露；課責性指公司董事以及高階主管的角色與責任應該明確劃分；責任性則指公司應遵守法律以及社會期待的價值規範。 依據OECD公司治理原則之說明，良好的公司治理具有：提高經濟效率、降低資金成本、健全財務結構之基礎等功能。 在台灣，上市公司與大多數國家一樣，公司的所有權結構大都傾向於具有控制股東，而控制股東會透過金字塔結構、交叉持股與互為董事等方式而達到控制公司的目的，在此情況下，控制股東極可能透過利益輸送和掏空公司資產等方式，剝奪奪小股東的財富，並衍生道德危機與逆選擇的相關代理成本，而引發核心代理問題。 本研究發現創業投資業推動公司治理之誘因如下列： 一、期藉由灌輸經營團隊公司治理--「課責性」及「責任性」之基本原則，塑造正確之價值觀，建立企業長治久安之基礎。 二、強調公司治理--「公平性」之基本原則，保障少數股東之權益，維護創業投資業持有股權之股東權益及價值。 三、確信良好之公司治理會提昇轉投資事業之獲利能力及市場價值，同時增加創業投資業退出時所獲之資本利得。 本研究發現創業投資業評估轉投資事業公司治理之重點如下列： 一、轉投資事業之財會數據之正確性、可信賴度及資訊透明度、詳細度。 二、轉投資事業股東成員、股權結構及背景，及具實質影響力之股東特性。 三、轉投資事業董事會運作之情形，如：董事會成員、董事選任方式、董事會議題及會議進行模式。 四、轉投資事業經營團隊之商譽及誠信度，各項法令之遵循程度，公司章程之適法性及可執行程度。 五、董事會、董事長、總經理之權責劃分是否適當及課責性是否落實。 六、轉投資事業之會計制度是否建立且落實執行，以避免轉投資事業做假帳，並確保能按時提供財務報表。 本研究針對創業投資業推動創建期事業公司治理之方法建議如下： 一、建立企業主正規之「公司法制」觀念。 二、正視「公司章程」之法律地位及重要性。 三、導入「股份有限公司」之運作機制，建立「股東會」、「董事會」及「監察人」之基本功能及符合法令規定之決策模式。 四、建制符合「內部控制機制」之作業系統及程序。 本研究針對創業投資業推動擴充期事業公司治理之方法建議如下： 一、善用「公司章程」及「法令規章」解決「核心代理問題」。 二、強化「董事會」、「監察人」職能，推動「上市上櫃公司治理實務守則」。 本研究針對創業投資業推動成熟期事業公司治理之方法則建議由實踐股東行動主義著手；包括： 一、創投業於投資前，應確信公司治理之重要性，將投資標的推動公司治理之績效，納入投資組合考量。 二、執行投資後，創投業應經常與公司重要股東與經營階層充份溝通及於董事會、股東會中充份表達意見，以促使公司控制股東及經營階層重視少數股東之權益。 關鍵字：創業投資業、創建期、擴充期、成熟期、公司治理、核心代理問題、控制股東、公司章程、股東會、董事會、監察人 / According to the OECD research report released in 2002 that existed a positive relevant between the investment amount of venture capitalist to the GDP and the corporate governance performance in the most countries worldwide. The contribution of venture capitalist for the corporate governance is obviously numerous. The objectives of this thesis is intend to research venture capitalist how to enhance the investee corporate governance in the investees’ start-up, development, maturing stages practicably. Basing on this study, both of the venture capitalist and the investee can conduct a beneficial and stable communication manners and relationship. In Taiwan, most of the listing companies are same as the developed countries; the majority shareholders almost constitute the whole shareholders’ structure and possess the great majority voting rights. Under this circumstance, the majority shareholders instinctively intend to create the arms-in-length transactions to deprive the minority the shareholders’ benefits and wealth, and cause the core agent problems. The study was conducted by analysis, induction, and case study methodology covering three samples of venture capitalist. The results of this study are follows: 1.At the investees’ start-up stage, the measures of venture capitalist enhances corporate governance are listed as below: 1)Educating the business owner to establish the corporate legal concept. 2)Paying much attention about the article to follow the company law. 3)Introducing and following the company law’s operating structure, and establish the “shareholders”, “board of directors” and “supervisors” basic functions and decision model. 4)Establish the internal control system and procedures. 2. At the investees’ development stage, the measures of venture capitalist enhances corporate governance are listed as below: 1)Practicing the article and regulation to overcome the core agent problems. 2)Empowering the board of directors and supervisors function, and progressing the “Corporate Governance Best Practice Principles for TSEC/GTSM Listed Companies” in the investees business running. 3. At the investees’ maturing stage, the venture capitalist suggested to practice the shareholders activism; for example: taking the corporate governance performance into the investment evaluation. Key Words: venture capitalist, start-up stage, development stage, maturing stage, corporate governance, core agent problem, majority shareholders, article, shareholders’ meeting, the board of directors supervisor

Made available in DSpace on 2016-08-10T10:55:15Z (GMT). No. of bitstreams: 1 Paulo Lopes da Silva.pdf: 2017866 bytes, checksum: 9d8986584beaa350fa0d44c75ba8bf36 (MD5) Previous issue date: 2006-08-16 / The increasing quality lost of underground water all over the world, due to intensified antropic action during many decades, may make impracticable the future use of this natural resource. The modernity including its promise of adventure, power, joy, growth, interior change and change of the things around it (...) is at the same time the threat to all we have, all we know, all we are (Berman, 1988). According to this idea, the environment issue claims the problematicals consequences of the modernity and capitalist dynamics. Many are the environment problems, such as the freatic water pollution. These resources already supply more than 50% of the world population with water. The way today we face the environment problem and the way we understand them, its instruments, its politics such as all the dynamic brought in the search of its confrontation, are part of the big questions of this century. The freatic water environment problems occurs whenever more people demand higher life style standard with cheaper technologies, even if the involuntary sub products include the soil degradation, the toxic polluter, the animal species´ extinction or the climate changes. The environment is the totality of physiographic factors (soil), water, forest, relief, geology, landscape, meteorological factors and climate factors added to psycho-socials inherent to human nature (such as behavior, well-being, mind spirit, job, health, food) added to sociological factors such as culture, civility, sociability, respect and peace. So the planet Earth should be considered as a unique system. As we expand our understanding about the system which controls the environment and its never-ending interconnections, potential solutions will consolidate. The study of freatic water systems capacity/potentiality and natural geosystems as support to human needs will be a way of consolidating the scientific knowledge. It will do the necessary inter-relation between the natural environment and human potentiality. This way, an increasing consciousness related to environment issue appears as the possibility of the union between human and nature, both can t be analyzed as excludents poles. In the next pages, Goiânia and Aparecida de Goiânia cities are explore about yours underground water. / A crescente perda da qualidade das águas subterrâneas em todo o mundo, devido à ação antrópica intensificada ao longo de muitas décadas, pode inviabilizar a utilização futura desse recurso natural. A modernidade dentro de sua promessa de aventura, poder, alegria, crescimento, autotransformação e transformação das coisas ao seu redor (...) é ao mesmo tempo ameaça a tudo que temos, tudo o que sabemos, tudo o que somos . Nesse sentido a questão ambiental evoca as conseqüências problemáticas da modernidade e da dinâmica capitalista. Vários são os problemas ambientais, entre eles a poluição dos lençóis freáticos, que já abastecem mais de 50% da população mundial, a maneira que hoje enfrentamos, a circunstância como se dá esse entendimento, de seus instrumentos, de suas políticas, assim como toda a dinâmica na busca de seu enfrentamento fazem parte das grandes questões do nosso século. Os problemas ambientais com os lençóis freáticos surgem porque cada vez mais pessoas exigem padrões de vida mais altos com tecnologias mais baratas, mesmo que os subprodutos involuntários incluam a degradação dos solos, os poluentes tóxicos, a extinção de espécies animais ou alterações climáticas. Assim o meio ambiente sadio, ou seja, a totalidade dos fatores fisiográficos tais como o solo, a água, a floresta, o relevo, a geologia, a paisagem, fatores meteoros-climáticos mais os fatores psicossociais inerentes á natureza humana (comportamento, bem-estar, estado de espírito, trabalho, saúde, alimentação, etc.) somados aos fatores sociológicos como cultura, civilidade, convivência, o respeito, a paz etc. é que iluminará a sobrevivência humana. Dessa forma, planeta Terra deve ser visto como um único sistema e na medida em que expandirmos nossa compreensão sobre o sistema que controla o meio ambiente, das suas infinitas interligações, soluções potenciais se consolidarão. O estudo da capacidade/potencialidade dos sistemas freáticos e geossistemas naturais, como suporte às necessidades humanas, é ou será uma forma de consolidar o conhecimento cientifico e que dará a inter-relação necessária entre o meio natural e as potencialidades humanas. Desse modo, uma crescente conscientização acerca da questão ambiental, surge como a possibilidade de união entre o HOMEM e a NATUREZA, que não podem ser tomados como pólos excludentes. Nas páginas seguintes, exploram-se as condições ambientais, especialmente o lençol freático subterrâneo das cidades de Goiânia e Aparecida de Goiânia.

In the last three decades of the twentieth century and the first of the internal forces of the capitalist system have changed in such a way, that show has achieved a new kind of capitalism that currently in force. It is a type of financial capitalism - with the globalization of high finance as its ultimate expression. This new corporate arrangement is characterized by chronic instability that leads to many problems on a global scale. From which highlights the supremacy of the financial sphere on the production. This supremacy is a destabilizing component of investment, the financing of productive activities, employment and income. Moreover, dismantled the National States and its ability to intervene in order to bring discipline and order to the system. National states were also affected in their capacity to create and effectively implement policies aiming at full employment and better generation and distribution of income and wealth. From the middle of last century, historical and structural forces emerged and were expanded in contemporary capitalism. This junction with the structural history has made possible the dominance of finance mainly through their higher aspect: the financial globalization (Chapter I). The effort of this dissertation focuses on the argument that the supremacy of finance is a characteristic inherent in the modus operandi of capitalism and that if the system does not suffer the imposition of rules and discipline, crises and instability are increasing, and entail more harm to society as a whole. To consolidate this argument, the study draws on the analysis of three thinkers who, in their conceptions and theoretical formulations, pointed to a clear and endogenous tendency in capitalism for the supremacy of finance. Marx's analysis of the actual movements of capital and its developments culminating in the absolute form of wealth expressed by the fictitious capital (Chapter II); Keynes with his revolutionary interpretation of an economy that is essentially monetary and in which the agents, faced with the expectations arising from an uncertain future, opt for more liquid assets, thus depressing the investment and productive activity (Chapter III), and Minsky with his hypothesis of financial fragility, which is a result of a complex economy that needs funding for the growth in a world characterized by unpredictability of economic activity over time (Chapter IV). Are the theoretical and analytical here used to undergird and support the argument that the supremacy of finance is an inherent feature of the development of the capitalist system of production. / Nas últimas três décadas do século XX e na primeira deste, as forças internas do sistema capitalista se alteraram de um tal modo, que denotam ter surgido um novo tipo de capitalismo que atualmente vigora. É um capitalismo de tipo financeiro tendo a globalização das altas finanças como sua expressão máxima. Este novo arranjo societário é caracterizado por uma instabilidade crônica que acarreta inúmeros problemas em escala global. Dentre os quais, destaca-se a supremacia da esfera financeira sobre a produtiva. Tal supremacia é uma componente desestabilizadora do investimento, do financiamento das atividades produtivas, do emprego e da renda. Além do mais, desarticulou os Estados Nacionais e sua capacidade de intervenção visando dar disciplina e ordem ao sistema. Os Estados Nacionais também foram afetados na sua condição de criarem e efetivamente implementarem políticas objetivando o pleno emprego e a melhor geração e distribuição da renda e da riqueza. A partir de meados do século passado, forças histórico-estruturais surgiram e se ampliaram no capitalismo contemporâneo. Uma tal junção do estrutural com o histórico tornou possível à supremacia das finanças, principalmente por intermédio de sua vertente maior: a globalização financeira (Capítulo I). O esforço desta Dissertação está centrado no argumento de que a supremacia das finanças é uma característica inerente ao próprio modo de funcionamento do capitalismo e que, se o sistema não sofrer a imposição de regras e disciplina, as crises e a instabilidade serão cada vez mais intensas e acarretarão mais males para o conjunto da sociedade. Para embasar este argumento, o estudo se vale das análises de três pensadores que, nas suas concepções e formulações teóricas, apontaram para uma nítida e endógena tendência no capitalismo para a supremacia das finanças. Marx com a análise dos movimentos reais do capital e seus desdobramentos que culminam na forma absoluta da riqueza expressa pelo capital fictício (Capítulo II); Keynes com a sua revolucionária interpretação de uma economia que é essencialmente monetária e na qual os agentes, ao se depararem com as expectativas advindas de um futuro incerto, optam por ativos mais líquidos, deprimindo assim, o investimento e a atividade produtiva (Capítulo III); e Minsky com sua hipótese da fragilidade financeira, que é conseqüência de uma economia complexa que necessita de financiamento para o seu crescimento em um mundo caracterizado pela imprevisibilidade da atividade econômica ao longo do tempo (Capítulo IV). São os referenciais teórico-analíticos aqui utilizados para embasar e sustentar o argumento de que a supremacia das finanças é uma característica imanente do desenvolvimento do sistema capitalista de produção. / Mestre em Economia

Made available in DSpace on 2016-08-17T18:10:04Z (GMT). No. of bitstreams: 1 DISSERTACAO MARIA TEREZA.pdf: 1938284 bytes, checksum: 27577fa078ef835c08504033a2238932 (MD5) Previous issue date: 2013-02-27 / This essay is focused on the study of the Labor Cooperative Societies in Maranhão, from 1990 to 2010, which, following the examples coming from other Brazilian states, have proliferated as a way of intermediation of labor in order to attend the necessities of outsourcing of private companies and public entities. This research‟s analysis has its starting point with the contemplation on the binomial of the mitigation of work and the costs reduction present in this form of hiring workers, so as to attend to the logics of the capitalist restructuration, in a total disagreement with the conceptions of cooperativism. Three pivotal questions are elected for the comprehension of the phenomenon. In the first one, the cooperativism‟s historical trajectory is rescued, since its original conception, ideological aspects, global expansion, and the way through which it was implanted in Brazil, in addition to recovering international organisms‟ conceptions, those of the International Cooperative Alliance and the International Labor Organization (ILO), and the national legislation that concerns the cooperatives. In the second pivotal question, the relevant transformations in the capitalist means of production and their effects in the world of work are discussed, being emphasized the outsourcing process and its effects, among which the mitigation and the discussions that bring together disgraced workers of informality. Also discussed in this topic is whether the Labor Cooperatives consist of an alternative to insert workers into the market or if they contribute to deplete work relations once it reduces costs for the hiring company and the service taker. In the third pivotal point, it is presented a theoretical-conceptual discussion on the cost of work and the social duties in the employment relations as well as the cost of the work coming from associated workforce and the way how they influence the form how private companies and public entities hire their employees. The figures of Brazilian cooperativism, and especially in the state of Maranhão are evidenced as well as the discussion over the role that workforce cooperatives possess, they being subspecies of Labor Cooperatives before the new law of cooperatives as a way to correct the presented distortions. / Este trabalho centra-se no estudo das cooperativas de mão de obra no Maranhão, no período de 1990 a 2010, que a exemplo dos demais estados brasileiros, proliferou como forma de intermediação de mão de obra para atender às necessidades de terceirização de empresas privadas e entes públicos. A análise desta pesquisa tem como ponto de partida refletir sobre o binômio da precarização do trabalho e redução de custos presentes nessa forma de contratação de trabalhadores, para atender à lógica da reestruturação capitalista, em completo desacordo com as concepções do cooperativismo. Elegem-se três eixos centrais para a compreensão do fenômeno. No primeiro eixo, resgata-se a trajetória histórica do cooperativismo, desde a sua concepção originária, aspectos ideológicos, expansão mundial, e modo como foi implantado no Brasil, além de recuperar as concepções de organismos internacionais, da Aliança Internacional do Trabalho e da Organização Internacional do Trabalho OIT e a legislação nacional que trata das cooperativas. No segundo eixo trata-se das transformações relevantes no modo de produção capitalista e seus reflexos no mundo do trabalho, com enfâse para a terceirização e seus efeitos, dentre os quais a precarização e as discussões que aproximam os trabalhadores precarizados da informalidade. Discute-se neste tópico se as cooperativas de mão de obra se constituem em alternativa para inserir trabalhadores no mercado ou se contribuem para precarizar as relações de trabalho a pretexto de reduzir custos para as empresas contratantes e a tomadora de serviços. No terceiro eixo apresenta-se uma discussão teórico-conceitual sobre o custo do trabalho e dos encargos sociais nas relações de emprego, o custo do trabalho da mão de obra associada e o modo como influenciam a contratação de trabalhadores pelas empresas e pelo poder público. Apresentam-se os números do cooperativismo brasileiro e no Estado do Maranhão e retoma-se a discussão sobre o papel das cooperativas de mão de obra, como subespécie das cooperativas de trabalho diante da nova lei das cooperativas como forma de corrigir as distorções apresentadas.

The submitted thesis deals with the issue of left-wing extremism, especially the development of Trotskyist groups in the territory of Czechoslovakia, later the Czech Republic between the years 1989 - 2014. In the first part of the thesis, the background of Trotskyism thought is introduced as an ideology which is the result of a long-standing conflict between Trotsky and Stalin that was primarily concerned with direction, leadership and the nature of the Soviet Union. The main topics of Trotskyism as the intellectual movement are defined on the base of the analysis of several major writings by L. D. Trotsky. The second part is devoted to the analysis of a number of Trotskyist organizations that are acting or have acted in the Czech environment. In total, four groups from the Czech environment can be identified as Trotskyist. These are the following entities: "Budoucnost" ("Socialist Alternative Future"), "Socialistická solidarita" ("Socialist Solidarity"), "Socialistická organizace pracujících" ("Socialist Organization of Working People"), and "Nová antikapitalistická levice/Levá perspektiva" ("New Anti- Capitalist Left/Left Perspective"). This thesis is an analysis of the development of these groups, of their requirements and program principles, and of the events which these groups participated in during...

I denna uppsats undersöker vi hur kapitalistisk realism, så som formulerat av Mark Fisher, uttrycks i två samtida romaner: The Road (2006) av Cormac McCarthy och Another Now (2021) av Gianis Varoufakis. Vi undersöker även romanernas relation till hopp och använder Ernst Blochs idéer i ämnet. I McCarthys skildring av människan, samhället och tiden, bekräftas kapitalistisk realism genom glorifiering av bland annat irrationalitet, brutal individualism och det "eviga nuet". Hoppet i romanen är av religiös natur. I Another Now, å andra sidan, ifrågasätts kapitalistisk realism, och alternativa synsätt och sociala arrangemang föreslås. Hoppet sammanfaller här med Blochs idé om det begripliga hoppet. / In this paper we examine how capitalist realism, as formulated by Mark Fisher, is expressed in two contemporary novels: The Road (2006) by Cormac McCarthy and Another Now (2021) by Yanis Varoufakis. We also examine how the novels relate to hope, and use Ernst Blochs ideas on the subject. In McCarthy's depiction of humanity, society, and time, capitalist realism is validated through, among other things, the glorification of irrationality, brutal individualism, and the "eternal present". Hope in the novel is of a religious character. In Another Now, however, the same ideology is questioned, and alternative views as well as concrete post-capitalist social arrangements are proposed. Here, hope aligns with Bloch's idea of comprehended hope.

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新創科技公司源源不斷的產生，是經濟發展的主要動力。美國1995年後崛起的公司，其中大部份為科技公司，所創造的股東價值是《財星》500大企業的二倍。台灣新竹科學園區，20年以來成立了300多家公司，創造出台灣GDP約10%的產值，新創科技公司之重要性可見一斑。 新創科技公司具有新創公司及科技公司兩者的特性，其營運不確定性高，創業者的創業精神及意志力是公司成敗關鍵，建立團隊、資金募集、及產品研發是創業者最主要的工作。 由於資本市場與產業市場快速的變化，新創科技公司在資金募集及研發管理上，面臨從所未有的變局。過去一年，在矽谷有上千家新創科技公司因資金募集不順或研發管理失利，而關門大吉。這是矽谷從所未有的現象。 究竟新創科技公司的資金募集及研發管理，有何關鍵要素以及資金募集及研發管理二者績效之關聯性如何，本研究以矽谷及台灣19家新創科技公司為研究對象，所包含產業有IC設計業，光電業，光通訊業，IC設備業，醫療設備業，及電子材料業等，獲得『影響新創科技公司資金募集及研發管理績效之關鍵要素』，以及二者之關聯性之結論如下： 一、資金募集 根據文獻研讀，影響新創科技公司資金募集績效的關鍵要素有：創業團隊能力因素，環境因素，及報酬與風險因素；而根據個案研究結果，創業者必須在不同發展階段，掌握不同的關鍵要素，分述如下： １　種子期 (1) 完善的營運計劃 (2) 募資時機的掌握 (3) 創業者所具備達成超高報酬率之條件 (4) 具號召力股東的參與 (5) 明確了解募資對象的決策特質，投資偏好、及投資策略 ２　創建期 除了種子期之關鍵要素之外，另產品要獲得關鍵客戶之認可，研發進度要等合原設定目標，關鍵股東或董事對募資的持續支持，亦均為關鍵要素。 ３　擴張期 公司商品化及量產能力，行銷、財務管理能力之優劣為此時期資金募集成敗之關鍵要素。 二、研發管理 根據文獻探討，影響新創科技公司研發管理績效的關鍵要素有：產品定位，外部資源運用及整合能力，內部資源管理及整合能力。另經個案研究發現，新創科技公司因研發資源有限，所以要研發什麼產品，不但要有方向感（即產品定位），同時尚要能因應技術及市場的變化，降低研發風險，所以要有產品組合之規劃。且創業者不但要具備良好技術背景，同時要藉創業精神及領導力，來吸引優秀人才加入『前途未卜』的新創科技公司。另外，新創公司之研發進度往往落後於設定目標，所以利害關係人（董事、股東、顧客、供應商、及員工）的耐心支持，亦是非常重要的。歸納個案研究發現下列五項影響研發管理績效關鍵要素： 1　明確的產品定位及產品組合 2　良好的研發專案管理能力 3　CEO或CTO應具良好的技術背景及領導力，以吸引優良技術人才加入 4　公司內外部研發資源良好之整合能力 5　利害關係人的支持 三、資金募集及研發管理二者績效之關聯性 依個案研究分析結果，對於二者之關聯性可獲得下述之結論： 1. 研發管理績效不佳者，資金募集通常難以成功，而研發管理具良好績效者，其資金募集較易成功。 2. 資金募集績效良好者，必須具備良好之研發管理，而資金募集績效不佳者，未必研發管理績效不佳。 / High-tech start-ups are the powerhouses of economic development. The total market value of high-tech start-ups that launched after 1995 is twice of that of Fortune 500 companies combined. The Hsinchu Science Park of Taiwan has incubated some 300 companies since her inception 20 years ago. To date these 300 companies generate in total a revenue of about 10% value of Taiwan’s GDP. High-tech start-ups have the attributes of start-ups and high-techs. As start-ups, they face so many uncertainties along the way. And as high-techs, they face dynamic market environments and short life cycle of products. Only through the founders’ entrepreneurship and strong motivation, can the high-tech start-ups survive and prosper. Team building, fund raising and R&D are the main jobs of every founder. Recently, because of the unpredictable change of capital markets and industry markets, the high-tech start-ups have experienced a great challenge in fund raising and R&D management. For the past year alone in Silicon Valley, there have been more than 1000 high-tech start-ups filed Chapter 11 or Chapter 7, out of the failure of funding or R&D. A cruel scene has never been seen for the past two decades. OBJECTIVE The objectives of this thesis intend to explore the key success factors (KSFs) of fund raising and R&D management for high-tech start-ups, and the relationship between the success of fund raising and R&D management. This study was conducted by using case study methodology covering 19 samples of high-tech start-ups. The accidental sampling was collected from 9 samples located in the Silicon Valley and 10 in Taiwan, with industries ranging from IC design, opto-electronics, opto-communications, IC equipment, health care equipment to electronics components. The data was obtained by interviewing the top management of these companies and venture capitalist to validate the information. CONCLUSION The result of this study found that the KSFs of fund raising are as follows, 1. According to the research papers and readings, three key factors determine the success of fund raising--- the core competence of the management team, the economic, industrial and social environment, and the investment return vs. risk. 2. This study shows that the KSFs are related to the maturity of high-tech start-ups’ development levels. They are not all the same. In embryo stage, the KSFs are the solid business plan, the right timing of fund raising, the team’s track record, and the knowledge to know the prospective investor’s decision criteria, investment preferences and investment strategy. In early stage, the KSFs should add two more points; one is that the products shall have design-wins from strategic customers with the achievement of milestone complying with schedule, the other is the continuing support from strategic investors. In expansionary stage, the KSFs are the products’ marketability and manufacturability. Also the marketing ability and financial ability are no less important. Moreover, the key factors affect the success of R&D management as follows, 1. In the research papers and readings, three determinants to the success of R&D management are the products’ positioning, the application and integration ability of external resources, as well as the management and integration ability of internal resources. 2. In the analysis of this study, the KSFs, emphasize more on the sides of strategic thinking and founders’ entrepreneurship as follows: a. The right product positioning and products portfolio; b. The good R&D project management skills; 　c. The founders’ good technical background and leadership to attract top-notched technical staff to join; d. The good integration ability of internal and external resources; e. The full support of shareholders. Above all, regarding the relationship between the success of fund raising and R&D management, the poor performance of R&D will, in general, leads to the failure of fund raising, whilst the good performance of R&D will help the success of fund raising. However, one with the success of fund raising, must couple with the good performance of R&D, and one with the failure of fund raising, not necessarily goes with poor performance of R&D.

This paper interweaves narrativized readings and experiential narratives as personal and cultural resources for counterhegemonic cultural critique within our historical context of globalization and ecological crisis. Framed by perspectives on epistemology, everyday life, and place, these reflections seek to engage and revitalize our notions of community, creativity, and the individual, towards visioning the human art of community as a counternarrative to globalization. Such a task involves confronting the meanings we have come to ascribe to work and economy which so deeply determine our social fabric. Encountering the thought of key 19th and 20th century social theorists ranging from William Morris, Gregory Bateson, and Raymond Williams, to Murray Bookchin, Martin Buber, and Wendell Berry, these reflections mark the indivisible web of culture in the face of our insistent divisions, and further, iterate our innate creativity as the source for a vital, sustainable culture that might reflect, in Bateson’s terms, the pattern that connects.