Indiana University-Purdue University Indianapolis (IUPUI)

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.

本研究針對企業赴海外上市決策面的三個構面進行探討並以台商為例，首先是探討企業赴海外上市前的動機為何，其次是企業如何選擇海外上市的地點，最後探討這些企業赴海外上市後的效益，也就是企業在海外上市的前、中、後三個不同階段所可能遭遇到的問題進行實務的探討，並以多重個案分析與類型比對的方式，以及一些台商上市現況的統計數字，希望以過去文獻中曾探討的議題來加以研究。 由於過去的研究偏重於台灣、香港、中國大陸三地市場，為了將層面擴大，特別從台商目前赴海外投資最最多的前十名的國家當中，挑出較為重要的六個國家，分別是香港、中國大陸、新加坡、美國、越南、泰國，並研究當地的已上市台商的現況，從當地上市台商所屬產業家數最多者，挑出具代表性的公司，進行個案研究及比較分析。 從個案研究發現，企業赴海外上市的動機，結果是“有利於開拓海外市場”及“易招募優秀人才”的營運面動機較多；企業海外上市地點的選擇，多半因為“市場流動性及規模及本益比”及“資金運用限制”；至於企業赴海外上市後的效益，結果是“提高公司聲譽”及“有助於產品銷售”另外，並發現香港及大陸上市後股東財富增加顯著。 最後，建議企業未來在選擇海外上市地點時，應多方面考量及評估，並非單純僅就幾個因素就決定企業海外的上市地點，應從各利害關係人的角度，去仔細思考在何處上市將是對企業最有利的。 / The research discusses three perspectives on the decision of enterprise go listing abroad and takes Taiwan enterprise as an example. Firstly, to study what are the motives of enterprises go listing abroad. Secondly, to research how enterprises choose listing place abroad. Finally, to discuss the benefits of these enterprises after go listing abroad. That is to say, to discuss the practiced issue that enterprise might encounter with the problems in the three different stages which before, in, after they go listing abroad, and analyze by way of pattern match, and the statistics of present status of some listed Taiwan enterprises with multiple cases, hope to research on the subjects has been discussed in the literature in the past. Because similar researches emphasize three stock markets in Taiwan, Hong Kong and Mainland China in the past, in order to expand the scope, especially from the top ten area invested by Taiwan enterprise at present, choosing six comparatively important area, including Hong Kong, Mainland China, Singapore, U.S.A., Vietnam, Thailand, and study the present situation of the already locally listed Taiwan enterprises, find the most ones from the local listed Taiwan enterprise's affiliated industry, choose the representative company, proceed with case study and comparative analysis. Find from case study, the motives of enterprises go listing abroad are " Contribute to exploit the overseas market " and " It is apt to recruit outstanding talents " the operation motives are more; the choices of enterprises’ overseas listing places, mostly because "Liquidity and scale and p/e ratio of stock market" and " Restriction on funding usage " ; and the benefits after listing abroad as for enterprises are " Improve company's reputation " and " Contribute to the product’s selling " In addition, the research shows shareholder's wealth increased apparently after listed in Hong Kong and Mainland China. Finally, the research suggests enterprises while choosing the listing place abroad in the future, it is considered and evaluated that should be in many aspects, not to determine the overseas listing place of enterprises alone simply rely on some factors, should think carefully in where to go listing is the most favorable to enterprise itself in terms of every interested party.