摘要 中小（微型）企業創業之籌融資問題，深受資訊不對稱與代理問題所嚴重左右， 在內部資金有限之前提下，創業者面對外部融資可能遭遇干涉經營權與商業機密外洩 的考量，且創業者又不願將個人資產作為債權融資擔保品而暴露於創業風險之中，於 上述多重議題的侷限下，融資順位假說（Pecking Order Hypothesis）應可提供創業者 一個分析架構，據以權衡其與外部股權投資者及債權融資者之間所面臨資訊不對稱與 代理問題，這並非僅以資金成本最小化所能衡量，唯有釐清三方訴求、風險認知與承 擔意願，方能將創業者與資金提供者之間建構出「休戚與共」的投融資組合模式。結 果發現受訪者於創業階段的融資方式，頗能與融資順位假說契合；但進一步考量受訪 對象所需之資源規模與多數為家族企業之背景條件而言，當「技術密集」之產業特徵 為受訪企業為必要生存條件，但「資本密集」卻不為公司生存之必要條件時，則不具 天使融資發生的可能性。但若當中小企業發展同時存在「技術密集」與「資本密集」 之雙重必要條件時，則可能有發生天使融資之可能性，卻又可能因為天使融資者本身 擁有之充沛資金、技術條件、經營管理或市場行銷能力，一旦天使融資者取得參與經 營權力之際，則可能衍生共管、甚或反客為主的情形。

Abstract When starting a business, the problems of financing preferences and channels encountered by small and medium-sized enterprises （SMEs） are highly influenced by information asymmetry and principle-agent problems. If an SME only has limited internal funds, its financing channels will likely be based on external equity financing or debt financing, as entrepreneurs do not want to expose to the business risk by using their personal assets as collateral, however, this creates complications as the company’s confidential information must be exposed to external parties. The Pecking Order Hypothesis （POH） should be able to provide entrepreneurs with an analytical framework, in order to balance the asymmetry of information and principle-agent problems between debt investors and external shareholders to clarify the capital demands, risk awareness, and commitment, which all form a binding investment and financing portfolio model for entrepreneurs and fund-providers. This study adopted the POH as a basis to discuss the financing preferences and patterns of SMEs, and its suitability will be assessed when used by start-up businesses. Furthermore, the angel financing is just adequate for the start-up SME with both of capital intensive and technology intensive characteristics when the SME needs external financing under the practice of POH, however, the entrepreneurs should be aware of the control rights of the start-up SME maybe replaced by the angel financers. If the start-up SME only focus about the technology intensive issues, the angel financing couldn’t be adopted because the entrepreneurs worried about the governance of the start-up SME’s and confidential information exposed to external parties.