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題名:台灣創業投資產業發展策略之探究
作者:胡秋江
作者(外文):Chiu-Chiang Hu
校院名稱:國立交通大學
系所名稱:科技管理研究所
指導教授:洪志洋
學位類別:博士
出版日期:2006
主題關鍵詞:創業投資策略策略規劃產業分析Venture CapitalStrategyStrategic PlanningIndustry Analysis
原始連結:連回原系統網址new window
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台灣創業投資產業自2001年以來,由於陸續受到網際網路、光纖通訊等產業熱潮消退,資訊產業發展趨緩及全球景氣衰退等因素影響,管理資產規模與投資額均大幅縮水,投資與募資活動也呈現停滯現象,導致產業發展受到嚴重的衝擊與威脅。在內在條件與外在環境的交互影響下,台灣創投業者漸漸地只能在既有資源下爭取有限投資機會,而導致日趨激烈的競爭環境;另一方面,在全球區域化經濟的考驗下,重新客觀地清楚判斷自身的優劣勢以及調整既有策略,不僅是對現況做出因應,並且進而跨出台灣與世界接軌等對台灣創投業者而言已是刻不容緩,然而本研究發現過去的相關研究文獻卻未能針對此些議題提出深入的分析。因此,引發本研究在以理論觀點探討創投產業的研究動機,從而選擇台灣創投產業之發展策略作為研究的中心課題。
本研究以紮根理論研究法為基礎進行探索性研究,一方面在學術層面上,嘗試整合策略規劃、策略管理和產業分析相關理論,針對創投產業之特性建立一套該產業之策略規劃架構,以建構其因應環境變化的策略思考模式,並以產業分析理論為分析基礎,對創業投資產業特有之產業結構與特性進行分析,以進行其未來發展策略之理論推演;一方面在實務層面上,以嚴謹之科學方法對台灣創投業者之經驗事實進行實證研究以對理論推演之研究結果進行印證、整合分析與討論,為台灣創投產業的未來發展策略提出一般性之通則與建議,供國內創投業者進行相關規劃時之參考。其中在紮根理論研究法的研究過程中,本研究透過對過去文獻資料的深度探討與對服務於20家創投基金管理公司的25位創投業者進行深度訪談,建立台灣創投產業之事實資料分析基礎;而在實證研究的研究過程中,則對50位創投產業高階主管與從業專家之經驗事實進行問卷調查,對研究對象為行事一向低調的創投業者而言,如此專家訪談與問卷回收之成效實屬可觀。
本研究透過產業層級策略規劃架構對台灣創投產業之未來發展策略進行理論推演,將台灣創投業者區分為四種廠商群組︰以企業為背景之創投公司、以金融機構為背景之創投公司、獨立經營之創投公司以及綜合型之創投公司,並推論建立品牌商譽、資源/能耐之槓桿以及持續提昇服務廣度與深度為台灣創投產業未來發展之策略方向。而以經驗事實之實證結果進行映證與探討後,本研究進而建議投資技術創新產業、持續擴大海外市場之經營、發揮在泛太平洋地區中的橋樑價值以及持續擴大價值服務範疇等應為台灣創投業者未來發展之策略方案。而以四項策略方案為基礎對台灣創投業者四大群組提出建議-以金融機構為背景之創投業者應強化集團內部資源以及產業垂直整合,或與獨立型或綜合型創投業者合作;以企業為背景之創投業者應與綜合型創投業者合作以進行資源互補;而獨立型創投業者應持續發展與深化差異化專業創投服務、朝綜合型創投業者型態發展,以及發揮泛太平洋地區之橋樑價值;至於綜合型創投業者則應以持續深化差異化專業創投服務為主要發展策略。
最後本研究以研究結果對產業層級策略規劃架構進行探討,提出「採用產業層級策略規劃的前提條件是產業環境之變遷為組織面臨策略轉型的動因」、「產業層級策略規劃架構為動態策略思考模式」、「產業層級策略規劃架構為一多目標規劃架構」以及「產業層級策略規劃架構適用於創價/資訊平台服務產業之策略規劃」四項研究命題。
Venture capital industry in Taiwan has suffered serious difficulty in fundraising, investment and operation due to the internet bubble, IT industry’s slowing down growth, and global economic recession after 2001. On one hand this difficult situation also leads the industry environment to be getting more and more competitive, and on the other hand the industry also meets the challenge from economic globalization. So it’s necessary for venture capitalists in Taiwan to objectively review their strengths and weakness to adjust their strategies for the environmental changes and trends. However, few researches discuss about these subjects. Therefore, that causes this research’s motive to discuss VC industry on theoretical perspective, and then the trend and development of VC industry in Taiwan is selected as research subject.
This research is an exploratory research on the basis of grounded theory. In academic aspect, this research built up an industry-level strategic planning model on the basis of strategic management, strategic planning and industry analysis theories to suit VC industry’s dynamic environment. In this model, industry analysis theories are the basis of analysis of VC industry’s specific structure and features to deduce the development strategies of VC industry in Taiwan. In practice aspect, empirical study in solid scientific methodology is for testing, proving, analyzing and discussing the results from the theoretical deduction by Taiwan’s venture capitalists’ practical experiences. After such research process, this research proposes the general principles of development strategies of VC industry in Taiwan for venture capitalists’ reference in their strategic planning. In the process of grounded research, this research built up analysis database of actualities and expert experiences by in-depth literature study and expert interviews with 25 senior venture capitalists serves in 20 VC firms in Taiwan; In the process of empirical research, this research investigate 50 senior managers’ and experts’ actual experiences by questionnaires. They are distinguished results because always keeping low profile is venture capitalists’ characteristic.
This research concludes that “investing in innovative industry”, “Keeping on expanding in overseas markets”, “developing bridge value in transpacific region” and “expanding the scope of valuable services” are development strategies for VC industry in Taiwan. And this research also recommends the four groups of Taiwan’s venture capitalists the executive actions. The “Financial Subsidiary” should strengthen their internal group resources, proceed vertical integration or cooperate with “Independent” or “Associate”; the “Industry Subsidiary” should cooperate with “Independent” or “Associate” to seek resource complement; the “Independent” should keep on developing and deepening the differentially professional services, develop to “Associate” style and develop bridge value in transpacific region; as to the “Associate”, their most important development strategy should be going on deepening differentially professional and value-added services.
At last, this research also concludes four propositions of industry level strategic planning model based on the research results and findings from VC industry in Taiwan. They are “the premise of using industry level strategic planning model is that changes of industry environment should be the driving factors of organizational transformation”, “industry level strategic planning model is a model with strategic thinking in dynamic perspective”, “industry level strategic planning model is a multi-objective planning model”, and “industry level strategic planning model is suitable for value creation/information platform service industries”.
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