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    题名: 經濟因素對我國創投事業投資決策影響之研究
    其它题名: How economic factors influence the investment strategies of venture capital enterprises
    作者: 黃俊豪;Huang, Chun-hao
    贡献者: 淡江大學會計學系碩士在職專班
    蔡信夫;Tsai, Hsin-fu
    关键词: 創業投資;投資決策;經濟因素;Venture capital;Investment strategy determined;Economic factors
    日期: 2007
    上传时间: 2010-01-11 04:31:10 (UTC+8)
    摘要: 創業投資事業在整個投資過程中,最重要的活動就是投資案的評估,因為選擇正確的投資案遠比經營管理投資案來的重要。而如何從眾多的投資案,正確有效率的挑選出未來俱上市上櫃或被併購的機會,此仍攸關投資成敗的關鍵之一。
    本文以問卷調查之研究方法,探討對創業投資決策者而言,經濟因素佔整個投資決策的考慮比例為何?那些經濟因素項目是攸關決策考慮重要因素之一? 在投資過程之選擇與評估各階段中,考慮經濟因素的案件比例為何,項目為何?又投資於被投資公司所處之各事業階段中,那一階段會考慮到經濟因素,其項目為何?
    研究發現,經理人投資資歷的深淺在考慮經濟因素佔整個投資決策的比例是不一致的,以及在整個投資過程之選擇與評估階段中,就投資案評估方面的同時考慮到經濟因素的案件比例亦不同,另創業投資事業規模的大小及不同的出資來源之構面,則無不一致的考量。對被投資公司的不同的事業階段之投資比例與考慮經濟因素,三個構面皆不一致。不論在投資過程或投資於被投資公司的不同事業階段,所考慮經濟因素最重要前二項為利率及匯率。
    對創業投資公司建議為(1)做投資決策時,應參考的經濟因素項目為利率與匯率。(2) 資歷較淺的經理人在做投資決策時,應多考慮經濟因素對投資案的影響。(3)資歷較深的經理人投資對象若處於擴充期,應將經濟因素納入投資決策考量。
    對後續研究建議為在研究經濟因素對創投事業做投資決策時考量的經濟因素項目,可加入台灣股價指數、經濟成長率以及產業成長率供經理人判斷。另可找一家或二家以上之創業投資公司,針對有無考慮經濟因素以及經濟因素的考量佔投資決策比例的多寡,評估其投資案件是否成功,做更深入的分析。
    For venture capital enterprises, the most important thing in the process of investment is how to estimate a new project accurately. Making a correct choice is more important than a follow-up. How to sort out the companies with great potential to be a listed company at stock exchange market or at over-the-counter market in the future would decide success or failure of investment.

    This research adopts the way of questionnaire to testify the proportion investors take economic factors into account when making decision. How much proportion investors think of economic factors especially in the stages of choice and evaluation? Moreover, when investors estimate a company, the stage of company life cycle would influence investors to consider about economic factors? What kinds of economic factors would be crucial for estimation and decision?

    From this research we find managers’ investment experience would influence the proportion they take economic factors into account no matter in a single project or they deal with numerous projects on hand. As to the business scale of venture capital enterprise and the way of capital source have no influence on it. Besides, when estimating the invested company with different company life circle, the variables of managers’ investment experience, business scale of venture capital enterprise and the way of capital source would influence different proportion investors take economic factors into account. The most important economic factors we mentioned above are interest and exchange rate.

    There are three suggestions we would like to offer to venture capital enterprises for reference. Firstly, it is imperative to consider interest and exchange rate when making a decision of investment. Secondly, junior managers should take account of economic factors in process of decision. Finally, if the invested company is in the period of expansion, senior managers should think over the influence of economic factors.

    Concerning the suggestions for succeeding research, I suggest adopting the factors of Taiwan stock market index, the rate of economic growth and the rate of industrial growth additionally. Moreover, it is helpful to increase the number of venture capital enterprises as the object of study to analyze the connection of the proportion taking economic factors into account and the rate of success.
    显示于类别:[會計學系暨研究所] 學位論文

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