企業創投與獨立性財務創投所處的背景條件、投資目的與所能提供新創企業的資源是不同的。因此獨立創投與企業創投在篩選投資項目的標準、投資時所採取的行為與管理模式會是不同的。
本研究為質性探討之個案研究。透過相關文獻的探討與整理，歸納出企業創業投資的目的與動機，並研究相對的投資行為。以技術、市場與產業環境變動快速的台灣資通訊產業作為研究的對象，以個案研究方式進行，受訪公司產業包括IC設計業、資通訊產品品牌商與資通訊代工業者。


本研究將企業創投從企業能耐的角度區分成五類動機，分別是能耐加強型企業創投、新典範能耐型企業創投、突現型能耐企業創投、能耐互補型企業創投與最大化能耐經濟價值型企業創投。不同的企業創投的動機會導致不同企業創投投資行為。能能耐加強型的企業創投主要考量在對新創公司的控制權，其決策主導單位為事業部門、直接投資且投入股權佔比高以收購團隊為理想退出方式。新典範能耐企業創投的主要考量是新核心能耐與投資方母公司文化的管理，投資方直接投資，其決策是由企業高層所主導，股權佔比先低再陸續加碼跟投，退出方式多樣，可以設立新公司、或是納入企業內部成為新的事業部門。能耐突現型的企業創投扮演企業偵察兵的角色，在市場上搜尋與企業目前營運關聯性看起來低的新創公司以免在未來會錯失機會。企業創投會透過成為外部創投基金有限合夥人或是成立特殊目的投資基金以間接投資的方式進行投資，待投資項目發展到一定程度且與投資方母公司有具體綜效時，投資方才進行直接投資並投入企業資源。能耐互補型的企業創投即是在建立供應鏈商業生態系，投資方位居該商業生態系拱頂石角色導入具有新科技的供應鏈廠商，以提供客戶完整解決方案。投資方會與技術方以合資方式設立公司。最大化能耐經濟價值型企業創投目的在於提供投資方建立的資源平台給不同應用的客戶。投資方通常會設立育成中心或是成立專案團隊協助新創公司使用投資方平台，同時投資股權的佔比相對低，也不介入經營，最終期望能夠獲取較好的財務報酬退出。

Different context, investment objective and resources provided for startups are so different between corporate venture capitalist(CVC) and independent financial venture capitalist so that the investment behaviors are different. The behavior includes, but not limited to the criteria to select startup candidate, the investment configuration and the way to manage startups at post investment stage.


This study is a qualitative and multiple case study. The purpose of this study is to infer the relation between behavior, strategic goal and raison d'etre of corporate venturing through literature review and interview of the key decision makers of the sampled companies. The four companies to be studied and interviewed comes from Taiwan ICT industry, including IC design, branded PC and OEM/ODM.
Motives of corporate venturing is much more sophisticated than independent financial venture capitalist. Strategic goal is to assist corporate future development from the perspective of innovation and building business ecosystem. Corporate competence is the raison d'etre of corporate venturing motive. This study identifies five fundamental raisons d'etre of corporate venturing, they are competence enhancing, new-paradigm competence building, emergent competence searching, complimentary competence building and maximizing economic competence. Different raison d'etre of corporate venturing leads to different investment behavior. CVC with competence-enhancing motive emphasize more on acquiring control right. CVC with new-paradigm competence building considers the cultural impact on organizational culture. CVC with emergent competence searching diversifies the investment scope through indirect investment with small percentage of shareholding of the startup. CVC of complimentary competence focuses on offering the customers with total solution. Investors are inclined to establish JV with startup team. The motives of maximizing the economic value of competence comes from asymmetric economic scale. Therefore, the shareholding percentage is low with no intension of control. Investors also set up a team or incubation facility to assist startups to utilize the resources.

目　錄
論文審定書 i
誌 謝 ii
摘 要 iii
Abstract iv
目　錄 v
圖　次 vi
表　次 vii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程 5
第四節 研究範圍與限制 5
第二章 文獻探討 7
第一節 創業投資與企業創業投資 7
第二節 企業創業投資動機 10
第三節 創新 13
第四節 商業生態系 22
第五節 企業創投投資行為 30
第六節 創業投資投資動機與投資行為架構 44
第三章 研究設計 52
第一節 理論架構 52
第二節 研究方法 56
第四章 個案分析 57
第一節 投資母公司個案 57
第二節 新創企業 66
第三節 分析 71
第五章 結論與建議 80
第一節 結論 80
第二節 管理意涵 84
第三節 建議 86
參考文獻 87
附錄 質性訪談大綱 92 
圖　次
圖1.1 企業創投投資行為之研究流程圖 6
圖2.1 生態系角色 25
圖2.2 企業創投類型矩陣圖 34
圖3.1 理論架構圖 52



表　次
表2.1 投資目的與投資行為 32
表2.2 不同企業背景下企業創業的形式 39
表2.3 學者對企業創投行為之彙整 41
表3.1 研究命題彙整表 54
表3.2 專家訪談清單 56
表4.1全球PC/伺服器銷售成長趨勢 59
表4.2 能耐加強型企業創投命題 72
表4.3 新典範能耐型企業創投命題 73
表4.4 能耐突現型企業創投命題 75
表4.5 能耐互補型企業創投命題 77
表4.6 最大化能耐經濟價值型企業創投命題 79

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