研究建議

第五章研究分析及結果

6.3 研究建議

本研究以未來創投基金如何成功募資的趨勢進行探討。其他與創投基金募資相關的探討，未來可做為本研究的後續研究方向包括：

一. 政府資源對於創投產業發展的影響：在 2008 年底金融海嘯發生之後，政府於金融市場機構所辦演的角色大幅提升，因此各國政府紛紛提出各種不同的經濟救市方案，及如何透過公部門資金（如：台灣的國發基金）投入該國創投基金，以提振國內新創事業的發展。官方色彩資金比例明顯提高的情形下，勢必會對於創投募資的生態產生重大的影響。

二. 結合併購（M&A）或公司重整（turnaround）為投資主題：由於十餘年來除了網路服務及通訊領域有較明顯的發展之外，多數產業缺乏以明顯的殺手級應用（killer application）產品帶動新創事業的發展；預期這種狀況仍會延續一段較長的時間，這對於以優質案源為生存命脈的創投產業來說，未來的競爭只會更加嚴苛。

以往創投基金與大型私募基金的區別，是將投資新創公司視為是創投基金主要業務，而將併購或公司重整等投資業務視為是大型私募基金（private equity fund）的投資範疇。然而，大型私募基金多偏好於投資有穩定現金流

的成熟公司，而併購或公司重整過程中所切割出來的技術或團隊，卻是較適合於創投基金的投資範疇。因此，除了扶植新創事業之外，未來包括：原有公司非核心事業的分割（spin-off），及將大企業不具競爭力的技術獨立而成立一全新的新創公司，也會是創投基金很好的投資標的之ㄧ。創投基金如何在這塊領域中，與原有的大型私募基金在功能及扮演角色上有所區隔及相互搭配，也是未來可能的研究方向。

三. 適合台灣創投基金的中國商機：由於台灣地理位置與中國大陸相當接近，加上同文同種的優勢，在這樣的環境下，台系創投公司將無可避免的需面對中國龐大的創投投資市場商機。此外，中國無疑是台灣創投業者可佔有一定先機的投資市場，尤其在2009 年起兩岸間頻繁的經濟交流活動（如：兩岸搭橋計劃），以及由兩岸官方制定的經濟合作架構協議（Economic Cooperative Framework Agreement, ECFA）的即將簽署，其實也意味著相關的許多投資商機將一一出現。在全球資金大量傾注於中國資本市場時，台灣創投基金如何能於大中華投資市場中扮演重要的角色，以積極的角度面對這個發展的趨勢，將可在這個龐大的商機中獲取豐厚的投資報酬。

中國雖然年來力圖改革法規以與國際接軌，但整體的政經環境仍不成熟，包括：受到政策影響的程度過高、金融環境自由化仍不足等問題，長期而言，將極不利於中國創投產業的發展。此外，當地創投人才管理的難度較高，以及智權保護的觀念仍不普遍等，都可以是未來的研究方向。

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在文檔中美國創投基金募資策略之個案研究 (頁 68-77)

第五章 研究分析及結果

6.3 研究建議

參考文獻

第五章研究分析及結果