創投公司對所投資公司的增資決定之研究

The Second Round Investment Decision-Making of Venture Capital Firms

10.6160/2005.09.02

盧瑞陽(Ray-Young Lu)

創業投資 ； 增資決定 ； 程序模式 ； 社會判斷理論 ； venture capital ； second round investment ； Procedural Model ； Social Judgment Theory

中山管理評論

13卷3期（2005 / 09 / 01）

589 - 617

繁體中文

對於被投資公司的增資決定，與新興案件差異之處甚多，必須增加考量的因素包括：前一輪投資後之經營績效，本案投資回收情形，經營團隊的整合程度、創投公司涉入的意願，以及要求被投資公司改造。 本研究除了修正「社會判斷理論」之外，又提出增資的程序模式。研究發現創投公司涉入之意願和知覺經營團隊整合都與要求被投資公司改造有關。經逐步迴歸分析與典型相關分析均發現，其中又以新人整合有高度的重要性。投資績效對增資決定的影響，則受到本案投資回收進度的調節作用。增資計畫書評價對要求被投資公司改造之影響，分別受到創投公司涉入意願以及知覺團隊整合程度之中介作用。t檢定發現，獲准增資者其增資計畫書評價得分較高。判別分析發現，是否通過增資決定的指標可以用經營團隊整合程度的三個因素得分來判別

For the second round venture capital investment, many decisive factors are different from those for the first round. This research modifies the Social Judgment Theory and presents a Procedural Model to explain the decision. The willingness to involve and integration of management team are positively related to the reengineering requirement. Results from the stepwise regression and canonical analysis show that, new-comer integration is very crucial. The first round performance influences the second round investment decision, but the relationship is moderated by the pay-back of the project. Evaluation of the second round proposal influences the required reengineering, but the relationship is mediated by the involvement willingness of VC and the integration of management team, respectively. A Student t test finds that the approved and rejected proposals have significantly different evaluation results. Discrimination analysis shows that the three factors of management integration can effectively predict the approval or rejection of decision.

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