An exploration of relation between Venture Capital Strategy and Fund management Style

• Main Authors: Yang Jian-Dong, 楊建東
• Other Authors: 劉原超
• Format: Others
• Language: zh-TW
• Published: 1999
• Online Access: http://ndltd.ncl.edu.tw/handle/92806641081125767639

碩士 === 大葉大學 === 事業經營研究所 === 87 === The present study concentrates on the relation between the Venture Capital strategy and the fund management style - focusing on the four facets of industrial technologies, business management, financial planning and legal interests. Through an elaborately designed open questionnaire an exploratory study was conducted by way of hands-on interviews, in which the directory of members of the Taipei Venture Capital Association was taken as the sampling target. Significant findings include: Ⅰ.Significant differences in strategic options in different venture capital companies: Managerial teams with autonomous management displayed more solid management, rendering primary financing services under a limited scale. In strategic application, results found that they are inclined towards seed phase or venture phase cases, noted for solid managerial policies. Those teams in consigned management, in which commerce or management are the backgrounds in most cases, concurrently engage in other consigned funds in addition to their own funds. In terms of manpower and fund dispatch, they can provide adequate application, exhibiting expertise in financial planning. In strategic application, they are more inclined to take cases with long-term or expanding phases. The managerial teams, of professional management on consignment, are more diversified in nature, demonstrating expertise in different professional fields in attainment of a well-rounded performance. In terms of strategic application, they are inclined to multifaceted cases as well. Ⅱ.The managerial specialists, of different venture capital management firms, take different strategies in industrial network ties when locating investment targets. Those in autonomous management are less aware of environmental conditions, and are more inclined towards broker types in terms of network configuration. In contrast, those with professional management on consignment are more insightful towards environmental conditions, and are inclined towards investment types in terms of network configuration. When concurrently operating with autonomous management and professional management on consignment, the business is more inclined towards consultation types in terms of network configuration. Ⅲ.Post-investment managerial strategies: Most venture capital managerial firms have already rid themselves of conventional concepts in the creation of added values. Instead, inclined to overall strategic consultation services, they provide only single field professional services in production, finance or marketing - in particular professional management on consignment being the most significant. Ⅳ.In terms of Venture Capital''s overall competitive environment, shows signs towards the trend of unification in the attributes and structural type of investment evaluation. Trends also suggest future conglomeration of management and internationalized management in managerial structure, multifaceted capital acquisition, and professional financial utilization in terms of financial structure. Meanwhile, the trend for future operation suggests systematic investment agreements, and alliances in information exchange for legal interests.