| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 89 === Venture capital has played an important role in assisting the development of hi-tech industry for the last ten years in Taiwan. In spite of the amendment of venture capital taxation, the managerial environment has made dramatic strides in internationalizing and enlarging. How to build up a professional management team and thus develop the advanced venture capital function of enterprise incubation will be the only way to success.
Before invest returns, the most important step to do is screening and evaluating it. If excellent evaluation criteria are built in this step, in accordance with the natures of the emerging industries，the success rate will surely increase.
Traditionally, the evaluation criteria include (1)solid management team、 (2)market of product 、(3)technology of product、 (4) financial management. However, the study shows two unique evaluation criteria workingr well in venture capital industry in Taiwan. Which are [priority of portfolio] and [incubation of venture capital]. In the newly developed Internet Industry, (1)good management model、(2)solid management team、(3)long term stable income source、(4)with good future and expansibility、(5)perfect stockholder structure、(6)capital operation are to be taken into considerations. Further analysis on the differences between traditional evaluation criteria and situation in Taiwan has also been discussed.
In addition to the invest screening and evaluation criteria stated above, the study finds the key factors of success include (1) excellent management (2)perfect relationship (3)strategy of enlargement and (4) providing highly added value service. As for the future developing trend of venture capital industry is as follows (1)highly competitive in short term and will rebuild market order in the long run (2)enlargement of VC fund (3)invest earlier (4)invest internationally(5) professional VC funds emerge.
Regarding venture capital company, the government and following researchers provides suggestions for reference.
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