| Summary: | 碩士 === 國立臺北大學 === 企業管理學系碩士在職專班 === 90 === The conclusions of the cross-strait investment strategies
for Taiwan-based venture capitals in mainland China and Taiwan
are as follows：
Industry Targeting
On view of the trend in technology development worldwide,
and the global specialization in China, venture capitals
suggest that the information technology related industry should
still be prior and mainly focused. Among them,
telecommunication, which takes advantages of the domestic
demand in China and the export market, is the most favorable.
On the other hand, the Semi-conductor and Photonics-related
industries are preferred in Taiwan,
Resource Allocations
Taking the risk and return into consideration, the Taiwan-
based venture capitals recommend that the favorable targets to
invest in China are those companies on early stage or on
expansion stage with investment horizon of 3-5 years. For the
targets in Taiwan, the phase of investment stage and the
duration would be considered the same as those in China.
The source of potential investment cases, the possibility
of fund raising, and the accessibility to the industry
information and the professionals recruiting should also be
discreetly considered. Moreover, the locations and areas for
first stage subsidiary setup and for the investment are in
Beijing, Shanghai, Senzheng, and Darlien.
Investment Realization
On account of being difficult to be listed in the main
board on the Shanghai Stock Exchange（SSE）, lacking of venture
board in the SSE, being short of sound securities regulations,
and being no ease to find the potential buyers, most of the
Taiwan-based venture capitals suggest that listed in the
venture board in Hong Kong Stock Exchange or in other foreign
stock exchanges such as those in the States shall be the major
way to realize their investing gain. For the investment exits
in Taiwan, to be listed as Hi-tech shares in TSE or in OTC
would be the preferred way for profit realization.
Post-invest Management
The Taiwan-based venture capitals suggest that under the
current unsound regulation mechanism for venture capitalism in
China, the major tracing points for those investment targets
shall be in whether the technology is thoroughly completed or
not.
Meanwhile, the venture capitals should assist the invested
companies to possess the advantages from their strategic
alliance. In addition, the compensations for executive
employees in the investment targets should also be considered
to reduce the risks from the information asymmetry in the
venture investments. In Taiwan, however, the post-invest
management should be emphasized on finding and adopting the
strategic resources.
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