簡易檢索 / 詳目顯示

研究生: 魏文珊
Wen-Shan Wei
論文名稱: 企業內部資源與經驗對轉投資佈局之影響
Internal Resources, Experiences and Corporate Venturing Configuration
指導教授: 林舒柔
Lin, Shu-Jou
學位類別: 碩士
Master
系所名稱: 全球經營與策略研究所
Graduate Institute of Global Business and Strategy
論文出版年: 2013
畢業學年度: 101
語文別: 中文
論文頁數: 47
中文關鍵詞: 新創事業投資投資組合多樣性經驗資源
英文關鍵詞: Corporate Venturing Investments, Diversity, Experience, Resource
論文種類: 學術論文
相關次數: 點閱:130下載:0
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報
  • 本研究主要以母公司的角度探討企業內部條件對於新創事業佈局之影響。本研究將以新創事業投資組合之多樣性來剖析其投資組合的變化。藉由觀察投資組合多樣性我們可以得知新創事業佈局在不同種類投資領域的變化。此外,本研究不僅探討了資源對於新創事業的影響,也加入了過去學者較少注重到的母公司經驗,同時探討這兩大內部條件對於新創事業投資組合多樣性的影響。
    本研究採用台灣上市的電子產業公司為研究對象,觀察期間為2008及2009兩年度,並以Panel Data迴歸分析為研究方法,自變數項為母公司的本業績效、母公司的投資成功經驗;技術資源投入比例與行銷資源投入比例。經由實證,我們發現母公司的投資成功經驗與技術資源投入比例對於新創事業投資組合的多樣性有正向之影響;而母公司的本業績效與行銷資源投入比例對於新創事業投資組合多樣性並沒有顯著性的影響。最後,依據上述之實證研究結果提出結論,提供具體的建議以供後續研究者做為參考。

    The purpose of this study is to investigate how internal competence of parent company influences the strategies of corporate venture investments (CVIs). This study uses the diversity of corporate venturing portfolio to examine the configuration of CVI portfolio. This study simultaneously explores how the experience of parent company and resource influence the diversity of corporate venturing portfolio.
    This study chooses the technology-based companies listed in Taiwan Stock Exchange Market (TSEM) as our research sample and each company is observed for two years. The empirical results strongly support that the successful experiences of parent company in CVIs and technological resource are positively influence on the CVIs portfolio diversity. On the other hand, ROE and market resource of parent company are not significantly associated with the diversity of corporate venturing portfolio. Ultimately, we proposed some conclusions and suggest future research arena.

    第一章 緒論.................................................1 1.1研究動機.................................................1 1.2研究目的.................................................2 1.3研究流程.................................................4 第二章 文獻探討..............................................5 2.1投資組合.................................................5 2.2新創事業.................................................7 2.2.1概括新創事業............................................7 2.2.2電子產業的新創事業.......................................8 2.3企業內部能力與新創事業之佈局.................................8 2.3.1母公司的經驗............................................9 2.3.2母公司的資源...........................................10 第三章 假說推論.............................................12 3.1母公司之本業經營績效......................................12 3.2母公司之新創事業投資成果...................................13 3.3母公司之技術資源..........................................14 3.4母公司之行銷資源..........................................15 第四章 研究方法.............................................17 4.1研究概念與架構...........................................17 4.2資料來源與處理...........................................18 4.2.1樣本資料結構說明........................................19 4.3研究變項................................................19 4.3.1應變項(Dependent Variable)..........................19 4.3.2自變項(Independent Variable)........................20 (1)母公司本業的績效........................................20 (2)母公司的成功投資經驗.....................................20 (3)母公司技術資源投入比例...................................20 (4)母公司行銷資源投入比例...................................21 4.3.3控制變項(Control Variable)...........................21 (1)母公司的年齡............................................21 (2)母公司的員工人數........................................22 (3)行業別的報酬率..........................................22 (4)行業別的成長率..........................................22 4.4計量方法................................................24 4.4.1實證模型..............................................24 4.4.2固定效果模型與隨機效果模型...............................25 第五章 實證結果.............................................26 5.1敘述性統計分析...........................................26 5.2相關係數分析.............................................29 5.3迴歸分析................................................37 第六章 結論與建議............................................39 6.1研究結論................................................39 6.2本研究重要貢獻...........................................41 6.3管理意涵................................................41 6.4研究限制與建議...........................................42 6.4.1研究對象..............................................42 6.4.2研究變項..............................................42 英文參考文獻................................................43 中文參考文獻................................................47 圖目錄 圖1-1研究流程圖..............................................4 圖4-1研究概念圖.............................................17 圖4-2研究架構圖.............................................18 表目錄 表4-1 本研究所採用之變數及衡量方式.............................23 表5-1變數敘述統計表..........................................28 表5-2相關係數矩陣表..........................................35 表5-3 VIF檢定分析表.........................................36 表5-4迴歸分析模型...........................................38 表5-5研究假說與實證結果比較表.................................39

    英文參考文獻
    Abetti, P. A. 1997. The birth and growth of Toshiba's laptop and notebook computers: A case study in Japanese corporate venturing. Journal of Business Venturing, 12(6): 507-529.
    Alvarez, S. A., & Busenitz, L. W. 2001. The entrepreneurship of resource-based theory. Journal of Management, 27(6): 755-775.
    Anderson, P., & Tushman, M. L. 1990. Technological discontinuities and dominant designs - A cyclical model of technological-change. Administrative Science Quarterly, 35(4): 604-633.
    Antoncic, B., & Hisrich, R. D. 2001. Intrapreneurship: Construct refinement and cross-cultural validation. Journal of Business Venturing, 16(5): 495-527.
    Badguerahanian, L., & Abetti, P. A. 1995. Case-study the rise and fall of the merlin-gerin foundry business - A case-study in french corporate entrepreneurship. Journal of Business Venturing, 10(6): 477-493.
    Balmann, A., Odening, M., Weikard, H. P., & Brandes, W. 1996. Path-dependence without increasing returns to scale and network externalities. Journal of Economic Behavior & Organization, 29(1): 159-172.
    Barney, J. 1991. Firm resources and sustained competitive advantage. Journal of Management, 17(1): 99-120.
    Barney, J. B. 1986. Type of competition and the theory of strategy: Toward an integrative framework. Academy of Management Review, 11(4): 791-800.
    Basu, S., Phelps, C., & Kotha, S. 2011. Towards understanding who makes corporate venture capital investments and why. Journal of Business Venturing, 26(2): 153-171.
    Bingham, C. B., & Eisenhardt, K. M. 2011. Rational heuristics: The 'simple rules' that strategists learn from process experience. Strategic Management Journal, 32(13): 1437-1464.
    Brush, C.G., Vanderwerf, P., 1992. A comparison of methods and sources for obtaining estimates of new venture performance. Journal of Business Venturing, 7 (2),
    157–170.
    Carrier, C. 1996. Intrapreneurship in small businesses: An exploratory study. . Entrepreneurship Theory and Practice, 21(1): 5-.
    Chesbrough, H. W. 2002. Making sense of corporate venture capital. Harvard Business Review, 80(3): 90-99.
    Chiu, Y. C., Tseng, W. K., & Liaw, Y. C. 2012. Firm resources and corporate venturing investment. Canadian Journal of Administrative Sciences-Revue Canadienne Des Sciences De L Administration, 29(1): 40-49.
    Cohen, W.M., Levinthal, D.A., 1989. Innovation and learning: the two faces of R&D. The Economic Journal 99, 569–596 September
    Cohen, W. M., & Levinthal, D. A. 1994. Fortune favors the prepared firm. Management Science, 40(2): 227-251.
    Covin, J. G., & Miles, M. P. 2007. Strategic use of corporate venturing. Entrepreneurship Theory and Practice, 31(2): 183-207.
    Covin, J.G., & Slevin, D.P. 1991. A conceptual model of entrepreneurship as firm behavior. Entrepreneurship Theory and Practice, 16(1): 7–25.
    Delmar F, Shane S. 2006. Does experience matter? The effect of founding team experience on the survival and sales of newly founded ventures. Strategic Organization 4(3): 215-247.
    Desarbo, W., Macmillan, I. C., & Day, D. L. 1987. Criteria for corporate venturing - Importance assigned by managers. Journal of Business Venturing, 2(4): 329-350.
    Dess, G. G., Ireland, R. D., Zahra, S. A., Floyd, S. W., Janney, J. J., & Lane, P. J. 2003. Emerging issues in corporate entrepreneurship. Journal of Management, 29(3): 351-378.
    Dushnitsky, G., Lenox, M.J., 2005. When do firms undertake R&D by investing in new ventures? Strategic Management Journal ,26 (10): 947–965.
    Dushnitsky, G., & Lenox, M.J. 2006. When does corporate venture capital investment create firm value? Journal of Business Venturing, 21(6): 753–772.
    Dyer, J. H., & Singh, H. 1998. The relational view: Cooperative strategy and sources of interorganizational competitive advantage. Academy of Management Review, 23(4): 660-679.
    Eesley, C. E., & Roberts, E. B. 2012. Are you experienced or are you talented?: When does innate talent versus experience explain entrepreneurial performance? Strategic Entrepreneurship Journal, 6(3): 207-219.
    Fang, C., & Levinthal, D. 2009. Near-term liability of exploitation: Exploration and exploitation in multistage problems. Organization Science, 20(3): 538-551.
    Folta, T. B., & Miller, K. D. 2002. Real options in equity partnerships. Strategic Management Journal, 23(1): 77-88.
    Gompers, P., & Lerner, J. 2001. The venture capital revolution. Journal of Economic Perspectives, 15(2): 145-168.
    Hayward, M. L. A., Rindova, V. P., & Pollock, T. G. 2004. Believing one's own press: The causes and consequences of CEO celebrity. Strategic Management Journal, 25(7): 637-653.
    Hayward, M. L. A., Shepherd, D. A., & Griffin, D. 2006. A hubris theory of entrepreneurship. Management Science, 52(2): 160-172.
    Hitt, M. A., Ireland, R. D., Camp, S. M., & Sexton, D. L. 2001. Guest editors' introduction to the special issue - Strategic entrepreneurship: Entrepreneurial strategies for wealth creation. Strategic Management Journal, 22(6-7): 479-491.
    Hoffmann, W. H. 2007. Strategies for managing a portfolio of alliances. Strategic Management Journal, 28(8): 827-856.
    Husted, K., & Vintergaard, C. 2004. Stimulating innovation through corporate venture bases. Journal of World Business, 39(3): 296-306.
    Ireland, R. D., Hitt, M. A., & Sirmon, D. G. 2003. A model of strategic entrepreneurship: The construct and its dimensions. Journal of Management, 29(6): 963-989.
    Keil, T. 2004. Building external corporate venturing capability. Journal of Management Studies, 41(5): 799-825.
    Kogut, B., & Kulatilaka, N. 2001. Capabilities as real options. Organization Science, 12(6): 744-758.
    Lane, P.J., Koka, B., Pathak, S., 2006. The reification of absorptive capacity: A critical review and reconceptualization. Academy of Management Review, 31 (4):833–863.
    Lavie, D. 2006. The competitive advantage of interconnected firms: An extension of the resource-based view. Academy of Management Review, 31(3): 638-658.
    Lavie, D. 2009. Capturing value from alliance portfolios. Organizational Dynamics, 38(1): 26-36.
    Lavie, D., & Miller, S. R. 2008. Alliance portfolio internationalization and firm performance. Organization Science, 19(4): 623-646.
    Lavie, D., & Rosenkopf, L. 2006. Balancing exploration and exploitation in alliance formation. Academy of Management Journal, 49(4): 797-818.
    Lee, C., Lee, K., & Pennings, J. M. 2001. Internal capabilities, external networks, and performance: A study on technology-based ventures. Strategic Management Journal, 22(6-7): 615-640.
    Lee, I. H., & Mason, R. 2008. Uncertainty, co-ordination and path dependence. Journal of Economic Theory, 138(1): 262-287.
    Lichtenstein, B.M.B., & Brush, C.G. 2001. How do resource bundles develop and change in new ventures? A dynamic model and longitudinal exploration. Entrepreneurship Theory and Practice, 26(3):37–58.
    Lin, S.-J., & Lee, J.-R. 2011. Configuring a corporate venturing portfolio to create growth value: Within-portfolio diversity and strategic linkage. Journal of Business Venturing, 26(4): 489-503.
    March, J. G. 1991. Exploration and exploitation in organization learning. Organization Science, 2(1): 71-87.
    McGrath, R. G., & Nerkar, A. 2004. Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms. Strategic Management Journal, 25(1): 1-21.
    Miles, M.P., & Covin, J.G. 2002. Exploring the practice of corporate venturing: Some common forms and their organizational implications. Entrepreneurship Theory and Practice, 26: 21–40.
    Narayanan, V. K., Yang, Y., & Zahra, S. A. 2009. Corporate venturing and value creation: A review and proposed framework. Research Policy, 38(1): 58-76.
    Nippa, M., Pidun, U., & Rubner, H. 2011. Corporate portfolio management: Appraising four decades of academic research. Academy of Management Perspectives, 25(4): 50-66.
    Palepu, K. 1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3): 239-255.
    Pincus, K. V. 1991. Audit judgment confidence. Behavioral Res. In Accounting ,3:39-66
    Sahaym, A., Steensma, H. K., & Barden, J. Q. 2010. The influence of R&D investment on the use of corporate venture capital: An industry-level analysis. Journal of Business Venturing, 25(4): 376-388.
    Sathe, V., 2003. Corporate entrepreneurship: Top managers and new business creation, first ed. Cambridge University, Cambridge.
    Schmidt, J., & Keil, T. 2013. What makes a resource valuable? Identifying the drivers of firm-idiosyncratic resource value. Academy of Management Review, 38(2): 206-228.
    Stuart, R. W., & Abetti, P. A. 1990. Impact of entrepreneurial and management experience on early performance. Journal of Business Venturing, 5(3): 151-162.
    Sykes, H. B. 1986. The anatomy of a corporate venturing program: Factors influencing success. Journal of Business Venturing, 1(3): 275-293.
    Thornhill, S., & Amit, R. 2001. A dynamic perspective of internal fit in corporate venturing. Journal of Business Venturing, 16(1): 25-50.
    Trumbo, D., Adams, C.,Milner, M., and Schipper, L. 1962. Reliability and accuracy in the introspection of hard red winter wheat. Cereal Science Today 7:62–71.
    Williams, M. L., Tsai, M. H., & Day, D. 1991. Intangible assets, entry strategies, and venture success in industrial markets. Journal of Business Venturing, 6(5): 315-333.
    Yang, Y., Narayanan, V. K., & Zahra, S. 2009. Developing the selection and valuation capabilities through learning: The case of corporate venture capital. Journal of Business Venturing, 24(3): 261-273.
    Zacharakis, A. L., & Shepherd, D. A. 2001. The nature of information and overconfidence on venture capitalists' decision making. Journal of Business Venturing, 16(4): 311-332.
    Zahra, S. A. 1995. Corporate entrepreneurship and financial performance: The case of management leveraged buyouts. Journal of Business Venturing, 10(3): 225-247.
    Zahra, S.A., 2005. Introduction. In: Corporate entrepreneurship and growth. Edward Elger, Cheltenham, UK, pp. 2–15.
    Zou, H. A., Chen, X. Y., & Ghauri, P. 2010. Antecedents and consequences of new venture growth strategy: An empirical study in China. Asia Pacific Journal of Management, 27(3): 393-421.

    中文參考文獻
    陳美菁, 2005,內部人參與投資母公司轉投資事業之研究,國立政治大學財務管理研究所博士論文

    林怡珊, 2009, 新創事業投資對廠商知識內涵之影響, 長庚大學企業管理研究所碩士論文

    無法下載圖示 本全文未授權公開
    QR CODE