企業創投(CVC)做為大企業獲取外部技術來源，透過對新創企業的股權投資，已成為探索新市場生態系統、學習新技術與非傳統商業模式的最佳方式。本研究的主要目的，乃是根據實質選擇權理論與代理理論，探討企業創投(CVC)以階段式投資建立策略性收購被投資新創企業的選擇權基礎，並針對1,428家最終以收購方式出場之企業創投投資，分析利用母公司執行收購的比例，來檢驗企業創投(CVC)之設立目的。本研究的實證結果發現，企業/企業創投收購其被投資新創公司的整體6.3%機率偏低，企業並未積極透過該方式做為外部擴張的策略，且此行為在不同經濟上升循環時期的表現呈現一致性；以企業創投事前尋找收購標的，並非設立企業創投的最重要目標或理由，但個別高研發競爭壓力之產業如資訊科技，在活躍收購行為中佔70%，明顯高於其他產業。實證結果並推論，目前國際企業創投的投資執行策略，小型企業創投傾向取得投資回報的期權式投資；大型企業創投則傾向最大化策略利益的驅動式與期權式併用的平衡決策模式。

Corporate venture capital (CVC) as a practice of equity participation onto the startups development of innovative technologies, markets and business models has been widely adopted by technology based corporations. To gain specific competitive advantage, through potential acquisition, filling the gaps in existing competencies is one common objective that be observed for CVC in the previous research.
In this study, the real options theory and agency theory have been applied as alternative models to illustrate the implementation of staged investment option by CVC and to analyze the odd of subsequent acquisition of portfolio ventures by CVC’s parent company or group affiliate, respectively. A total of 1,428 global corporate venture capital investments were exited via an acquisition, in which only 90 cases, representing 6.3%, were identified as a strategic deal undertaken by one of their original corporate investors. The results reveal that screening of acquisition targets is neither the primary objective of CVC despite the option is built during investment period nor the major strategy of expansion growth for corporation. However, the large technology based corporations are most active in the investee acquisition considering intensive competition of technology development among industry peers. The results further indicate that CVC of MNCs intends to achieve a balance between the strategic purpose and return benefit on investments in contrast to more profit-driven style made by CVC of general enterprises.

摘要
目錄
圖目錄
表目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究內容及範圍 3
第四節 研究架構 3
第二章 相關理論及文獻探討 5
第一節 企業創投投資目的相關研究探討 5
第二節 實質選擇權理論 8
第三節 代理理論 11
第三章 企業創投現況分析 13
第一節 創投產業概況 13
第二節 全球企業創投概況 20
第三節 企業創投投資策略 24
第四章 研究方法 28
第一節 研究假說 28
第二節 研究對象及範圍 29
第三節 選樣標準與資料來源之限制 30
第四節 研究結果 31
第五章 結論與建議 34
第一節 研究結論 34
第二節 研究建議 35
參考文獻 37

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