新創公司成長與資源交換：創辦人的媒體曝光度與投資者選擇之影響

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蔡政嘉(Cheng-Chia Tsai) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

新創公司成長與資源交換：創辦人的媒體曝光度與投資者選擇之影響
(Growth of Start-ups and Resource Exchange: The Influence of Founder′s Media Exposure and Investor Selection.)

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摘要(中)

新創公司為了持續成長必須尋求外部資源，但往往需要以新創公司的控制權
作為代價，這導致創辦人陷入成長與控制權的兩難抉擇。該如何協助創辦人在權力控制和資源獲取之間取得平衡？本研究以資源依賴理論觀點，並針對 82 家電腦軟體產業新創公司於 2012 年至 2021 年間之歷次公司變更登記資料進行追蹤分析(合計 1249 筆樣本觀察值)。本研究發現，當創辦人的媒體曝光度越多，或是選擇天使投資人作為交換資源的對象時，能幫助其在尋求新創公司成長之際，亦能保留更多的控制權。相反的，當選擇創業投資公司作為交換資源的對象時，會使得成長與控制權取捨關係變得更強烈。本研究提供新創公司創辦人在資源交換選擇之策略建議與實務意涵。

摘要(英)

In order to sustain their growth, start-up companies often need to seek external resources, but this usually comes at the cost of relinquishing control. This dilemma puts founders in a difficult position of balancing growth and control. How can founders achieve a balance between power of control and resource acquisition? This study adopts a resource dependence theory perspective and conducts a longitudinal analysis of 82
computer software industry start-up companies, based on their company registration data from 2012 to 2021 (totaling 1,249 sample observations). This study finds that when founders have higher media exposure or choose angel investors as their resource exchange partners, it helps them seek company growth while retaining more control. Conversely, choosing venture capital as resource exchange partners intensifies the tradeoff between growth and control. This study provides strategic recommendations and practical implications for founders of start-up companies in their resource exchange decisions.

關鍵字(中)

★ 新創公司
★ 創辦人
★ 控制困境
★ 媒體曝光度
★ 投資者選擇

關鍵字(英)

★ start-up
★ founders
★ control dilemma
★ media exposure
★ investor selection

論文目次

中文摘要 ………………………………………………………………… i
英文摘要 ………………………………………………………………… ii
目錄 ………………………………………………………………… iii
表目錄 ………………………………………………………………… v
圖目錄 ………………………………………………………………… vi
一、緒論…………………………………………………………… 1
二、理論與假說…………………………………………………… 4
2-1 創辦人控制權與公司成長…………………………………… 4
2-2 創辦人媒體曝光度…………………………………………… 5
2-3 投資者類別…………………………………………………… 7
三、研究方法……………………………………………………… 10
3-1 數據…………………………………………………………… 10
3-2 變數…………………………………………………………… 11
3-2-1 依變數………………………………………………………… 11
3-2-2 獨變數………………………………………………………… 11
3-2-3 調節變數……………………………………………………… 12
3-2-4 控制變數……………………………………………………… 13
3-3 研究模型……………………………………………………… 15
四、實證結果……………………………………………………… 16
4-1 敘述性統計…………………………………………………… 16
4-2 實證結果……………………………………………………… 18
4-3 穩健性檢查…………………………………………………… 23
五、結論與建議…………………………………………………… 30
5-1 討論與貢獻…………………………………………………… 30
5-2 實務意涵……………………………………………………… 31
5-3 研究限制與未來研究建議…………………………………… 32
5-4 結論…………………………………………………………… 34
參考文獻 ………………………………………………………………… 35

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指導教授

蕭義棋(Yi-chi Hsiao)

審核日期

2023-7-25

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