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日本におけるコーポレート・ベンチャー・キャピタルの投資目的 (研究領域 経営財務関連とテクノロジーからの競争力創成領域) 利用統計を見る

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ルの投資目的 (研究領域 経営財務関連とテクノロ

ジーからの競争力創成領域)

著者

清水 健太

雑誌名

経営力創成研究

5

ページ

115-123

発行年

2009-03

URL

http://id.nii.ac.jp/1060/00003333/

Creative Commons : 表示 - 非営利 - 改変禁止

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඾ུ̤̫ͥͅ΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎ঩࿒എġ

̸Investment Purpose in Japanese Corporate Venture Capital̸

! ๫ᄽൌ޻फ۫ᆜೖ౗य़ࢅҮӦҲ̷! ӝҨ̷Ҵ̡ҕҪҬҲӦһ! ౟ర! ्ഥ! !

ါক!

ႏᇫဍѤ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษ҇৤ੴюҀѷ ѣ ќ з Ҁ ̞ ႏ ᇫ ဍ ќ Ѥ ໐ љ ѣ ш ѝ ҇ ફ ล ь є ̞ ڵ љ Ѥ ໙ ႏ ѣ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษѤಘᅹౖ҇୔ાьєѷѣсതйшѝќзҀ̞ѷлڵљѤ ໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠѤޓ࿫ѣӌӦҴӖ̷̡ҠӖӇҲӞѝࢣ ຎќಈᅶъҁєѷѣсതф̝ຎэ๩ૄჭษ҇ࢣᄜюҀшѝѤ໎ьйшѝ҇ફลьє̞! !

Ҡ̷Ӣ̷ҼͅKeywords͆: Ҧ̷Ӑӟ̷һӌӦҴӖ̷̡ҠӖӇҲӞͅCorporate Venture Capital*̟๩ૄჭษͅ Investment purpose*̟ࠗಅ๩ૄ च ͅ indirect type investment ͆ ෟ ಅ ๩ ૄ च ͅ direct type investment͆

!

Abstract

This paper considers the investment purposes of corporate venture capital in Japan. Two things were pointed out in this paper. One is that there are a lot of one that a corporate venture capital of Japan investment purpose valued the strategy. Another pointed out to the corporate venture capital of Japan shared the investment purpose as which the one established in cooperation with an outside venture capital was a lot, and was the same difficult.

!

͉̲͛ͅ!

! Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞͅCorporate Venture Capital͆ѣय़ࢅѝьћ ේ໪ࡣᇫъҁћйҀѣѤ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษќзҀ̞ шѣࡣᇫѠпйћѤ̝ൌтф໐љѣᅶ௙Ѡ҄рҁҀ̞ѳяڵљѶѣᅶ௙ѝьћҦ̷Ӑ ӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤಘᅹჭษ҇୔ાьџйѝ౗লьџйѝйлᅶ௙ќз Ҁ̞Gompers and Lernerͅ2::9͆ќѤҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ၁ളࠬ ࣅѣಘᅹѝڵളѝџјћђѣืގ҇ѤрјћйрџцҁѥҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѝьћѣ౗লѤџйѝફลь̝ҠӖӇҲӞҥҗӦѣްຝ҇ჭફюҦ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠљйћѤ̝၁ളࠬࣅѣಘᅹѝڵකьџй࿫ခсതфзѿ̝ Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝьћѣ౗লѤџйѝଘෆьє̞!

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ѳє Weberͅ3116͆ѷຎᄼѣફล҇৫јє̞! ! ႏᇫဍѠпйћѤ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞс૳੒Ѡўѣѽл џ๩ૄჭษѣѷѝѠ๩ૄ҇৫јћйҀр҇ခ౸ь̝ђѣлнќ໙ႏѣҦ̷Ӑӟ̷һ̡ӌ ӦҴӖ̷̡ҠӖӇҲӞс๩ૄ҇৫ллнќಘᅹౖ҇୔ાьє๩ૄ҇৫јћйҀшѝ҇ბ ѾрѠюҀ̞ъѾѠ໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠпйћѤޓ࿫ѣӌ ӦҴӖ̷̡ҠӖӇҲӞͅVenture Capital͆ѝࢣຎќಈᅶьєѷѣсതф̝๩ૄჭษѠљ йћݢ൏сзҀ̞! !

2/!΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσͅ۾̳ͥ୶࣐ࡄݪ!

2/2! ͺις΃̤̫ͥͅ΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ജٳ2* ! ! Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞс਼୸ѠߋᅀъҁઢѶєѣѤ̝2:71໪ൊѣඩ ཰фѾйрѾќзҀ̞ҕӔӝҞѣӈҜ̷ҴӘӦ611Ѡ๏௙юҀѽлџൌࠬࣅѣлі̝2:71 ໪ൊঞབྷрѾ2:81໪ൊಷབྷѠрцћ̝36ͮړ௒ѣൌࠬࣅќҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѣӊӠңӜӓ҇ຐ໛ьє̞шѣҕӔӝҞќ৫҄ҁєҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѠѤ໐љѣҲҗӊсзјє̞! ! ڵљѶѣҲҗӊѤ၁ളࠬࣅѣޓ࿫Ѡ๩ૄ҇৫лҲҗӊѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞќзѿ̝ђѣ๩ૄჭษѤଘѠޓ࿫ѣᄜၱџӌӦҴӖ̷ࠬࣅѝѣᄖ়ษџ࠙ओ ҇ඞфшѝќҪҽҫ̷঳ݑџўᄼ̴џಘᅹ҇ૐјєѷѣќзјє̞ѷлڵљѣҲҗӊѤ ၁ളࠬࣅѣ຿࿫ѣૉࣅѹ̝၁ളࠬࣅѣ຿࿫рѾࡎࣅюҀѷѣѠ๩ૄюҀҲҗӊѣҦ̷Ӑ ӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞќзҀ̞шҁѾѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇ ҲӞѣ๩ૄჭษѤ̝၁ളࠬࣅѣ຿࿫ѠവюҀࡎࣅݍౣఋ҇ڲћҀшѝџўќзҀ̞! ҕӔӝҞѠпцҀшҁѾѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠ࠙юҀଙ೏ѴѤ̝ ໪̴ߋ཈Ѡџѿ̝2:97໪ѠѤ31ܴҼӞѠѷ൦ьћйє̞! ! ьрьҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣߋຍсߋ཈Ѡџѿ̝തфѣࠬࣅсଙ ѿ೏ѴѽлѠџҀѝ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣߋຍѠ૫༏ь̝൅ୟю Ҁѷѣѷୟћтє̞шѣшѝџўрѾҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠ࠙ьћ തфѣय़ࢅсџъҁҀѽлѠџјє̞ຠѠ݄҇ѷјћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖ ӇҲӞѣ౗লѝюҀр̝ѳєшҁѠ࠙ᇍьћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ ๩ૄჭษѠ࠙юҀय़ࢅѤതф৫҄ҁћйҀ̞ҕӔӝҞѠпцҀҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษѠѤ̝ൌтф҄цћ໐љѣҲҗӊсзҀ̞! ! ѳяڵљѣᅶ௙ѝьћѤ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษѤ̝၁ ളࠬࣅѣಘᅹѠ࠱њйћ๩ૄъҁҀѮтќзҀѝйлᅶ௙ќзҀ̞шѣ௙৾Ҧ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄѣ౗লѤ̝၁ളࠬࣅѣಘᅹჭษѣ൦౗ѝџҀ̞ѷл ڵљѣᅶ௙ѝьћѤ̝ҠӖӇҲӞҥҗӦ҇୔ાюҀᅶ௙ќзҀ̞шѣ௙৾Ҧ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄѣ౗লѤ̝ҠӖӇҲӞҥҗӦѣްຝѝџҀ̞! ! ႏᇫဍѠпйћѤ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞс૳੒Ѡўѣѽл џ๩ૄჭษѣѷѝѠ๩ૄ҇৫јћйҀр҇ခ౸ь̝ђѣлнќ໙ႏѣҦ̷Ӑӟ̷һ̡ӌ ӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษѠљйћ৤ੴюҀ̞! !

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2/3! ΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎ঩࿒എͅ۾̳ͥ୶࣐ࡄݪ!

! Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤಘᅹჭษ҇୔ાьџйѝ౗লьџйѝйл ᅶ௙ќзҀ̞Gompers and Lernerͅ2::9͆ќѤҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ ѣ၁ളࠬࣅѣಘᅹѝڵളѝџјћђѣืގ҇ѤрјћйрџцҁѥҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѝьћѣ౗লѤџйѝફลь̝ҠӖӇҲӞҥҗӦѣްຝ҇ჭફю Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠљйћѤ̝၁ളࠬࣅѣಘᅹѝڵකьџй࿫ခ сതфзѿ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝьћѣ౗লѤџйѝଘෆьє̞ Chesbroughͅ3113͆ѷૉᆰ҇зчћҠӖӇҲӞҥҗӦ҇୔ાюҀҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѤߗ݆с৹фџҁѥൌтфഄн̝ߗ݆сคфџҁѥॳҀѕцѝફล ь̝шҁѾѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ၁ളࠬࣅѠѤბޱџಘᅹсџй ѝફลьє̞! ! ڵၒ̝Hardymon)2:94*ѹ Siegel)2:99*ѤҠӖӇҲӞҥҗӦ҇ڞૢьє๩ૄ҇৫лш ѝсॆݑษѠᄔᆖџࠬࣅѭѣ๩ૄѠљџсѿ̝၁ളࠬࣅѭѣಘᅹѠѷ࠴ᄮюҀѝьє̞ ѳє Xfcfsͅ3116͆ѷຎᄼѣફล҇৫јє̞шшќ Hardymon ѾсફลюҀҦ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞсҠӖӇҲӞҥҗӦѣްຝюҀшѝ҇๩ૄჭษѝюҀшѝ ѠљйћѤ̝зфѳќѷಘᅹౖ҇ૐљҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞсຎ૑ษ ѠҠӖӇҲӞҥҗӦѣްຝѷჭફюѝйлѷѣќзѿ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѣ๩ૄჭษђѣѷѣсҠӖӇҲӞҥҗӦѣްຝѣѴ҇ჭફюѝйл҄цќѤ џй̞!! ! џ п ႏ ᇫ ဍ Ѡ п ц Ҁ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ Ҵ Ӗ ̷ ̡ Ҡ Ӗ Ӈ Ҳ Ӟ ѣ ซ ࡠ Ѥ Chesbrough)3113*ѽѿۃᅀюҀ̞Chesbrough)3113*Ѥ̝͑Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѝѤڵཥૉࣅࠬࣅсӌӦҴӖ̷ࠬࣅѭෟಅ๩ૄюҀߋຍ͒ѝซࡠњц̝ѳє ࣞ໪ѠпйћѷҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠпйћ̝͑൴џҀ੗Ⴤჭษ҇෗ нћ̝࠼ഝಘᅹ҇యకъѐєѿ̝࠼ഝஓ࿁ѣ္߱҇఩јєѿ̝ъѾѠѤంєџધ௙҇ೖ ཈ъѐєѿѝѽѿ৹૒८ѣჭษѠষцє๩ૄсకѶѾҁћйҀ̞͒ѝફลьћйҀ̞! !

3/!඾ུ̤̫ͥͅ΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎ঩ࠁఠ

3ȫ! ! ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤ̝2::1໪ൊѠпйћӃӉӞ၍ ݺ҇फћ̝಻ћѣय़ࢅގ཈҇૜ಷќ৫нџфџјєшѝџў҇༓थѠതфଙѿ೏ѳҁҀ ѽлѠџјћйҀ̞ړ݁ѣѝпѿ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤ̝ ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤൌଛѣ౦ഉࣅѹ௝၈ઍࣅџўс ඩ௿ѝџјћйҀ̞ѳѕҕӔӝҞѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝཿ޶юҀ ѝ̝зѳѿࡋრсൌтфџйѷѣсതйс̝ߋຍюҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖ ӇҲӞѣిѤതфџјћйҀ̞! !

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଎ນ2/!୽ၞ଻ͬਹণ̳ͥ඾ུ͈΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσ! 2 ၁ളࠬࣅ! 3 ჏஻! 4 ӈҔӦҼࡋრ 5 Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѭѣୟૄज഻! 2/ҾӈҹҖ! WING 26 ܴ܆! ࠗಅ๩ૄच! 3/ҾҶҮӦ! Ҿ Ҷ Ү Ӧ ̡ ӌ Ӧ ҴӖ̷̡ӈҔӦҼ ྌ঱ྴ! ࠗಅ๩ૄच! 4/NEC! BIGLOBEӈҔӦҼ 41 ܴ܆! ࠗಅ๩ૄच! 5/ӝҢӞ̷һ! ߗૡݶଃӝҢӞ̷һ җӦҠӘӌ̷ҪӚӦ ӄ̷һҽ̷ҭ! 31 ܴ܆! ෟಅ๩ૄच! 6/ҺҫҲӞҟӟ̷ҫ DG җ Ӧ Ҡ Ә ӌ ̷ ҪӚӦ 26̼31 ܴ܆! ࠗಅ๩ૄच! ͅୟ୹͆ྥଅ੣౗! ! ͅ2͆ҾӈҹҖͅWING͆! ! ޓ࿫ѣӌӦҴӖ̷̡ҠӖӇҲӞѝࢣຎќಈᅶь̝ҾӈҹҖѝ৹йೱ௕঳ݑс࠽ഹќт ҀᄜၱџӌӦҴӖ̷ࠬࣅѭѣ๩ૄѝબ܎҇৫л̞ҾӈҹҖລ૜ѣంࡋૉࣅѠ݈н̝ӌӦ ҴӖ̷ࠬࣅѭѣ๩ૄ҇෭эћ࡚ୠѹඑૢ̝Ӂҙӂҙџў҇ଙѿਕѵшѝѠѽѿ̝ೱ௕঳ ݑ҇཈࠹ьћૉࣅืގѣ݈ഓ҇ೇлшѝ҇ჭษѝюҀ̞!! ! ͅ3͆ҾҶҮӦͅҾҶҮӦ̡ӌӦҴӖ̷̡ӈҔӦҼ͆! ! ޓ࿫ѣӌӦҴӖ̷ҠӖӇҲӞѝࢣຎќಈᅶь̝ଃ຿ޓѣफ۫ૄॴ҇ᄪ৾ьћ̝ంࡋૉ ࣅѣގ཈݈҇ഓъѐ̝၁ളࠬࣅѣफ۫ૄઍѝണଃѣᄜၱџӆҫӀҬӕҺӞ҇ᄪ৾юҀш ѝќ̝၁ളࠬࣅпѽѨ๩ૄ಑ѣࠬࣅ݆ඐ҇৹ѶҀшѝ҇ჭྯѝюҀ̞ ͅ4͆NECͅBIGLOBE ӈҔӦҼ͆! ! ޓ࿫ѣӌӦҴӖ̷ҠӖӇҲӞѝࢣຎќಈᅶь̝ӌӦҴӖ̷ࠬࣅѭѣબ܎ѝҕӜҗҕӦҬ҇෭ эћ̝၁ളࠬࣅѣ୔฿ᆛڱ҇৐џҀҬӇ̷Ҽ߷҇ૐјћయకюҀшѝѝ̝ంࡋૉࣅೖୟ ҇ჭษѝюҀ̞! ͅ5͆ӝҢӞ̷һͅߗૡݶଃӝҢӞ̷һҗӦҠӘӌ̷ҪӚӦӄ̷һҽ̷ҭ͆! ! ᄼ̴џ࡚ୠ̡Ӂҙӂҙ̡එ।҇ૐљࠬࣅѝѣࢥࣅ̡S'E ̝҇ѽѿҬӇ̷Ҽ߷҇ૐјћڞ પृซьయకьћйфѮф̝ລᅶьєಕໟѣ๩ૄ૪৫ଘളѝьћҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞ҇ಈᅶьє̞! ! ͅ6͆ҺҫҲӞҟӟ̷ҫͅDG җӦҠӘӌ̷ҪӚӦ͆! ! ޓ࿫ѣӌӦҴӖ̷ҠӖӇҲӞѝࢣຎќಈᅶь̝җӦҲ̷ӀҶһ࠙ᇍૉࣅѠпйћ̝๩ ૄ಑ࠬࣅѝѣดण҇యకюҀшѝ҇ჭษѝюҀ̞! !

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଎ນ3/!୽ၞ଻͂΅λάΗσΊͼϋ͈ڕංͬਹণ̳ͥ΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσ! 2 ၁ളࠬࣅ! 3 ჏஻! 4 ӈҔӦҼࡋრ 5!Ҧ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѭ ѣୟૄज഻! 2/໙ᅶ౦੣୹! ໙ᅶ CVC ӈҔӦҼ! 211 ܴ܆! ෟಅ๩ૄच! 3/Үӊҹ̷Ҿ̡ӎ̷ ӞҺҖӦңҬ! Ү ӊ ҹ ̷ Ҿ ̡ ҕ Ӝ җ ҕ Ӧ Ҭ̡ӈҔӦҼ! ྌ঱ྴ! ෟಅ๩ૄच! 4/һӜӦҬҦҬӕҬ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞૉࣅ࿫! ྌ঱ྴ! ෟಅ๩ૄच! ͅୟ୹͆ྥଅ੣౗! ! ͅ2͆໙ᅶ౦੣୹ͅ໙ᅶ CVC ӈҔӦҼ͆! ! IT ခჿ-!ӃҗҝҹҢӁӠҫ̷̝ࡹѨ MEMS ๩ૄ҇෭эћ໙ᅶ౦੣୹ѣૉࣅѭ৮फ़ю Ҁૉ̞࣮ളษѠѤ̝಑కӌӦҴӖ̷ࠬࣅѝѣૉࣅดणѹ̝ଃ຿ RͰD ѭѣӈҖ̷ҼӃҶ Ң̝ҬӇӦҕҙһબ܎҇ჭษѝюҀ̞џпшҁѾѣ๩ૄѠѽҀҠӖӇҲӞҥҗӦѣްຝ ѷჭફю̞!! ! ͅ3͆Үӊҹ̷Ҿ̡ӎ̷ӞҺҖӦңҬͅҮӊҹ̷Ҿ̡ҕӜҗҕӦҬ̡ӈҔӦҼ͆! ! ၁ളࠬࣅѣඩ࠽फ۫लݭѣ൦౗ѠૄюҀєѶѣҢӜҗҕӦһѠവюҀด࢞࿌݈݆ඐѣ ഄൌ҇ჭษѝюҀ̞җңҫҶһ҇ೇјє๩ૄ҇৫лѕцќџф̝૜ଃంࡋૉࣅގ཈ѣయ కџѾѨѠႵ঱ގࠬࣅѭѣ๩ૄૉࣅ̝ъѾѠѤ཈৫ളͅ๩ૄ಑͆ࠬࣅѣ৫лૉࣅѭѣࢬ ᆜџҦӒҶһӔӦһ҇෭эћ̝཈৫ളࠬࣅࡹѨ૜ଃѣࠬࣅ݆ඐ҇ষ௒ъѐҀшѝ̞!! ! ͅ4͆һӜӦҬҦҬӕҬͅҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞૉࣅ࿫͆! ! ం࡚ୠ̡ంӆҫӀҬӕҺӞ҇ૐљӌӦҴӖ̷ࠬࣅѭѣ๩ૄѝంࡋૉࣅގ཈ѣ๩ૄ҇ჭ ษѝюҀѷѣќзҀ̞๩ૄѣၒఖѝьћѤൌтфခцћ໐љзѿ̝ڵљѤᇍॆവொѝь ћबഘษޫൌ҇ჭફюӑҫӚӝҹҖ̷๩ૄќзҀ̞ѷлڵљѤलݭษџૐіခѣ༟ࡰѠ ѽѿ̝ᅧ۾૳ॶ҇ჭફюӑҗӁӝҹҖ๩ૄќзҀ̞!! !

4/!΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎ঩࿒എͅ۾̳ͥࣉख़!

4/2! ୽ၞഎ࿒എͬਹণ̳ͥ඾ུ͈΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσ! ! ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣຠ෈ѝьћѤ̝ђѣѰѝ҈ў сಘᅹౖ҇୔ાьє๩ૄ҇ჭษѠьћйҀѝйлшѝќзҀ̞തфѣҦ̷Ӑӟ̷һ̡ӌ ӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษсຠѠ၁ളࠬࣅѣඩ௿ѝџҀૉࣅѣय़ࢅގ཈ѭѣ৮फ़ ќзјєѿ̝๩ૄ಑ࠬࣅѝѣดण࠙ओ҇৔ඞюҀшѝ҇๩ૄჭษѝьћйҀ̞ႏᇫဍѣ ခ౸ќѤ̝Chesbroughͅ3113͆ѾсફลюҀѽлџ၁ളࠬࣅѣಘᅹсџф̝ҠӖӇҲӞ ҥҗӦѣްຝѣѴ҇ჭษѝюҀѽлџҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤ।ଦц Ѿҁџрјє̞шҁѾѣшѝрѾ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤ

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ҀѝйлшѝќзҀ̞๩ૄჭษѠҠӖӇҲӞҥҗӦѣްຝ҇ࠟѵҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞ! ! ڵၒ̝ҠӖӇҲӞҥҗӦ҇ჭษѝьєҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞсџй ҄ ц ќ Ѥ џ й с ̝ Ҡ Ӗ Ӈ Ҳ Ӟ ҥ җ Ӧ ѣ ް ຝ ѣ Ѵ ҇ ჭ ษ ѝ ю Ҁ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞѤஜџф̝࠱ႏษѠѤಘᅹౖ҇ૐљ๩ૄѝҠӖӇҲӞҥҗӦѣްຝ ѣ೗ၒ҇๩ૄჭษѠૐљѝйлѷѣќзҀ̞! ! 4/3! ఈ͈αϋΙλȜ΅λάΗσ͈͂၌ٺ۾߸͂ൎ঩࿒എ! ! Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠѤ఩ྴ4Ѡ૙юѽлѠෟಅ๩ૄचѝࠗಅ๩ૄ चѝйл໐љ๩ૄज഻сзҀ̞ෟಅ๩ૄचѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝ Ѥ၁ളࠬࣅс૜ѾҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈᅶь̝ۦ۫юҀज഻ѝ џјћйҀ̞ࠗಅ๩ૄचѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝѤޓ࿫ѣӌӦ ҴӖ̷̡ҠӖӇҲӞџўѝࢣຎќҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞಈᅶюҀџў ь̝ണѣޓ࿫ଘളѠҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣۦ۫҇ໟѐҀѷѣќзҀ̞ ႏᇫဍѠпйћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣಈᅶѠзєѿ̝ޓ࿫ѣӌӦ ҴӖ̷ҠӖӇҲӞѝࢣຎѷьфѤดणьћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈ ᅶьєࠬࣅсതрјє̞ђѣჭษѝьћѤ̝McNally)2::8*сફลюҀࠗಅୟૄज഻҇ ѝ ј ћ й Ҁ ѝ й л ш ѝ ќ з Ҁ ̞ ࠗ ಅ ୟ ૄ ज ഻ ѝ Ѥ ၁ ള ࠬ ࣅ с Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞ҇ಈᅶюҀѠ੒ьћ̝ӌӦҴӖ̷ࠬࣅѭѣ๩ૄӁҙӂҙ๸сџйє Ѷ Ѡ ޓ ࿫ ѣ ӌ Ӧ Ҵ Ӗ ̷ ̡ Ҡ Ӗ Ӈ Ҳ Ӟ Ѡ ۦ ᅀ ҇ ໟ ѐ є ѿ ࢣ ຎ ќ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞ҇ۦ۫юҀшѝќзҀ̞! ! ҕӔӝҞѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤ̝юќѠ2:71໪ൊрѾߋ ᅀъҁћйҀс̝໙ႏѠпйћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞс౺ࣈษѠߋᅀ ъҁҀѠйєјєѣѤ̝шшి໪ѣшѝќзҀ̞шѣєѶ໙ႏࠬࣅсంьфҦ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈᅶюҀъйѠ̝ӌӦҴӖ̷ࠬࣅѠ๩ૄюҀӁҙӂҙѤ ҕӔӝҞѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞџўѠཿѮћၦьйѣсॶ௢ќзҀ̞ шѣшѝрѾ̝໙ႏࠬࣅѤంьфҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈᅶюҀъ йѠ̝ӌӦҴӖ̷ࠬࣅѭ๩ૄюҀӁҙӂҙ҇ૐљӌӦҴӖ̷̡ҠӖӇҲӞѝࢥ෕юҀш ѝѠѽѿ̝ӌӦҴӖ̷ࠬࣅѭ๩ૄюҀಘᅹษџӔӝҶһѣ࢜ଦѝ̝๩ૄѠവюҀӝҬҢ ѣवॳ҇ڞ఩ьєѝйнҀ̞шѣшѝѤ̝໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѠѝјћൌтџڞࡠѣзҀшѝќзҀѝйнҀ̞McNally)2::8*Ѥࠗಅ๩ૄ चѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠљйћ๩ૄџўѠ࠙юҀ޻଻҇ჭษѝь ћйҀс̝ђѣڞႴќѤᅬѠрџјєଛၔ҇ᅀйћйҀ̞! ! ѳєшѣшѝрѾ̝໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣߋຍѠп йћޓ࿫ѣӌӦҴӖ̷̡ҠӖӇҲӞсൌтџᄃ߇҇ݑєьћйҀшѝс҄рҀ̞ьрь шѣޓ࿫ѣӌӦҴӖ̷̡ҠӖӇҲӞѝࢣຎќಈᅶъҁєҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѠѤ๩ૄჭษѝйлოќѣ࡞ჵсગҀ̞Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇ ҲӞѤ၁ളࠬࣅѣಘᅹ҇൦౗юҀჭษќಈᅶъҁєѷѣќзҀ̞ьрьࢣຎಈᅶьєޓ ࿫ѣӌӦҴӖ̷̡ҠӖӇҲӞѤђѷђѷҠӖӇҲӞҥҗӦ҇ࢀѶҀѷѣќзҀ̞Ҧ̷Ӑ

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ӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ၁ളࠬࣅѣಘᅹѝѤ჆ܖќзҀєѶѠ̝๩ૄڏॊѠ ѽјћѤ๩ૄჭษѣڬйрѾᆋଅѣࠗѠᅧޕс৾҄џйѽлџ௢ࢴсౡэҀ݉໸ౖѷз Ҁ̞шѣѽлџޓ࿫ѝѣӌӦҴӖ̷̡ҠӖӇҲӞѝࢣຎќಈᅶьєҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѠљйћѤ̝ڞࡠѣзҀшѝќѤзҀс̝ӌӦҴӖ̷ҠӖӇҲӞѝ ѣࠗѠࢥ෕࠙ओ҇৔ඞьࡀ໸ъѐћйфྣᅆсзҀ̞шҁѾѣݢ൏҇ўѣѽлѠ෕ౙь̝ ืގьћйфрсਘঞѣݢ൏ѝџҀ̞! ! ଎ນ4/!΋ȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎ঩ࠁఠ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ͅୟ୹͆McNallyͅ2::8͆ѽѿྥଅ੣౗! !

̤ͩͤͅ!

! ႏᇫဍѤҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣय़ࢅѝьћҕӔӝҞѠпйћේ໪ ࡣᇫъҁћйҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษѠљйћ৤ੴьєѷ ๩ૄ಑ ࠬࣅ થݶଃ ๩ ૄ ಑ ࠬࣅ ଃ ຿ ѣ ௱ ໸ п ѽ Ѩ ૉࣅ࿫ჸ ޓ࿫ษѠ ࠊᅬъҁ є࠱ࣟ ຿ ࿫ ษ Ѡ ࠊ ᅬ ъ ҁ є ࠱ ࣟ џ й ь ђ ѣ ๓ ๘ ѣ ๩ ૄ ҇ ༙ ݵ ѝ ю Ҁ ଃ ຿ ѣ ௱ ໸ п ѽ Ѩ ૉࣅ࿫ჸ ຿ ࿫ ษ Ѡ ࠊ ᅬ ъ ҁ є ࠱ ࣟ џ й ь ђ ѣ ๓ ๘ ѣ ๩ ૄ ҇ ༙ ݵ ѝюҀથݶଃ ๩ૄ џйь џйь ๩ૄ ๩ૄ ࠗಅ๩ૄच ෟಅ๩ૄच

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ӇҲӞѤಘᅹჭษ҇୔ાьџйѝ౗লьџйѝйлᅶ௙ѝҠӖӇҲӞҥҗӦ҇ڞૢьє ๩ૄ҇৫лшѝсॆݑษѠᄔᆖџࠬࣅѭѣ๩ૄѠљџсѿ̝၁ളࠬࣅѭѣಘᅹѠѷ࠴ᄮ юҀѝйлᅶ௙ќзҀ̞! ! ႏᇫဍѠпйћѤ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞс૳੒Ѡўѣѽл џ๩ૄჭษѣѷѝѠ๩ૄ҇৫јћйҀр҇ခ౸ь̝ђѣлнќ໙ႏѣҦ̷Ӑӟ̷һ̡ӌ ӦҴӖ̷̡ҠӖӇҲӞс๩ૄ҇৫ллнќಘᅹౖ҇୔ાьє๩ૄ҇৫јћйҀшѝ҇ბ ѾрѠьє̞Chesbroughͅ3113͆ѾсફลюҀѽлџҠӖӇҲӞҥҗӦѣްຝѣѴ҇ଘ ჭษѠ඙фѽлџҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤႏᇫဍѣခ౸ќѤ।ଦцѾ ҁџрјє̞ѳє໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠпйћޓ࿫ѣӌӦ ҴӖ̷̡ҠӖӇҲӞѝࢣຎќಈᅶьєѷѣсതйѝйлшѝ҇ბѾрѠьє̞шѣшѝ сႏᇫဍѣҹ̷ӑќзҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษѝйлࠒ฿ рѾ̝ޓ࿫ѣӌӦҴӖ̷̡ҠӖӇҲӞѝᅧޕс৾҄џйѽлџ݉໸ౖѷѤѾ҈ќпѿ̝ џ҈Ѿрѣ෕ౙџў҇৫҄џцҁѥџѾџйݢ൏ќзҀѝફลьє̞! ! ಕ! 2͆!ҕӔӝҞѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣืގѠљйћѤ̝Block and MacMillanͅ2::4͆-!Fastͅ2:89̝͆Gee)2::5*-!McNally!)2::8*-!Paul and Gompersͅ2::9͆-! Venture Economicsͅ2:97͆҇અவ̞!! 3*!! ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄჭษѠљйћѤ̝ӊӟҬӝӝ̷Ҭ ѹӎ̷ӓӍ̷ҫџў҇ѷѝѠ੣౗̞! 4͆!McNally-)2::8*ѤҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѭѣୟૄज഻ѝьћෟಅ๩ૄचѝࠗ ಅ๩ૄच҇ခᆭьє̞ෟಅ๩ૄचѝѤ၁ളࠬࣅсෟಅୟૄь̝၁ളࠬࣅсඩ௿ѝџјћ๩ૄ҇ ৫лѷѣќзҀ̞ࠗಅ๩ૄचѝѤ၁ളࠬࣅсҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈᅶю ҀѠ੒ьћ̝ӌӦҴӖ̷ࠬࣅѭѣ๩ૄӁҙӂҙ๸сџйєѶѠޓ࿫ѣӌӦҴӖ̷̡ҠӖӇҲӞ Ѡۦᅀ҇ໟѐєѿࢣຎќҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ۦ۫юҀшѝќзҀ̞шѣ ࠗಅ๩ૄचѣჭษѤ̝၁ളࠬࣅѠӌӦҴӖ̷ࠬࣅѭѣ๩ૄюҀӁҙӂҙ҇޻଻юҀшѝѹ္̝ лшѝќзҀ̞!  ४ࣉ໲ࡃ! ஛჋৆িͅ3117͆͑໙ႏѣӌӦҴӖ̷̡ҠӖӇҲӞѣ๩ૄ৫ຍ࠱୯̸ҕӦҤ̷һ෕ਯ҇ѷѝѠьћ ̸͓͒ॶൊଃݶय़ࢅ്͔3৽-๫ᄽൌ޻ॶൊଃݶ೴৾य़ࢅ୹-pp.24.31/! ޤ੟ᄽڵͅ2::9͆͑Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷ҠӖӇҲӞѝࠬࣅࠗࢥ෕͓͒फ۫य़ࢅ୹ᇫେ്͔32৽̝ ๫ᄽൌ޻फ۫य़ࢅ୹̝pp.44.62/! ਑຾ॖ૔ͅ2::8͓͆ඩ஛ࠬࣅࣟᄪѝӌӦҴӖ̷̡ӈҔҗҽӦҬ͔๫ᄽफ੆ం၈ଃ̞! ਑຾ॖ૔ͅ2:::͓͆໙ႏѣӌӦҴӖ̷ࠬࣅ͔໙ႏफ੆ྵᇫଃ/! ਑຾ॖ૔ͅ3114*͑ంࡋގࣅ૑ѣૄࣟ෕൦ѝࣟᄪࡀ࠙ѣᄃ߇Ⴢࠗࣟᄪࡀ࠙ѝౘ࿓पࣟᄪࡀ࠙ѣཿ޶ ခ౸͓͒ంࡋގࣅय़ࢅݶ! ෕ਯय़ࢅ၈ਇ஀͔ඩ஛ࠬࣅ೴৾य़ࢅࡀ৔̝pp.97.227/! फ੆ຎᄖݶͅ3115͓͆͑җӁӌ̷ҪӚӦ͒ќంєџ౗ේѣ࠱཰҇ඞф͔फ੆ຎᄖݶ/! फ੆ຎᄖݶͅ3116͓͆ӌӦҴӖ̷ࠬࣅѠѽҀంૉࣅೖഉ҇ഊకюҀєѶѣดॹ͔ଃඇၔఘफ੆ຎᄖ

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ݶంૉࣅೖഉښۀݶൌࠬࣅѣ৫ຍ࿫ݶ/! ౟ర्ഥ)3118a*͑Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠѽҀంૉࣅೖഉѠ࠙юҀڵ৤ੴ͓͒फ ۫ᆜೖ౗य़ࢅ്͔4৽-๫ᄽൌ޻फ۫ᆜೖ౗य़ࢅҮӦҲ̷-pp.38.46/! ౟ర्ഥ)3118b*͑Ҟ̷Ӊ̡ҕҙһѠѽҀҦ̷Ӑӟ̷һӌӦҴӖӝӦңѠ࠙юҀफ۫޻ษय़ࢅ͓͒फ ۫৫ຍय़ࢅ໪၈͔!്27৽-फ۫৫ຍय़ࢅ޻ݶ-pp.75.78/! ྍใৃিͅ3115͆͑ૉࣅೖഉѠ࠙юҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷ѣളपѝݢ൏͓͒फ۫৫ຍय़ࢅ໪ ၈͔!്24৽-फ۫৫ຍय़ࢅ޻ݶ-pp.64.68/! ྍใৃিͅ3111͆͑ంࡋૉࣅೖഉѣࠬࣅಘᅹѠ࠙юҀڵ৤ੴ͓͒৹੟फ੆ൌ޻ᇫେ͔54৽̝৹੟फ੆ ൌ޻޻ݶ̝pp.56.68/!

Block, Z. and Ornati, O. (1987). “Compensating Corporate Venture Managers,” Journal of Business Venturing, 2,pp.41-52.

Block,Z,and I.C. MacMillan (1993) Corporate Venturing : Creating New Businesses within the Firm, Harvard Business School Press.

Bygrave,W.D (1988) “The Structure of Investments Networks of by Venture Capital Firms, ”Journal of Business Venturing,3,pp.137-158.

Bygrave,W.D (1989), “Early Rates of Return of 131 Venture Capital Funds Stated 1978-1984 Networking Perspective, ”Journal of Business Venturing,4,pp.93-105.

Chesbrough, H.W.ͅ2002͆”Making Sense of Corporate Venture Capital”, Harvard Business Review,vol.80(3), March, pp.90-99.

Fast,N. (1978).The Rise and Fall of Corporate New Venture Divisions, Ann Arbor, Michigan,UMI Research Press.

Gomoers.P.A and Lerner ,J. (1988)The Determinants of Corporate Venture Capital Success̢ Organizational Structure,Incentives and Complementarities,NBER Working Paper W6725 Hardymon, G., DeNino, M. and Salter, M. (1983), “When Corporate Venture Capital! Doesn’t

Work,” Harvard Business Review, 61: pp.114-120..

Kann,A. (2000)Strategic Venture Capital Investing by Corporations̢ A Framework for Structuring and Valuing Corporate Venture Capital Programs,PhD Dissertation,Stanford Univ.

Lerner,J. (2001)A Note on Corporate Venture Capital,Harvard! Business School case,pp. McNally,K.(1997) Corporate Venture Capital : Bridging the Equity Gap in the Small Business

Sector, Routledge.! ! ͕࿌ࡌ͖! ! ႏᇫဍ҇੣౗юҀѠзєѿ̝ଘફຐࢲ଩ќзҀ஛჋৆ি಑ౡ҇ѤэѶ̝ႏय़ࢅҮӦҲ̷ѣय़ࢅۀ ќзҀ๾பࡐ಑ౡџѾѨѠതфѣஃ಑༕ၒѣщફຐ҇йєѕйєшѝѠ̝௿рѾѣпᆶ҇ఈь௒ч єй̞!

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