Rubel and Stanely, 1972

1972
1
2
3
1 2 3
pp. 131-158
Rubel and Stanely,
131

Brau, Brown and Osteryoung, 2004 Camp and Sexton,
1992 Bygrave and Timmons, 1992; Harris and Bovaird, 1996;
Timmons, 1987; Van Auken and Carter, 1989; Carter and Van Auken, 1994; Van Auken,
2002 Gorman and Sahlman; Silver, 1994
Chiampou and Kallett, 1989; Huntsman and Hoban, 1980; Martin and
Petty, 1983 Qiu, Yen and Gao, 1999
1992; Shepherd, 1999; Silver, 1994
Martin and Petty, 1983
132
2
Wang and Ang 2004
2000
Kenneth, 1981; Lorenz, 1985; Sapienza,
560
55.5
1984
Chiampou and Kallett, 1989; Huntsman and Hoban, 1980;
54

Asker, 1995; Caves and Porter, 1977; Hatten and
Hatten, 1987; Hunt, 1972; Ketchen, Thomas and Snow, 1993; Leask, 2004; Leask and Parker,
2003; Mehra, 1996; Newman, 1973; Peng, Tan and Tong, 2004; Porter, 1980; Thomas and
Venkatraman, 1988
1.
2.
3.
Asker, 1995;
Athanassopoulos, 2003; Cool, 1985; Cool and Schendel, 1987; Dess and Davis, 1984; Leask
and Parker, 2003; Mascarenhas, 1992; Panayides, 2002; Peng, Tan and Tong, 2004; Peteraf and
Shanley, 1997
Asker,
1995; Cool, 1985; Fiegenbaum and Thomas, 1990; Hunt, 1972; Newman, 1973, 1978; Schendel
and Patton, 1978
Hunt 1972
pp. 131-158
Strategic Dimensions Strategic Variables
133

Porter, 1980
Shanley, 1998; Leask, 2004; Houthoofd and Heene, 2002
Organization Model
Porter 1980 Resource-based Model
1991 Grant 1991 Leask 2004 Wernerfelt 1984
1
Yen and Gao, 1999
134
2
20
Dranove, Peteraf and
Industrial
Barney 1986, 1991, 1997 Conner
Qiu,

Huntsman and Hoban 1980 1960
1975 110 228,000 5
16.36
18.9
Martin and Petty 1983 1974
1979 11 20
Petty
20
S & P500
26.8 Ibbotson and Brinson 1987
1959 1985 Martin and
1978 1984 131
67
Chiampou and Kallett 1989 1978 1987 55
Bygrave, Fast, Khoylian, Vincent and William 1989
1995 4 1988 1992
2.94 115 35.4 15
25 1980-1986 85
28.79
35
Cheng 1998
pp. 131-158
135

Asker, 1995; Cool, 1985;
Fiegenbaum and Thomas, 1990; Hunt, 1972; Newman, 1973, 1978; Schendel and Patton,
1978
136
2
3
2
3
1995
2.94 1998
3.14 3
194 41
85.5
2005
153 153

21 21
1
pp. 131-158
21 1
137

138
2
2002 2005
2
2
14

14
Ward’s Method K-means
Varimax
Kaiser 1966 Eigenvalue 1
Factor Loading 0.7
3 13.4
2005 12 20.5 4 6
2 4
pp. 131-158
139

140
2
54
25 80
80.36
22.48 20.55
62 7
3

Ward
4 5 K-mean Ward 153
7 153 21
4 1 44 2 36 3 40 4 34
6
5
21 7
4
6 K-means
pp. 131-158
4
141

142
11 4
8 K-means 4 8
1
2
7
11

8 1
1 -
2
3
4
-
3
14
2 -
pp. 131-158
4
6
143

2.
3.
4.
95.21%
26,869.21% 27,158.31% 3.54%
1 1 9
8.1%
pp. 131-158
9
9
145

146
Principal Component Analysis
10 Eigenvalue
Kaiser 1 4 88.25
1
2
9
8 0.7 1
0.7
Quartimax

2 2
2 3
10
4
1
pp. 131-158
147

148
1.
2
11 12 - - -
-
11
13 Scheffé -
12 ( )

2.
14
2
13 Scheffé
3
3
3
p
15
pp. 131-158
149

150
2
14 ( )
15

pp. 131-158
-
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157

Strategic Groups from Venture Capital Firms in Taiwan and
Their Financial Performance
Wen-Long Chang 4 , Wen-Guu Huang 5 and Yi-Hsuan Jasmine Hsin 6
Abstract
This paper applies the concept of strategic group on the venture capital firms in Taiwan to
analyze their financial performances in order to help the firms with strategic choices in the
future. The study shows that venture capital firms in Taiwan can be classified into four strategic
groups, including large, proactive firms , large firms with steady growth , small firms with
with aggressive characteristic and small firms in specialized areas have better ability to
make a profit. This suggests that large venture capital firms should take their resource-
dominance advantage and seek for exceptional investment opportunities. As for venture capital
firms with capital restrain, investment should be focused on those professional industries with
greater potentials.
158
2
Key words: Venture capital, Strategic group, Financial performance
4 Assistant Professor, Department of Business Administration, Shih Chien University.
5 Deputy Director General, Small and Medium Enterprise Administration, MOEA.
6 Director, Taiwan Federation of Industry.