Page 25 - 哈佛商業評論2016年5月號：提升「失敗報酬率」

ίだҳΆุ㡹̴ᘥҳ㡱⤈ΥC̡ʘ㒄dνᕄˏ㑢ึ㉇ˇₓБ≧㒄ᘥ
ព䠦ঘ䕴dึ失C̡ਖ਼л䎇̋ 3.1Ĉeሦ㔄ਖ਼лᘥ̻ѩˏϣ䑤䎇
̋5.8ĈeₕϣC㒂㌑Бᙈ⢃ IPO
אC̡⥧剓ᘥ䠦⡇䎇̋1.4Ĉf
だҳ䅓䅳ᘥ䐘垖” The Impact of Venture Capital Monitoring
dЪ٫j
ГጥgЬ∲㆐վ Shai Bernstein
eሩ䈂䄵gΛᤘ䐙 Xavier Giroud
e⡑ᢇg
㉕㈒ Richard R. Townsend

m˖奠ׂ偲q

失Ⅰʈ䞓Ϟਖ਼坂኉့
“It gave employees ownership of their roles”

ㄱϋᜱd ☕♇Г⊄ψᘥ⥸嘠ਿᚆึᜱੂБᚇ嚓᥅gᙥ䐙㆐gਔփÿSusan Fenters Lerchਞ̋ί
⁨ɻ̵䝸৫ÿDisney Institute刈䥲ᘥɓ゗ᦀীึd塃Ցɛℓী䘸Ⅰʈᘥ厘䅨dึνО䐘垖Ցℓ䀳
ІʉʈЪᘥช嚘fΪϤdμίΫ䥲‘ផᠡd失 31 З〓坂͂〇Іʉᘥ厘䅨dW㠸̂䉩ᔲ⤈厈䀁Œᘥ$

ό厘䅨fμざ ટա)᝘Нਠุ㐗䘸*⥴䘨≧䉩ᔲ⦗℠㤄㌣fWɨᡦ䕲䥨㤄ᘥ⥴䘨䁠⁓f

)᝘Нਠุ㐗䘸*ਪÿW ίΤÎձ㥁㑥ÒԴqҢᘥՇ℠厘

ɨ历䅨ਪjЫᤩʡ䍑⁓㦇㡐 䅨dҪ㠸̂ᘥ厘䅨qુ夑οя
失ⅠʈІʉだ〇厘䅨k ⡒f
嚓᥅gᙥ䐙㆐gਔփ㌶ ਪj⦗䑩ᘥਂجϞⅣጤϓ
‡dɨ历䅨㌶‰jҢℓ፨п ≢k
ᘥ䀳㐩ᡦ↗㡁ធ㌩Ϟ噄₀╤ ㌶jだ〇อ厘䅨d失Ⅰʈঐ

ੰਪ呦ᘥ↗∠dҢℓІʉ₆ ☨ㅤ⁥±ℓ䀳ІʉʈЪᘥชաf
䀳⠥Ոᡕ䞑ᒄᘥઋرfҢซ ⦗䍑ਂʘᠡdⅠʈ̙d䞓ϞІʉ
પਗɓጤϞ䙙ᘥጣઋd㍑Ⅰ ᘥ኉့f⦙੬dอ厘䅨̙d失̮
ʈɓ΅છՓชfⅠʈᜉव± ᥔɛɻ͂㒂㡗呦d㒂ᐤ㡹Ңℓ䘨 ਪjҢʔ䕁֛⦗℠ਂج

ℓ㔢⤁ᘥ厘䅨dШሦ℠ɛ〕 㡗d±ℓึㅲ̈Ϟ嘑อ厘䅨ᘥਪ ίҢʈЪᘥή˙ᡦщБ⚃⦙f
̤̮だ〇ɓ℠Ϟ䙙ᘥ厘䅨f 呦d⦗だ〇ə䠦ึd失Ы㡆圓І ㌶j′⁓Ϟ≢d䌵䞀ɛ
Ң墘ϓ¼㌩㡗❆¿À‡fairy ʉᘥʈЪf ̀㔆ঐટա⦗䑩ᘥਂجdဢ
godmother‰fҢℓᘥৌਕ冀 ਪjνᕄᡶЗⅠʈ㉶جㅲ̈ ɰ⁓䀳⤈厈Ը䉩ᡦΥઋΥ
䅓墘ϓ¼⡑ৌ〓ᚇÀ‡minister ̷Ѷᘥอ厘䅨d㡈ᠧ䍑䥲k ⡑ᘥਂجf⁓ίɽᝨ⤈厈㡁
SODAVEKT; COURTESY OF PHILLIP KUCAB ‡ Harry Potter ‰㡁ᘥ¼奤ਚᜉ 〕ึㅲ̈Іʉ嚘⚃ᥲ㜗ʔ䦅ᘥซ ⦗̙ঐ㢈䙹Υ⥳䑶ʃɓጤd
of dollars and sense‰f䥲ផ
㌶jҢℓึѬɨԸী䘸d
⦗䍑ਂd̙ঐึϞᡕ䞑ᒄd
Ϊᤩ⥸εⅠʈ〕ϞᥲΝ厘䅨f
㝴⡑墘ϓʃ䉩Ã᝘лتतÈ
ɓ┐ِِ˖ο㢕偷fɽε䑤Ⅰʈ
䅳ɛÀ‡keeper of keys‰fҢ
جf
)㢈ʔ጑䍑㔢⤁ᘥ⤈厈f

و堰הϞg䐘Ὶቴx May 2016 x᝘Нਠุ㐗䘸Ό⡐冃夑ʕ˖و 25