私募基金合作下市重新上市後績效探討－以復盛應用為例

The Performance Evaluation of Re-listed Company Cooperating with Private Equity – Case of Fu-Sheng

王薇潔(Wei-Chieh Wang)

指導教授 ： 林博文

國立臺灣大學/管理學院/商學研究所/碩士(2020年)

https://doi.org/10.6342/NTU202001129

摘要

本研究欲透過私募基金橡樹資本併購復盛公司個案來探討國際私募基金於台灣活動之狀況，首先藉由文獻探討來了解國際私募基金運作之方式以及投資方式，針對管理階層收購之方式另外做釋義，從各個文獻中去了解其所可能造成之影響，再藉由復盛公司個案來驗證其所進行之管理階層收購是否真有其影響。
進一步藉由個案來雙向了解國際大型私募基金選擇台灣公司之動機和台灣公司選擇經由大型私募基金進行組織改造和重整之動機，接著透過復盛公司於下市後整整十年期間的各項組織重整來做研討，例如將客戶分群管理並導入豐田生產方式、進行多角化經營、對外收購國際上不同品牌、將底下事業體分割以及私募基金出場的部分，接著再從不同面向來檢討復盛底下分割出其一子公司－復盛應用來做重新上市後的績效檢討，分別從復盛股價走勢、整體營收表現、高爾夫球桿頭事業營收表現、獲利能力表現、ROA、ROE以及同業比較去做檢討以及分析。
筆者希望透過此個案研討，讓後續不管是欲引進私募基金之企業或者是欲收購台灣企業之本土私募基金皆能透過此研討有相關之文獻可以做參考，也期許台灣之企業能多透過此種方式走出國際並發光發熱。

關鍵字

私募股權基金 ； 復盛 ； 橡樹資本 ； 管理階層收購 ； 下市

並列摘要

This study intends to explore the situation of international private equity funds in Taiwan through the M A case of private equity fund – Oak Capital and Fu-sheng Company. First of all, through literature research, we could understand the operation and investment methods of international private equity funds and explain the definition of management buyout. By the case of Fu-sheng to verify the possible impact of management buyout in the document.
Through the case to further understand the incentive of international private equity choosing Taiwan company and on the other hands to further understand the incentive of Taiwan company choosing international private equity to reform and reorganize. Also, this study discusses about the various reorganization of Fu-sheng Company during the ten years after delisting. For example, the management of grouping the customers, introduce Toyota production system, externally acquire different international brands, split the underlying business units and the redemption of Oak Capital. Lastly, review Fu-sheng Precision – one of the subsidiaries divided from Fu-sheng Company, from different aspects after relisting. For example, the stock price trends, overall revenue performance, the revenue performance of golf club head business, profitability performance, ROA, ROE and peer analysis.
The author hopes that through this case study, for those ones who are the companies intending to introduce private equity funds or the local private equity intending to acquire Taiwanese companies can have this document for reference. Also, the author expects the companies in Taiwan could go aboard by this mean successfully.

並列關鍵字

Private Equity Fund ； Fu Sheng ； Oak Capital ； Management Buyout ； De-list

參考文獻

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