私募股權基金在價值創造之發展與監理—以台灣生技產業為中心

我國發展生技醫藥產業已經超過40年，直到今年生技產業仍然被列為國家級重點政策產業，願景為建置台灣成為亞太生技醫藥產業重鎮。經過政府長期投資，台灣生技醫療產業已具有國際競爭的基礎實力與優勢。然而，生技產業因其獨特的高進入門檻，在創業期之後到進入上市準備之間，便是生技公司難以跨越的資金鴻溝，尤其在2016年之後，台股中的生技公司股價泡沫化，使得募資更加困難。過去大部分台灣的生技產業僅憑自身的資源與力量，資金來源有限，近年透過募資引進策略型投資人的合作越來越頻繁，2018年李長榮化工和百略醫學皆是依循與國際私募股權基金的收購私有化下市，為台灣私募交易指標性案例。本文以私募股權資金為研究對象，探討生技產業未來在台灣內需市場有限且競爭全球化的情勢下，如何能靈活運用私募股權基金，創造公司價值，解決所謂的「資金斷鏈」現象，在引進私募股權基金時，我國的現行法規該如何同時兼顧企業以及股東的權益。美國私募股權基金之發展歷程，係伴隨著資本主義市場經濟發展而興起，透過比較美國與我國在私募股權基金的法制規範，輔以近年由私募併購的案例探討，本文認為，私募股權基金對於標的公司的價值創造模式，不僅為利用標的公司的資產負債表進行財務重組，也同時透過資產重組、營運重組或策略重組模式，建構標的公司的能力以提高價值。私募股權基金具有強大的資源整合能力，透過投資併購協助產業整併，不僅調整股權結構、平衡專業團隊權力，更能引進充沛資金、強化公司治理，實有助於二代接班傳承及企業整併。本文觀察近年生技醫療產業的私募股權投資活動有著大幅度的成長，顯現全球投資機構看好生技醫療產業的市場潛力，2018年私募股權基金在亞太地區的投資活動持續熱絡，加上台灣對於私募基金投資之監管朝向明確開放的方向，未來，本文建議，我國生技產業仍屬發展階段，在面對私募股權基金投資可能造成的風險，也必須同時考慮其所帶來的資金挹注、人脈資源以及創新的營運管理，試著找到一個平衡點活絡資本市場，又能維持穩定市場秩序。其次，無論是傳統企業併購，或是由私募股權基金主導之併購下市，與其由政府加強法制規範嚴格限制，應考慮依循董事受託忠實義務及資訊揭露、利益迴避以及合理價格等相關之程序保障機制，或利益衝突已充分揭露的情況下，尊重私募股權基金低調隱蔽的投資特性，在企業價值創造與投資人權益保護中尋求衡平，以滿足我國生技產業對於資金之高度需求，協助產業持續發展。最後，在新南向投資熱潮不減及歐美國家普遍限制中資海外併購投資之際，台灣企業正面臨黃金機會，可與國際私募股權基金合作，加速全球布局以啟動下一波成長動能。

關鍵字

私募股權基金；生技產業；併購後下市；資訊揭露；股東權益

並列摘要

Taiwan has been developing biotechnology industry for more than 40 years, and to this day, the biotechnology industry is still one of Taiwan’s key policy industries. Thanks to long-term investments by the government, Taiwan's biotechnology industry has developed fundamental features and advantages that can compete in the global market. However, since biotech industries have a uniquely high entry threshold, biotech companies usually have difficulty maintaining sufficient funding between startup stage and product launch stage. Especially after 2016, biotech company’s stock prices in the Taiwanese stock market was bubbled, making it even more difficult to raise funds. In the past, most Taiwanese companies could only rely on their own resources and thus had limited funding; nowadays, collaborations with strategic investors through fundraising are on the rise. LCY Chemical and Microlife Corporation were both significant cases in Taiwan in 2018. They followed the acquisition model of international private equity funds (PE funds) and became unlisted privatized companies. This article focuses on how biotech companies can flexibly leverage PE funds to create company value and overcome the so-called “discontinuity of funding” in the ensuing finite domestic market and global competition. Another issue is that as PE fund is introduced into Taiwan, how to protect the rights and interests of companies and shareholders via the existing regulations. In the US, the development of PE funds started with the development of the capitalism market economy. After comparing PE funds regulations of the US and Taiwan and studying recent acquisition cases, the author found that the value creation model PE funds brings to the target company includes using the company's balance sheet to restructure company finances, and building the target company's capabilities to increase value through asset redeployment, and operations and strategy reorganizations. PE funds models have strong resource integration capabilities. By helping industries consolidate through investments and M A, PE funds models can adjust equity structure, balance management team authority and power, bring in abundant capital, and strengthen company governance, which is very beneficial to the succeeding generations and overall enterprise consolidation. According to the observations, private equity investments in the biotechnology industry have grown significantly in the recent years. This indicates that global investment institutions are optimistic of the biotechnology industry’s market potential. In 2018, PE funds were still very active in the Asia-Pacific region, and Taiwan's regulations on PE funds had gradually become clearer and more open. Looking forward, regardless whether it's traditional merge and acquisition or going private due to M A by PE funds, the action should not be heavily regulated by the government; instead, we should consider relevant procedure safeguarding mechanisms such as board’s fiduciary duties, information disclosure, avoidance of conflict of interest, reasonable pricing. We should respect the low-key and discreet features of PE funds and seek a balance between creating business value and protecting investor interests. This can satisfy the high demand for capital in our biotech industries and help them to keep on developing. Finally, with investors continuously investing in Southeast Asia, and European and American markets restricting Chinese investors’ actions on M A and oversea investments, Taiwan’s industry is facing a great opportunity to work with international PE funds to speed up global deployment and initiate the next wave of growth.