私募股權基金於槓桿併購之操作策略

Private equity operational strategy in leveraged buyouts

李政賢(Cheng-Hsien Li)

指導教授 ： 江炯聰

國立臺灣大學/管理學院/商學研究所/碩士(2007年)

https://doi.org/10.6342/NTU.2007.00561

摘要

隨著產業技術、政府規範與總體經濟的變化，美國企業自二十世紀初，在歷史上已經歷數波併購風潮。而不管是因事業策略而起或是財務上套利性質之併購，併購案早已成為企業日常營運之一部分，不但政府建立起一定的管理規範，學術界累積相當研究文獻與學者著作，業界也有一套進行併購案之原則作法。
本論文以國外學者著作與學術研究，輔以12個不同個案之分析，期以整理歸納出私募股權基金進行併購案時之併購案設計原理與概念上之作法原則。要特別提出的一點是，因為私募股權基金常以高度舉債來進行併購案，所以本研究對私募股權基金進行併購案之探討，將在相當比重上涵蓋到槓桿併購的議題。
本研究除了對美國併購產業的演進作一介紹，在章節安排上可以分三大主題:
1.私募股權基金所主導併購案之特徵。
2.私募股權基金進行併購案之流程與原則性做法:從併購標的的篩選評估、併購案設計與協商談判，到最後基金退場。
3.在槓桿併購中，如何預防與處理財務危機。
本論文藉由探討私募股權基金在併購案之操作策略與原則，希望使台灣對私募股權基金在促進公司治理與企業效率之社會貢獻有進一步之了解，同時為台灣對於槓桿併購這鮮少著墨的領域，作為有志從事槓桿併購的業者借鏡之用。

關鍵字

私募股權基金 ； 槓桿併購 ； 財務融資

並列摘要

Since the beginning of twentieth century, the enterprises in United States have undergone several waves of merger and acquisition (M&A) along with changes in technology of industries, government regulations and condition of economy. Whether the motivation for an M&A is to align the business with its strategy or to do financial arbitrage, M&A activites have become part of daily lives of enterprises in United States. Not only has the government developed regulations for M&A activities, but the academic community also accumulated large amout of studies and works about the field and related topics. At the same time, the practitioners also form a set of principles and a standard procedure for proceeding with an M&A.
This research is mainly based on other academic researches and works outside of Taiwan and includes twelve individual cases to conclude the rationale of design and contracting, as well as the procedure applied when private equity funds are doing M&As. Here it is noteworthy that since private equity funds proceed with M&As mainly through finacing and rasing debt, this research definitely covers many issues closely related to LBOs.
In addition to the introduction of private equity funds’ involvement in M&A activities and its development, the research will focus on three topics:
(1)The characteristics of M&As conducted by private equity funds.
(2)The procedure and principles applied when private equity funds are doing M&As: from target selection, evaluation and M&A contracting, negotiation to the exit of private equity fund.
(3)How to deal with and take precautions against financial distress in leveraged buyouts(LBOs).
The purpose of this research is to make people in Taiwan have a better understanding of the contribution private equity funds could bring to the society through better corporate governance and improving enterprises’ operaion in M&As, and to provide a simple guide lines for practitioners-want-to-be of LBOs.

並列關鍵字

Private equity ； leveraged buyouts

參考文獻

1. 陳育淋（民95七月）。私募權益與創業投資基金之生命週期研究。國立台灣大學商業研究所。

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