私募股權基金運作模式之研究

The Operation Model of Private Equity

魏瑞宏(Ruei-Hong Wei)

指導教授 ： 江炯聰

國立臺灣大學/管理學院/商學研究所/碩士(2012年)

https://doi.org/10.6342/NTU.2012.10367

摘要

私募股權基金自1950 年代發展至今，其產業規模已相當成熟，現今商業社
會中無論是食衣住行育樂哪一種產業，均可見到私募股權基金的蹤跡，由於私募
股權基金所掌握的資金愈來愈龐大，其對於全球經濟發展的影響力亦日益增長。
近期美國社會因為共和黨總統候選人Mitt Romney 具有私募股權基金的背景，對
於私募股權基金再度掀起一波激烈辯論。
台灣私募股權基金產業的發展，仍遠遠落後於歐美日等先進國家，由於受限
於市場規模過小、金融產業過於分散等限制，台灣要發展出具一定水準的私募股
權基金有一定的困難，故近年來國外私募股權基金來台投資的成功案例亦不多，
探究其原因為台灣各界對於私募股權基金的了解仍有限，政府金融主管單位亦過
度管制或過於保守，若持續下去將不利於台灣資本市場之發展。
有鑑於此，本研究將探究私募股權基金運作過程中的重要內容及特性，在此
將其分為基金募集、基金投資以及投資退出等三大階段，中間並穿插哈佛實際個
案作為內容對照，最後再建立一個私募股權基金運作模型作為結論。筆者希望透
過本研究對於私募股權基金的全面性分析，能得出私募股權基金成功運作的關鍵
因素，並做為了解私募股權基金的途徑。

關鍵字

私募股權基金 ； 基金募集 ； 基金投資 ； 投資退出

並列摘要

The private equity’s industry size has developed maturely to date, since
1950. In the modern commercial society, we can see the private equity’s
influences on every industry. Due to private equity’s asset under management
becomes larger and larger, it’s influences on global economic development
have also grown up. Recently, American arise from a debate on private equity
again, because the president candidate of the Republican party — Mitt Romney,
having private equity industry’s background.
The development of Taiwan’s private equity still lag behind the developed
country, due to constrained of the market size and financial industry’s over
diversity. It has some degree of difficulty to develop a famous private equity.
This is why Taiwan’s successful private equity transaction deal is few in recently.
Based on above paragraph, the research will discover the important
content and feature of the operation of private equity. The research separate
the discussion into three main part：Fund raising, Fund investment, and Exit, in
every part, the research also have some Harvard Business School’s case as the
complementary. In the end, the research will build an operation model of
private equity, and discuss some important factor based on the model.

並列關鍵字

private equity ； fund raising ； fund investment ； exiting

參考文獻

12. David Snow ,Private Equity : A Brief Overview, (2007), PEI Media.

1. 陳育淋，私募權益與創業投資基金之生命週期研究，(2006)，國立台灣大學

2. 李政賢，私募股權基金於槓桿併購之操作策略，(2007)，國立臺灣大學商學

1. Josh Lerner, Felda Hardymon & Ann LeamonVenture capital and

(1996), Harvard Business Review.