私募股權基金在台併購之策略研究

Acquisitions Strategy of Private Equity Funds in Taiwan

劉蒲駿(Pu-Chun Liu)

指導教授 ： 湯明哲

國立臺灣大學/管理學院/國際企業學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.10734

摘要

2004年後全球興起所謂第六波併購浪潮，主角為私募股權基金。台灣在如此環境下，亦接連產生多宗投資併購交易案。為探索此現象及其原因和影響，本文選取了凱雷集團，分別採用業者本身及投資標的兩種不同角度，企圖解釋私募股權基金在台灣之併購策略。研究發現，不同產業經營模式的差異使得研究個案對象產生不同併購策略。凱雷集團透過其專業研究團隊、良好政商關係與危機入市的操作，三種策略方針來進行台灣併購投資案；並對不同目標產業進行公司經營權的投資轉換。本文最後亦針對私募選擇產業因素、私募經營模式、私募產業爭議三項議題進行探討。

關鍵字

私募股權基金 ； 併購浪潮 ； 動機理論 ； 凱雷集團

並列摘要

The Private Equity Fund industry leads a boom of investments as a major player in the sixth merger waves since 2004. Under such circumstances, multiple merger and acquisition cases took place in Taiwan. To explore the impacts and driving forces behind this phenomenon, this thesis selects one influential private equity company, namely, The Carlyle Group, to explain acquisition strategy from both PE fund itself and corporate firm perspectives independently. The results show that, different acquisition strategies result from distinct targeted industries and business models. The Carlyle Group takes advantage of their professional research teams, excellent relationships among political connections and right timing, namely, make acquisitions when markets are down and transfer their ownership frequently. This article also discuss three private equity issue in the last, including their industry choices, business models and major controversy.

並列關鍵字

Private Equity Fund ； Merger & Acquisition ； Merger Waves ； Motivation Theory ； The Carlyle Group

參考文獻

3 陳育淋，2006。私募權益與創業投資基金之生命週期研究。

6 潘家涓，2006。私募併購基金之操作模式與對市場之影響。

2 林建平，2004。台灣金融產業融資購併之個案分析。

4 Carlyle, 2013. Annual Report 2013.

7 KPMG , 2013. Private Equity survey 2013.