私募股權基金在全球金融市場占一舉足輕重之地位, 其投資觸角已延伸至亞洲等新興市場,而台灣近年來亦不乏國際私募股權基金進駐投資之案例,例如國際私募股間金凱雷集團於2006年、2011年分別宣布對日月光股份有限公司、國巨股份有限公司進行公開收購。究竟私募股權基金將對我國產業帶來的影響為何,我國對主管機關於私募股權基金來台投資究竟應抱持何種監理態度,始能兼顧我國商業活動發展活絡與金融之穩定性,是一個重要的課題。本文擬針對我國應如何審查私募股權基金來台投資與我國是否有國際間所謂之私募股權基金的存在之二問題進行研究。 本文於第貳章將先介紹私募股權基金之基本概念,並於第參章就私募股權基金投資策略所可能引發之風險為說明。第肆章則觀察私募股權基金活躍地國之立法例,包括美國、歐盟、英國、日本、香港與中國。藉由分析上述各國與私募股權基金有關之規範架構,其可作為我國未來規範與發展私募股權基金之借鏡。第伍章則回歸我國,對於外國私募股權基金來台投資之現行法律規範與我國有無私募股權基金之存在進行探討。外國私募股權基金來台投資我國企業或將帶來若干風險,例如被投資公司資本弱化等,卻不可諱言其亦可為之帶來資金、新的管理思惟與財務管理上的協助,且尚未有證據可資證明對我國經濟長期發展有負面影響,因此主管機關於審查外國私募股權基金之程序或有再細緻化的可能。另外,在我國,最類似於私募股權基金之商業組織應屬創業投資事業,然其目前產業規模不大,又以自有資金投資為主,故不論從投資人保護或資本市場秩序之維護的角度切入,尚無主管機關介入之必要。
Private equity funds play an important role in the global financial market, and they have already extended their investment fields in the emerging market such as Asia, Latin America etc.Recently, there have been several foreign private equity funds investing our domestic companies. As a result, we shall consider what effects that private equity funds would bring to our industries and figure out how the regulators in Taiwan deal with the capitalism’s new king-Private Equity Fund carefully. The thesis focuses on two topics:The First topic is how shall we view and regulate foreign private equity funds when they try to invest our domestic companies;The second topic is whether domestic private equity funds in Taiwan exist or not. In the beginning, the second chapter introduces the concepts, structures, types of private equity funds, and then, the third chapter explains the problems and risks brought by the private equity funds’ investment strategies. Later, the fourth chapter takes a deeper look in the relevant laws regulating the private equity funds in USA, UK, Japan, Hong Kong, and China. By analysing the legislative trends, we could learn how shall we tackle with the problems and risk regarding private equity funds’ investment strategies. Finally, the thesis points out that we shall reconsider the appropriateness of the procedures regarding foreign private equity funds applying for investing in Taiwan. Besides, the thesis points out that our government shall not advance to regulate the domestic venture capitals in Taiwan due to the small size of such industries and their investment strategies.