私募權益與創業投資基金之生命週期研究

The Lifecycle of Private Equity and Venture Capital Fund

陳育淋(YuLin Chen)

指導教授 ： 江炯聰

國立臺灣大學/管理學院/商學研究所/碩士(2006年)

https://doi.org/10.6342/NTU.2006.01238

摘要

1946年，哈佛教授成立了第一家私募權益機構。至今，美國的私募權益基金走過了兩度興衰，尤其2000年，經歷了前所未有的資金投入，以及前所未有的泡沫化。目前2006年，私募基金投資漸漸走出泡沫化的陰影，有關私募基金投資已經累積了相當的經驗以及文獻。

私募權益發展的過程與美國科技進步與金融創新的發展與日並進，投資的規範以及投資過程也在美國形成了大致上的產業標準，從募集資金開始到投資到最後資金退場形成一種基金生命週期的型態。

本研究以哈佛教授Josh Lerner以及Felda Hardymon共同編著的「Venture Capital and Private Equity—A Casebook」一書為骨幹，再以該書延伸相關文獻，進行有關美國私募權益基金生命週期的研究。

本論文首先定義私募權益進行的主幹：募集資金、投資、資金退出。利用學者文獻、投資家經驗以及筆者歸納分析，一步一步解構有限合夥制度下進行的私募權益投資。

在公司風險投資（Corporate VC）方面，本論文則比較具有代表性的四家公司作法，以及與財務風險投資的不同。

在私募權益投資的結構成形之後，輔以實際上操作的十二個哈佛案例研究，從中具體地探討募資、投資、退場的決策過程。

本論文希望透過架構化分析美國私募基金發展的過程以及進行的模式，對未來私募基金的發展如何重整之後再起有所啟示。對台灣而言，則希望透過美國私募基金的研究給予台灣現行私募基金制度及從業者做為借鏡。

關鍵字

私募權益 ； 創業投資 ； 基金 ； 募資 ； 投資 ； 資金退出 ； 公司風險投資

並列摘要

In 1946, a Harvard professor established the first private equity firm. Private equity funds had experienced rise and decline twice since then. In 2000, private equity funds saw unprecedented amount of money flowing in; therefore it was inflated into an incredible bubble. Up to now, 2006, as people have gained more knowledge and experience about private equity funds, it has gradually shaken off the phantom of bubble burst.

The development of private equity funds went along with the advance of technology and innovation in financial system. In the process, the regulations and standards for investment took shape. The phenomenon of private equity funds lifecycle starting with raising fund and ending with withdraw funds.

We will use “Venture Capital and Private Equity – A Casebook” by Josh Lerner and Felda Hardymon as backbone and extend to other related material to conduct this research about the lifecycle of private equity funds.

At the beginning of this research, we will define some elements in private equity funds, such as fundraising, investing, and exiting funds. Through other research papers, experience of other investors, and personal analysis, we demonstrate the process of private equity funds under limited partnership.

Moreover, this research will take four companies as examples to illustrated their operation in corporate venture capital, and discuss their difference in risk management.

After explaining the structure of private equity funds, we will demonstrate the decision-making of raising, investing, and exiting funds through twelve Harvard case studies.

Through logically analyzing the development of private equity funds, we expect to the resuscitation of private equity funds in the future. In addition, this research provides the reference and standard for private equity funds in Taiwan.

並列關鍵字

private equity ； venture capital ； fund ； fundraising ； investing ； exiting ； corporate venture capital

參考文獻

4. Kearns, Laura (Ed.)(2004), Inside The Minds—Venture Capital Exit Strategies, Aspatore,Inc.

7. Timmons, Jeffrey, & Spinelli, Stephen,& Zacharakis, Andrew (2004), How to raise capital? : Techniques and Strategies for Financing and Valuing your Small Business , New York: McGraw-Hill company

參考文獻

中文部份

1. 梁薺方（民91一月）。私募權益之研究。未出版之碩士論文，國立台灣大學財務金融研究所，台北市。