私募股權投資之交易架構

Deal Structuring of the Private Equity Investment

吳晏彰(YEN-CHANG WU)

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.2007.02570

摘要

本研究整理影響交易架構的誘因，再歸納出六個探討交易架構的面向，包括購買價格、資本結構、收購架構、董事席位、公司組織、資金退場，接著以此為基礎切入創立新公司、晚期投資、融資收購、捲起式投資四種投資案的不同交易架構。
　　希望藉由本論文的整理與歸納，讀者可以了解各方利害關係人對不同交易架構的心誘因為何、各方利害關係人偏好特定形式來完成交易的原因，並且經由不同交易架構的分析讓讀者能夠更全面的了解有那一些交易架構可供投資人選擇、不同交易架構對不同利害關係人的影響何在。

關鍵字：交易架構、私募股權

關鍵字

交易架構 ； 私募股權

並列摘要

This thesis generalizes the incentives to affect deal structures and six aspects to discuss deal structures including purchase price, capital structure, buyout structure, board, business organizations, and exist. Based on these six aspects, this thesis discusses four different types of investment including start-up, late stage, leveraged buyout, and roll-up.
From this thesis, readers can understand incentives to different deal structures and why shareholders choose specific deal structure. Through analyzing different deal structures, readers can understand more comprehesnsively about which deal structure investors can choose and how different deal structures influence shareholders.

並列關鍵字

deal structuring ； private equity

參考文獻

Barber, Felix, & Goold, Michael. (2007). The Strategic Secret of Private Equity. Harvard Business Review, 85, 53-61.

Bierman, Harold JR. (2003). Private Equity: Transforming Public Stock to Create Value. New Jersey: John Wiley & Sons, Inc.

Lerner, Josh, & Hardymon, Felda, & Leamon, Ann. (2009). Venture Capital and Private Equity - A Casebook. NY: John Wiley & Sons, Inc.

Loos, Nicolaus. (2006). Value Creation in Leveraged Buyouts. Germany: duv.

Levin, Jack S. (2006). Structuring Venture Capital, Private Equity And Entrepreneurial Transactions. NY: Aspen Publishers.