私募股權基金在台灣發展之研究

Private Equity In Taiwan’s Development and Research

劉士愷(Shih-Kai Liu)

指導教授 ： 丘邦翰

元智大學/管理學院/管理研究所/碩士(2008年)

https://doi.org/10.6838/YZU.2008.00289

摘要

本文研究方法係以探討先進國家美、英二國金融監理單位對私募股權基金的法令及規範，再探討我國金融監理單位對私募股權基金的規範，並以個案分析私募股權基金併購實例，最後依據以上探討及分析，提出研究結論及建議:
一,就產業而言:
政府應取消企業投資中國大陸的限制，對私募股權基金應採「積極開放、有效管理」策略，唯限制私募股權基金併購國營事及股本大之權值股。
二, 就金融市場而言:
政府不需要過多干涉，唯應建議金融貸放機構對私募股權基金融資的上限及定期追蹤資金流向，並要求私募股權基金定期提供財務報表以檢示償債能力。
三, 就公司治理而言:
私募股權基金併購本國公司應遵守本國相關併購法規及公司法。
四,就股東及員工而言:
私募股權基金併購公司時，新經營團隊進駐前應先擬定一份計劃書告知股東 及員工公司未來的走向，保障股東及員工的權益。
五, 就國內創投事業而言:
本文建議政府應恢愎創投業的投資抵減優惠，再次活絡本國創投業。

整體看來，政府對私募股權基金的因應方案仍有相當大的改進空間。

關鍵字

私募股權基金 ； 創投基金 ； 凱雷集團 ； 東隆五金

並列摘要

This article research technique is by discusses advanced countries America, the English two countries finances overseeing unit to private equity the law and the standard, again discusses our country finance overseeing unit to privately equity the standard, and analyzes by a document private equity and merge the example above, finally rests on the discussion and the analysis, proposed the research conclusion and suggested:
一、speaking of the industry:
The government should cancel the enterprise to invest mainland China the limit, to private equity to be supposed to pick "the positive opening, the effective management" the strategy, only limits private equity merge the state-operated matter and the capital stock big power value stock.
二、speaking of the money market:
The government does not need excessively to interfere, only should suggest the financial loaning out organization to private equity financing the upper limit and the regular tracing fund flows to, and requests private equity regularly to provide the financial report form to examine shows pays off a debt the ability.
三、speaking of the company governs:
Private equity and merge our country company to be supposed to observe our country correlation and to merge the laws and regulations and the company law.
四、speaking of the shareholder and the staff:
Front private equity and merge the company,new manager team should draw up a plan book to inform the shareholder and employee about company future trend, safeguards the shareholder and employee's rights .
五、speaking of domestic venture capital:
This article suggested the government should be extensive venture capital investment to arrive reduces the preferential benefit and detachable our country venture capital once more.
General speaking，government to private equity still have big improvement space。

並列關鍵字

private equity ； venture capital

參考文獻

（8）林繼耀（2002），《美國證券交易法「公平揭露規則」新制》，台灣證券交易所

（8） 台灣證券交易所 http://www.tse.com.tw/

《A Guide to Private Investments in Public Equity》， The Law, Legal and

regulatory engagement, Feedback on DP06/06), 第5 頁及第22 頁。)

regulatory engagement, Feedback on DP06/06), 第23 頁。)