私募股權投資管理公司實證研究與個案探討

Empirical Investigation and Case Study on Listed Private Equity Management Companies

王耀毅(Yao-Yi Wang)

指導教授 ： 史綱 ； 何中達

國立中央大學/管理學院/財務金融學系/碩士(2006年)

摘要

近年來，「私募股權」投資開始受到重視與討論。除了傳統的投資方式，例如直接投資、透過私募股權基金或者是私募股權組合型基金投資外，目前投資人更可以購買私募股權投資管理公司的上市股票來參與私募股權投資。因此，本文的研究目的包括簡單概述私募股權市場，以及深入分析這些上市公司。本文將這些上市公司分成三種組織型態。主要的研究方法是個案研究與Style分析。
實證結果如下：首先，這些上市公司的股價報酬風格非常不同。整體來看，公司的股價報酬風格都偏向小型股報酬。其中3i的股價報酬風格偏向創業投資基金；而SVG Capital的股價報酬風格則部份與國庫券報酬相同；另外三家公司的報酬風格型態與buyouts funds相似。第二，公司管理者的「選擇」能力可能是解釋股價報酬的主要因素。第三，這些投資管理公司的投資方式、股利政策以及產業選擇等都不相同。而且，公司的股價大都高於其淨資產價值。

關鍵字

Style 分析 ； 私募股權基金 ； 私募股權投資管理公司

並列摘要

Recently, “private equity” investments begin to be paid much attention to and to be discussed. Besides the principal means of private equity investment such as direct investments, investing in private equity funds or private equity fund of funds, now investors can buy the listed private equity management companies’ stocks to participate in private equity market. Therefore the purpose of this paper is to roughly summarize private equity market and investigate those listed management companies. This paper classifies those listed management companies into three kinds of organization style. The main methodology is case study and style analysis.
The results of this paper are summarized as follows: First, the stock return styles of those listed management companies are very distinct. As a whole, stock return styles are like small stock returns. 3i stock return style is like venture capital funds’ return; SVG Capital stock return style is partly similar to Treasury Bills’ return. Another three companies’ returns are like buyouts funds’ returns. Second, the managers’ “selections” could be the main factor to interpret stock returns. Third, those management companies’ investment ways, dividend policies and industry selections are not the same. Finally, the stock prices of those companies are mostly superior to net asset values.

並列關鍵字

Style analysis ； Private equity management companies ； Private equity funds

參考文獻

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