私募股權基金與併購之評價分析–以凱雷併購日月光為例

The Valuation of Private Equity Fund and Corporate Acquisition

鄧金生(Chin-Sheng Teng)

指導教授 ： 何中達

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2007年)

摘要

目前台灣不論是科技製造業、金融業、電信業、還是媒體業…競爭已愈加劇烈，全面競爭的結果，是彼此市場佔有率相近，成長空間侷限，經營效益不彰。尤其科技業者，更面臨全球競爭、微利經營及對外整合的壓力。由於私募股權基金具備專業技術與企業經營管理經驗，除了可以為企業提供資金外，更可以帶進不同經營視野；但是其高度的財務槓桿操作、追求資本利得的而經營理念，以及因為企業受限於對大陸投資限制而引發的下市風潮，卻又是政府主管機關所不樂意見到的。
本論文首先研究並歸納併購的各種型態及其策略，並利用比較法，比較私募股權基金、創投基金與避險基金之異同，並嘗試運用研究歸納法整理出各種私募股權基金的類型及其操作績效，同時探討私募股權基金併購時最常使用的籌資方式-融資收購(LBO)之操作模式；最後經由個案研究，分析主併者(凱雷集團)及被併者(日月光)的公司概況及產業發展，並應用一般常用的現金流量折現法及市場比較法計算目標公司的企業價值，並分析其與收購者所提出收購價格之差異原因，搭配情境分析設算出目標公司最合理的價格區間。
就實證結果發現，雖然各種評價方法均有其理論基礎，運用在個案公司時，會出現不同之股價。雖然各方法計算出來之股價高低存在其差異性，但就個案公司自行評估市場價值而言均有其參考價值。

關鍵字

私募股權基金 ； 融資併購 ； 現金流量折現法

並列摘要

The industry of high tech ,financial service ,telecom and medium in Taiwan, is now faced a high competitive environment. The results of the competition is similar market share rate ,limited growth space and inefficient operation in each other. Especially ,the high tech industry is faced more pressure of global competition ,micro profit and external coordination. Because the private equity fund has both of the professional skill and corporate management experience. It is not only provide the huge funding resource ,but also bring in the new view of corporate operation. But in the other hand ,the high leverage debt, seeking for the short term capital gain and might leading the corporate to go private from public equity market to avoid the regulations of investment in China, are the issues which might cause the Government’s attention.
This paper is trying to provide the types of corporate acquisitions and their strategies，compare the difference between private equity fund，venture fund and hedge fund. It also document the types, financial structure, and risk characteristics of Leverage Buy-Out(LBO). This research utilizes discount cash flow method and market comparison method to estimate the market value of the selected company by focusing on the company''s relevant financial information.
The finding of the research shows that although all methods have their own theoretical foundations, different methods provide different intrinsic stock values. In addition, although there are differences among stock values obtained from calculation methods considered, when comparing with the numbers provided by the selected company, these intrinsic values are in the reasonable range

並列關鍵字

discount cash flow ； leverage buy-out ； private equity fund

參考文獻

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