私募股權基金之探討

The Reserch of the Private Equity Fund

江俊逸(Chung-I Chiang)

指導教授 ： 鄒建中

朝陽科技大學/管理學院/財務金融系/碩士(2009年)

摘要

英國「經濟學人」(The Econamist)雜誌稱私募股權基金(private equity fund)是「資本市場新天王」 (The New Kings of Capitalism) ，凸顯這種基金在資本市場主流地位。這類基金較知名的是黑石和KKR(Kohlberg,Kravis,Roberts)所發行者。
私募基金的投資操作是尋找具有價值潛力但卻被低估的公司併購，透過管理的改善、提高經理團隊績效誘因、善用財務槓桿、提升現金流量等作法，經過改善培養後，再以較高的價格轉售或（重新）上市出脫持股。
最近幾年國際私募基金開始大舉來台，主因1997亞洲金融風暴當時台灣未受波及。在目前「雙低」(股價與匯率皆低)的情況 ，投資人缺乏投資信心，許多公司的價值被低估。自95年起私募基金展開入股和併購台灣上市公司的行動 。而目前國際知名私募股權基金在台灣最活躍首推NPL（Non-Performing Loan。不良債權）收購，包括凱雷、新橋、橡樹、麥格里、龍力、SAC。
私募股權基金併購過程牽涉法律千頭萬緒，重點在於不損及股東權益及交易公平性前提下得以兼顧資本市場運作之效率。私募股權基金於執行併購活動中，舉凡利益迴避、資訊揭露、公開收購、重新入股、內線交易等重點，均加以考量。此外小股東於私募股權基金中往往處於相對之弱勢，因此主管機關應針對私募股權基金進行併購過程時小股東權利保障等，列為未來監理私募基金資本市場活動中之重點所在。。
各國對於私募股權基金之監理做法有所不同，本文對於私募股權基金在各國市場活動現況，及美國與台灣政府針對私募基金監理做一簡要說明；也會對於國內外私募股權基金併購情形做介紹，最後提出本研究之結論與建議。

關鍵字

私募股權基金 ； 併購 ； NPL

並列摘要

British "Economist" (The Econamist) magazine said private equity funds (private equity fund) is "the new King of the capital market" (The New Kings of Capitalism), highlights such funds in the capital market to mainstream status. Such funds is a more well-known, such as Blackstone and KKR.
Operation of private equity investment is to find the potential value of the company， but the acquisition has been underestimated by management to improve and enhance team performance incentives for managers to make good use of financial leverage to enhance cash flow and other practices, improved training, and then higher the price of resale or (re-) market to sell off holdings.
In recent years the beginning of large-scale international private equity funds to come to Taiwan, the main reason the 1997 Asian financial crisis in Taiwan was not affected. In the current "double low" (price and exchange rate are low), the investors are the lack of investor confidence, many companies underestimate the value. Since 95 years private equity and M & A launched investment operations in Taiwan listed companies. At present, the international well-known private equity funds in Taiwan having the most active NPL (Non-Performing Loan. Non-performing loans) the acquisition, including Carlyle, Newbridge, oak, Macquarie, Dragon Force, SAC.
Private equity M & A process payment machine a multitude of things involved in the law, with emphasis on prejudice to the rights and interests of shareholders and transactions under the premise of equity capital markets to take into account the efficiency of operation. Private equity funds in the implementation of M & A activities, the interests of avoiding everything from information to expose and open the acquisition, re-investment, insider trading and other key will be considered. The minority shareholders in the private equity fund of often relatively weak, the competent authority should be carried out for private equity fund M & A process, such as the protection of the rights of small shareholders should be classified as the next Commissioner of private equity capital market activities of the focus.
States for the supervision of private equity funds practice is different from private equity funds in this article for potential field activities at the national status and national government for the private equity fund to make a brief description of supervision; also for the domestic and foreign private equity fund M & A situation made an introductory and finally to make a conclusions and recommendations.
Keywords: private equity funds, mergers and acquisitions, NPL

並列關鍵字

NPL ； private equity funds ； mergers and acquisitions

參考文獻

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