海峽兩岸私募股權基金之探討

A Study of the Private Equity Fund between Taiwan and Mainland China

馬瑞國(Jui-kuo Ma)

指導教授 ： 鄒建中

朝陽科技大學/管理學院/財務金融系/碩士(2011年)

摘要

摘要
近年來，隨著金融產業國際化及投資者的求新求變，國內於2004年開放私募股權基金在不到一年的時間，其規模驚人的快速成長。事實上，早在1999年就有國外私募股權基金公司併購接手東隆五金重整案，於2001年完成重整，並於2006年再度掛牌，該案後來也成為國內公司併購重整的成功案例。由以上這些案例，我們發現到我國投資大眾對於私募股權基金認知不足的問題。且國內私募股權基金才剛實行不久，目前相關文獻均較為缺乏；再者，從文獻的回顧當中發現，以往對於私募股權基金之相關研究大部份均在討論基金的績效與影響基金績效之相關性議題。
　　本研究旨在探討世界各主要國家對私募股權基金之發現狀況，並分析各國家對其所為之監理態樣的程度，同時並比較目前海峽兩岸對於私募股權基金相關法規之適用性，以及未來應該如何強化相關規範，以保障未來投資人與股東之相關權益，並提出建議供我國監理機關參考，以建構主管機關監管之方向。

關鍵字

併購 ； 私募股權基金

並列摘要

ABSTRACT
In recent years, with the financial industry internationalization and innovative ideas of investors, domestic private equity fund that opening in 2004 has a rapid growth of its amazing size in less than a year. In fact, as early as 1999, foreign private equity firms have taken over Tong Lung Metal restructuring merger and acquisition case, restructuring was completed in 2001, and listed again in 2006, the case has since become a successful restructuring of domestic mergers and acquisitions case. By the above cases, we found out the lack of recognition problem with our private equity funds investing public. Besides, domestic private equity funds have just executed presently, and currently the relevant literature is shortage. Moreover, from the literature review which found the relevant researches in the past of private equity funds are most to discuss the fund performance and the impact of fund performance of the correlation issues.
The purpose of this research was to explore the situation of major states in the world for private equity fund, and analysis of its degree of supervision, in the meanwhile it compares with two sides across the Taiwan Strait about the applicability of the relevant laws and regulations of the current private equity fund, and how to enhance the relevant norms in the future, in order to protect the relevant rights and interests of the future investors and shareholders. Also, it brings up recommendations to our Overseeing institution for the reference and constructs the regulated direction for the Controlling organization.

並列關鍵字

merger and acquisition ； private equity fund

參考文獻

6. 易明秋(2007)，私募基金管理初探─從美國法觀察台灣制度之發展，逢甲大學2007 年現代會計論壇學術研討會，台中。

12. 劉士愷(2008)，私募股權基金在台灣發展之研究，元智大學管理研究所，碩士論文。

13. 黃國峯(2008)，中國私募股權基金產業的 SCP 研究，國立臺灣大學管理學院研究所，碩士論文。

14. 林耀文(2009)，資訊揭露作為經濟管制手段之研究—以美國、歐盟、英國、德國與我國對於私募股權基金之監理為例，國立臺北大學公共行政暨政策學系研究所，碩士論文。

2. Guy Fraser-Sampson (2007), Private Equity as an Asset Class , John Wiley