私募基金如何對台灣企業發展創造價值- 以KKR併購李長榮化工為例

How Private Equity Funds Create Value for the M&A Target in Taiwan? -A Case Study of KKR's Acquisition of Lee Chang Yung Chemical Co.

李祥吉(Hsiang-Chi Lee)

指導教授 ： 林哲群 ； 張焯然

國立清華大學/科技管理學院/經營管理碩士在職專班/碩士(2020年)

摘要

本研究以2019年1月30日KKR收購台灣李長榮化工公司(榮化1704-TW)，讓榮化下市為例，研究了槓桿收購中的私募股權基金創造的價值。我們闡述了私募股權基金如何通過增加投資組合公司的內含價值來產生高回報。儘管先前的研究表明，主要通過股東和管理者之間利益的協調，效率的提高可以產生回報，但有關確切的機制和渠道的文獻仍然不全面。我們將先前研究的發現應用於KKR對榮化的槓桿收購的案例研究，確認其併購時企業價值評估的合理性。在台灣私募股權市場的背景下，本研究通過總結著名收購的具體例子，以文獻做出了貢獻。
此外，它還討論了私募基金善用於實施營運改進和創造價值的方式所使用的工具。藉由有效率運用或減少資本支出、槓桿收購的債務壓力反成進步動力、掌控董事會發揮監督管理作用、激勵原管理階層改善營運狀況及拓展業務增長銷售並增加現金流等方式作為國內中小企業提升營運管理的參考。

關鍵字

私募股權基金 ； 槓桿收購 ； 營運改進 ； 創造價值

並列摘要

In this study, on January 30, 2019, KKR acquired Taiwan's Li ChangYong Chemical Corporation (LCY Chemical Corp.: 1704-TW) and let LCY Chemical Corp. go out of the market as an example to study the value created by private equity funds in leveraged acquisitions. We explained how private equity funds can generate high returns by increasing the embedded value of portfolio companies. Although previous studies have shown that, mainly through the coordination of interests between shareholders and managers, the increase in efficiency can generate returns, but the literature on the exact mechanisms and channels is still incomplete. We applied the findings of the previous research to the case study of KKR's leveraged acquisition of LCY Chemical Corp. and tested it. For the company and private equity funds, both parties of the transaction considered very satisfied. In the context of the Taiwanese private equity market, this study contributed to the literature by summarizing specific examples of successful acquisitions.
In addition, it has an in-depth understanding of the tools used by private equity funds to implement operational improvements and create value. Through efficient use or reduction of capital expenditures, debt pressure from leveraged buyouts has turned into a driving force for progress, controlling the board of directors to play a supervisory and management role, encouraging the original management to improve operating conditions, expand business, increase sales and increase cash flow, etc., as references for operation management to small and medium enterprises in Taiwan.

並列關鍵字

Private Equity Funds ； Leveraged Buyouts ； Operational Improvements ； Value Creation

參考文獻

一、中文部分：

論文：

1. 王麗娟 (民99)。「私募基金於保險業購併個案研究」。國立交通大學管理學院碩士在職專班財務金融組碩士論文。

2. 陳奉珊 (民86)。「企業評價模型有效性之實證研究」。國立政治大學財務管理學系研究所碩士論文。

3. 鄔洪勇 (民83)。「企業評價關鍵因素之研究」。東海大學企業管理研究所碩士論文。