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  • 學位論文

私募股權基金的組織、交易與規制─兼論下市交易

Organizations, Deals and Regulations of Private Equity Fund ─ Concurrently discussing Public-to-Private Transaction

指導教授 : 王文宇

摘要


自2006年11月美國知名私募股權基金凱雷(Carlyle)集團宣佈收購我國全球最大封裝測試廠日月光半導體以來,有關私募股權基金的相關注意與論述便持續不絕。在國際間舉世矚目的大型投資併購案中,其金額之大與所涉層面及爭議之廣,往往令人不得不加以防備與注意。以現今全球經濟乃高度金融化以及全球化的趨勢來看,資金的流動與需求已趨於拂遠國界乃不爭的事實,也是無法避免的趨勢。臺灣是一個經濟自由化的市場,對於外資的控管其實應該以遠大的眼光來看待。在資金缺乏之情形下,如何藉由外資來進一步提升臺灣企業的國際化市場與競爭能力,實值得深加思考。 本文希望能透過對整體私募股權產業的暸解以及比較法上的觀察,為臺灣未來於國外私募股權基金進行融資併購下市交易的場合,主管機關於管制、審查的過程中,所應關注的議題與要點,提出相關評析與建議,以期能建立良好的監理與審查制度。 本文從私募股權的基本概念著手,使對私募股權基金的定義、類型、組織、契約及投資操作面向等有一完整認識。其次便切入私募股權基金其投資操作過程中,所可能產生的相關風險與管制議題,以點出在思考私募股權基金之管制面向時所應著重之處。接著以全球私募股權產業發展最成熟的美國法為基礎,作為本文比較法上的參考之處,並以本文主要的研究範圍,即資訊揭露與下市交易為中心。緊接者便詳細介紹三則2007年的美國德拉瓦州法院案例,希冀透過案例的詳盡解析,能夠對私募股權的實際問題發生以及法院審查重點做更深一步認識。最後回到我國法制,先論述我國的相關基本法制,接著以前述的風險管制議題以及美國法的管制與案例為基礎,提出評析與建議。

並列摘要


Since the buyout of ASE Global announced by the Carlyle Group in November, 2006, the private equity transaction have drawn the public attention and caused a heated debate on regulations in Taiwan for a long time. From the perspective of globalization and highly-flow of international capital, we should stimulate investments from foreign capital to further enhance the global market shares and competitiveness of companies in Taiwan. This thesis aims to provide related analyses and recommendations, based on research through comparative laws and cases and the private equity industry worldwide, to establish an integrated supervision and review system regarding leveraged buyouts and public-to-private transaction conducted by foreign private equity funds. It starts with the basic conception of “private equity” and “private equity fund” with its definition, types, organization, contracts and investment strategies, and then describes the probable issues of risks and regulations derived from investments conducted by private equity funds. By referring to the comparative laws, it focuses on the issues of “disclosure” and “public-to-private transaction.” Furthermore, based on the three recent cases of Delaware Courts in U.S., it analyzes the practical and material issues to which courts would pay more attention. Finally, as to the framework of financial regulation concerning private equity transaction in Taiwan, it provides certain recommendations on the basis of the previous studies in this thesis.

參考文獻


陳育淋,國立台灣大學商學研究所碩士論文,私募權益與創業投資基金之生命週期研究,2006年7月。
龐元琪,控制股東地位的形成與規範,國立臺灣大學法律學院法律系碩士論文,2007年6月。
Michael J. McGuinness & Timo Rehbock, Going-Private Transactions: A Practitioner’s Guide, 30 Delaware Journal of Corporate Law 437 (2005).
Peter Smith, Private equity seeds public vehicles, Financial Times, June 13, 2006, pg. 19.
MICHAEL BLAIR, QC (GENERAL EDITOR), LORETTA MINGHELLA, MICHAEL TAYLOR, MARK THREIPLAND & GEORGE WALKER, BLACKSTONE’S GUIDE TO THE FINANCIAL SERVICES & MARKETS ACT 2000 (2001).

被引用紀錄


余欣璇(2009)。中國大陸管理層收購法制之研究〔碩士論文,國立交通大學〕。華藝線上圖書館。https://doi.org/10.6842%2fNCTU.2009.00959
謝育錚(2017)。私有化交易之法制建構〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU201700714
楊亞翰(2017)。外國私募股權基金投資我國企業之研究 —以外資審查為中心〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU201700263
蔡耀霆(2014)。台灣私募股權基金的未來發展契機〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2014.10345
王芸廷(2014)。私募股權投資基金籌資法制之比較研究〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2014.10340

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