私募股權基金於槓桿併購之操作策略

李政賢

doi:10.6342/NTU.2007.00561

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私募股權基金於槓桿併購之操作策略

Private equity operational strategy in leveraged buyouts

李政賢 , Masters　　Advisor：江炯聰　　

繁體中文 DOI： 10.6342/NTU.2007.00561

私募股權基金；槓桿併購；財務融資； Private equity ； leveraged buyouts

Abstract │ Reference (13) │ Times Cited (9) │ Altmetrics

Abstract 〈TOP〉

Parallel Abstract 〈TOP〉

Since the beginning of twentieth century, the enterprises in United States have undergone several waves of merger and acquisition (M&A) along with changes in technology of industries, government regulations and condition of economy. Whether the motivation for an M&A is to align the business with its strategy or to do financial arbitrage, M&A activites have become part of daily lives of enterprises in United States. Not only has the government developed regulations for M&A activities, but the academic community also accumulated large amout of studies and works about the field and related topics. At the same time, the practitioners also form a set of principles and a standard procedure for proceeding with an M&A. 
    This research is mainly based on other academic researches and works outside of Taiwan and includes twelve individual cases to conclude the rationale of design and contracting, as well as the procedure applied when private equity funds are doing M&As. Here it is noteworthy that since private equity funds proceed with M&As mainly through finacing and rasing debt, this research definitely covers many issues closely related to LBOs.
    In addition to the introduction of private equity funds’ involvement in M&A activities and its development, the research will focus on three topics:
(1)The characteristics of M&As conducted by private equity funds.
(2)The procedure and principles applied when private equity funds are doing M&As: from target selection, evaluation and M&A contracting, negotiation to the exit of private equity fund.
(3)How to deal with and take precautions against financial distress in leveraged buyouts(LBOs).
    The purpose of this research is to make people in Taiwan have a better understanding of the contribution private equity funds could bring to the society through better corporate governance and improving enterprises’ operaion in M&As, and to provide a simple guide lines for practitioners-want-to-be of LBOs.

Reference ( 13 ) 〈TOP〉

1. Josh Lerner, Felda Hardymon & Ann Leamon (2005), Venture capital and private equity - a casebook (Third edition), John Wiley & Sons, Inc.
連結：
3. Rick Rickertsen & Robert E. Gunther (2001), Buyout – The insider’s guide to buying your own company, American Management Association.
連結：
4. George P. Baker & George David Smith (1998), The new financial Capitalists – Kohlberg Kravis Roberts and the creation of corporate value, Cambridge University Press.
連結：
1. 陳育淋（民95七月）。私募權益與創業投資基金之生命週期研究。國立台灣大學商業研究所。
連結：
2. Cheol Park, Monitoring and Structure of Debt Contracts, The Journal of Finance, Vol. 55, No. 5. (Oct., 2000), pp. 2157-2195.
連結：

Times Cited (9) 〈TOP〉

Altmetrics

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