私募併購基金之操作模式與對市場之影響

Private Equity Buyout Fund and its Economic Impacts

潘家涓(Maggie Pan)

指導教授 ： 李存修

國立臺灣大學/管理學院/財務金融學研究所/碩士(2006年)

https://doi.org/10.6342/NTU.2006.00869

摘要

經由非公開管道進行募集的基金-私募基金（簡稱Private Equity Fund, PE Fund），至今已有60年的發展歷史。2006年全球私募基金總投資額達到7,380億美元，而台灣前三大有線電視系統業者，目前皆為國際私募基金所掌控，可見私募基金在台灣及全球的影響日增。

本論文參考哈佛教授Josh Lerner 以及Felda Hardymon共同編著的「Venture Capital and Private Equity—A Casebook」一書作為研究私募基金之基礎，並在此基礎上結合筆者實務經驗，首先定義私募基金的意涵，並延伸至目前私募基金的發展，進而比較與台灣一般認知的私募方式的異同，最後聚焦於私募併購基金(Buyout Fund)的研究。

在明確了解私募併購基金的定義與類型後，進一步針對其生命週期作一介紹，從募資(Fundraising)、投資(Investing)及退出獲利了結(Exiting)的各生命週期主要活動深入探討，並特別針對投資中的各種步驟詳加說明。另外，本研究亦參考J.Fred Weston, Mark L. Mitchell, J. Harold Mulherin所著的「Takeovers, Restructuring, and Corporate Governance」，將該書中提及的企業改造及重組等方法，結合筆者實務經驗後，歸納成私募併購基金常見的操作模式。

由於交易的形成為所有私募併購基金的關鍵，因此本研究進一步深入分析私募併購基金標的之選擇條件與特徵。從分析標的篩選的流程，並透過全球及台灣私募併購基金實際發生的案例及筆者實務上的經驗，歸納整理篩選標的之特徵，藉以得出私募併購基金在選擇標的時所依循的原則。最後將前述整理的選擇條件運用至台灣上市櫃公司，希望能找出其中被私募併購基金選擇之可能標的。

本論文最後從私募併購基金對於資本市場、金融市場、產業等各面向的影響及衝擊進行說明，並比較各國發展狀況及政府因應之道，希望能對台灣因應私募併購基金的發展有些幫助，從增加助力而非阻力的角度，借力使力讓台灣的國家及產業競爭力更為加強。

關鍵字

私募基金 ； 私募併購基金 ； 企業重組

並列摘要

It has been 60 years since the start of private equity funds. In 2006, the total investment has reached to USD 738 Billion. The top three multi-system operators of Taiwan are all owned by private equity funds. Thus, private equity fund is more and more influential in Taiwan and Worldwide.

In this thesis, we will define what private equity fund is, describe the history, compare it with the private placement of Taiwan and then focus on the analysis of buyout fund.

After defining and analyzing several different types of buyout fund, we further analyze the life cycle of it, covering the stages of fundraising, investing and exiting. We then describe the detailed steps of investment stage and highlight different models in buyout fund by referencing the book of ”Takeovers, Restructuring, and Corporate Governance” written by J.Fred Weston, Mark L. Mitchell, J. Harold Mulherin.

In view of the importance of deal origination, we further analyze the selection criteria of the targets for buyout fund. By combining the findings from case studies and personal practical experiences, we summarize the selection criteria of these targets. By applying the criteria onto the listed industrial companies in Taiwan, we have come up with a list of the potential buyout targets.

Lastly, we try to study the potential economic impacts of buyout fund from the perspectives of capital market, financial market and industries. We also try to study the recent development of the buyout fund in some major Asian countries to find out how each government may cope with it. Hopefully this will provide some thoughts to help Taiwan public and the government to understand in depth how buyout funds generally operate so the overall economy can grow rapidly by leveraging the buyout funds instead of shutting the door on them.

並列關鍵字

private equity fund ； buyout

參考文獻

3. 陳育淋（民國九十五年七月），私募權益與創業投資基金之生命週期研究，國立台灣大學 國際企業研究所，台北市。

2. Weston, J.Fred, Mark L. Mitchell, J. Harold Mulherin (2004) ”Takeovers, Restructuring, and Corporate Governance”, Pearson Educational International

1. Lerner, Josh and Felda Hardymon (2002)”Venture Capital and Private Equity—A Casebook”,John Willey & Sons, Inc

4. 李政達，我國創投事業之現況與政策檢討，經濟部。

5. 許振明，陳沛柔（民國九十六年五月），低利率時代私募基金盛行與貨幣金融政策之因應，國家政策研究基金會。