Private Equity Buyout Fund and its Economic Impacts

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。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.中文摘要..............................................................................................................iii THESIS ABSTRACT...........................................................................................v 目 錄......................... ..........................................................................................vii 圖目錄................................................................................................................. ix 表目錄.................................................................................................................. x 第一章 緒 論.......................... ........................................................................... 11 第一節、研究背景與目的................................................................................ 11 一、計劃緣起.....................................................................................................11 二、研究方法.....................................................................................................12 第二節、研究內容與架構.................................................................................13 第二章 私募基金定義、類型與發展現 ......................................................... 15 第一節、私募基金的定義.................................................................................15 一、私募基金的由來與特性.............................................................................15 二、私募基金的名詞釐清與比較............. .......................................................18 第二節、私募基金的類型與範圍.....................................................................23 一、創業投資(Venture Capital) ........................ ...............................................23 二、併購投資(Buyout) ......................................................................................24 三、融資借款(Mezzanine Financing) ................................................................27 四、避險基金(Hedge Fund) ......................... .....................................................27 第三章 私募併購基金生命週期與操作模式.................................................... 29 第一節、募資......................................................................................................29 第二節、投資......................................................................................................31 一、確定投資策略..............................................................................................31 二、篩選投資標的..............................................................................................31 三、接觸投資標的，簽署獨家契約並確立交易計畫......................................32 四、價值評估與實質審查....................................................... ..........................32 五、與融資機構協商，取得所需融資金額......................................................32 六、與投資標的進行協商，並簽署股權/資產購買合約............ ....................33 七、完成交易程序.......................................................................... ...................33 八、掛牌交易公司下市(如果原本就非上市公司，則略過此一階段.. ..........33 九、企業改造重組(Restructuring and Reorganization) .....................................34 第三節、退出機制..............................................................................................37 一、 公開發行上市(IPO)....................................................................................38 二、 併購退出(Sell down) ..................................................................................38 第四章 私募併購基金標的篩選原則與可能標的............................................. 40 第一節、投資標的之篩選...................................................................................40 一、緣起...............................................................................................................40 二、標的篩選之流程.......................................................................................... 41 第二節、台灣及全球交易案例分析...................................................................43 一、國際私募併購基金案例分析.......................................................................43 二、台灣私募併購基金案例分析.......................................................................50 第三節、篩選標的之選擇原則...........................................................................53 一、標的之價值被低估.......................................................................................53 二、具有一定獲利、現金流量佳/穩定..............................................................54 三、舉債比例相對低........................................................................................... 54 第四節、運用篩選原則之可能標的....................................................................54 第五節、私募併購基金之可能風險....................................................................57 第五章 對資本市場、金融市場及產業之影響...................................................58 一、緣起................................................................................................................58 第一節、資本市場的影響....................................................................................59 第二節、金融市場的影響................................................................................. 65 第三節、對產業的影響........................................................................................67 第六章、政府對私募併購基金可能因應之道................................................... 71 一、南韓................................................................................................................72 二、新加坡.......................................................................................................... 73 三、中國................................................................................................................74 四、結論與建議....................................................................................................77 參考文獻............................................................................................................... 8