併購與私募基金之操作策略

Abstract

美國歷史上出現過多次的併購浪潮，併購的方式也隨著時代經濟背景的轉變而不斷演進，管理層併購與槓桿併購也是時代潮流下的產物。而由於槓桿併購和新興財務工具的出現，使得私募基金在近代大為擴張，特別在西元2000年，網路產業的興起，使其經歷了前所未有的資金投入，以及隨之而來的泡沫化。隨著經濟逐漸走出低潮，私募基金又再度興起。 本研究除了對美國併購產業的演進作一介紹外，並輔以8個不同的個案，探討以下三大主題: 1.私募股權基金進行併購案之流程與原則性做法:從併購標的的投資審查，到併購案價值評估，最後到協商時所訂定的契約條款。 2.探討併購的動機與方式等，並將過去美國併購浪潮的演進作一介紹，到研究今日的微軟與雅虎併構案。 3.管理層收購和槓桿收購之特徵，並探討兩階段資金投入與員工入股計畫之應用。 由於併購已成為企業日常營運的一部份，而私募基金則以併購或投資企業為其擴張手段，因此本論文除了探討私募基金併購邏輯和模式之外，也將著墨於併購的議題上，且期盼此研究能給予台灣私募基金業者與一般企業有所助益。

There were several waves of merger and acquisition (M&A) activities happened in United States. The types of M&A activities varied with the economy transformation. This transformation leaded to the birth of new types of M&A, such as management buyout (MBO) and leverage buyout (LBO). Because of the emergence of LBO and new financial tools, private equity firms expanded in recent years. Especially in year 2000, due to prosperity of network industry, private equity firms` investment reached a new level. Later on, followed with network industry bubbles, private equity firms had their hard time. This thesis introduces not only the evolution of M&A activities in America, but also discusses eight different cases in order to illustrate the following topics: 1.The procedures and principles of private equity firms` investment. From due diligence to valuation, finally to the design of term sheets. 2.The motivation and methods of M&A. From studying of M&A waves in America history to the discussion of the case of Microsoft acquiring Yahoo!. 3.Studying of the characteristics of MBO and LBO, two stage investment and the applications of Employee Stock Ownership Plan. Since M&A had became a part of companies` operation and the private equity firms also used M&A to expand their operation scales. This thesis focuses not only on the logics and models of private equity firms` M&A, but also on the topics of enterprise M&A activities. Furthermore this thesis is expected to serve the purpose of improving profitability of private equity firms and corporations in Taiwan.