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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 江炯聰 | |
dc.contributor.author | Cheng-Hsien Li | en |
dc.contributor.author | 李政賢 | zh_TW |
dc.date.accessioned | 2021-06-13T01:35:03Z | - |
dc.date.available | 2007-07-26 | |
dc.date.copyright | 2007-07-26 | |
dc.date.issued | 2007 | |
dc.date.submitted | 2007-07-12 | |
dc.identifier.citation | 書籍
1. Josh Lerner, Felda Hardymon & Ann Leamon (2005), Venture capital and private equity - a casebook (Third edition), John Wiley & Sons, Inc. 2. Harold Bierman, Jr. (2003), Private equity - Transforming public stock to create value, New York: John Wiley & Sons, Inc. 3. Rick Rickertsen & Robert E. Gunther (2001), Buyout – The insider’s guide to buying your own company, American Management Association. 4. George P. Baker & George David Smith (1998), The new financial Capitalists – Kohlberg Kravis Roberts and the creation of corporate value, Cambridge University Press. 論文期刊 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。 2. Cheol Park, Monitoring and Structure of Debt Contracts, The Journal of Finance, Vol. 55, No. 5. (Oct., 2000), pp. 2157-2195. 3. Gregor Andrade; Steven N. Kaplan, How Costly Is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions That Became Distressed, The Journal of Finance, Vol. 53, No. 5. (Oct., 1998), pp. 1443-1493. 4. Rafael Repullo; Javier Suarez, Monitoring, Liquidation, and Security Design, The Review of Financial Studies, Vol. 11, No. 1. (Spring, 1998), pp. 163-187. 5. Paul Asquith; Robert Gertner; David Scharfstein, Anatomy of Financial Distress: An Examination of Junk-Bond Issuers, The Quarterly Journal of Economics, Vol. 109, No. 3. (Aug., 1994), pp. 625-658. 6. Steven N. Kaplan; Jeremy C. Stein, The Evolution of Buyout Pricing and Financial Structure in the 1980s, The Quarterly Journal of Economics, Vol. 108, No. 2. (May, 1993), pp. 313-357. 7. George P. Baker, Beatrice: A Study in the Creation and Destruction of Value, The Journal of Finance, Vol. 47, No. 3, Papers and Proceedings of the Fifty-Second Annual Meeting of the American Finance Association, New Orleans, Louisiana January 3-5, 1992. (Jul.,1992), pp. 1081-1119. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/30083 | - |
dc.description.abstract | 隨著產業技術、政府規範與總體經濟的變化,美國企業自二十世紀初,在歷史上已經歷數波併購風潮。而不管是因事業策略而起或是財務上套利性質之併購,併購案早已成為企業日常營運之一部分,不但政府建立起一定的管理規範,學術界累積相當研究文獻與學者著作,業界也有一套進行併購案之原則作法。
本論文以國外學者著作與學術研究,輔以12個不同個案之分析,期以整理歸納出私募股權基金進行併購案時之併購案設計原理與概念上之作法原則。要特別提出的一點是,因為私募股權基金常以高度舉債來進行併購案,所以本研究對私募股權基金進行併購案之探討,將在相當比重上涵蓋到槓桿併購的議題。 本研究除了對美國併購產業的演進作一介紹,在章節安排上可以分三大主題: 1.私募股權基金所主導併購案之特徵。 2.私募股權基金進行併購案之流程與原則性做法:從併購標的的篩選評估、併購案設計與協商談判,到最後基金退場。 3.在槓桿併購中,如何預防與處理財務危機。 本論文藉由探討私募股權基金在併購案之操作策略與原則,希望使台灣對私募股權基金在促進公司治理與企業效率之社會貢獻有進一步之了解,同時為台灣對於槓桿併購這鮮少著墨的領域,作為有志從事槓桿併購的業者借鏡之用。 | zh_TW |
dc.description.abstract | 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. | en |
dc.description.provenance | Made available in DSpace on 2021-06-13T01:35:03Z (GMT). No. of bitstreams: 1 ntu-96-R94741067-1.pdf: 1373968 bytes, checksum: 5380ee19bff5475cb55a79ed82028cbb (MD5) Previous issue date: 2007 | en |
dc.description.tableofcontents | 目錄
第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究方法 2 第三節 論文架構 2 第四節 研究範圍定義 5 第二章 槓桿併購產業介紹 7 第一節 定義、起源與影響 7 第二節 市場演進 9 第三章 私募股權基金所主導併購案之特性 12 第一節 財務槓桿(financial leverage) 12 一、財務效果 12 二、舉債的合理上限 15 第二節 管理階層的加入 20 一、對併購案賣方的好處 21 二、對併購案買方的好處 23 三、管理階層與原股東/母公司的利益衝突 24 第三節、對公司治理的重視 24 一、管理團隊持股比例 25 二、鼓勵表現績效(earnout) 26 三、公司債務的壓力與限制 26 第四章 進行槓桿併購 27 第一節 併購對象選定 28 一、併購價值創造 28 二、投資風險 33 案例研究(一) : Martin Smith: May 2002 36 第二節 併購價格 39 一、公司價值與併購價格的評估 39 二、併購價格、投資報酬率與資本結構之關係 41 第三節 財務融資 43 一、管道與債權形式 43 二、債權契約特徵與背後原因 46 第四節 併購模式選擇 49 一、併購模式 49 二、併購模式談判 53 第五節 談判與合約細節訂定 54 一、協商對象 54 二、合約內容與風險控制 55 案例研究(二) : Bravos Partners-The CoMark LBO 72 案例研究(三) : Apax Partners – BTR Paper Technology 76 案例研究(四) : KKR – Beatrice 80 第六節 資金退場 83 一、公司上市 83 二、將公司股權轉售給第三者: 85 三、資本結構調整: 87 案例研究(五) : Xerium 90 案例研究(六) : Exxel 93 案例研究(七) : KKR – Beatrice 96 第五章 財務危機 99 第一節 1980年代晚期併購案財務危機 100 一、併購市場過熱 100 二、管理階層利益與股東利益的一致性被減弱 101 第二節 KKR案例 102 一、財務危機預防 104 二、財務危機補救 105 案例研究(八) : EFB trucking company 108 案例研究(九) : Eaton Leonard 110 案例研究(十) : Seaman Furniture 113 案例研究(十一) : Water Industries 116 案例研究(十二) : RJR Nabisco 120 第六章 研究結論 123 第一節 研究結論 123 第二節 後續研究建議 126 參考文獻 127 | |
dc.language.iso | zh-TW | |
dc.title | 私募股權基金於槓桿併購之操作策略 | zh_TW |
dc.title | Private equity operational strategy in leveraged buyouts | en |
dc.type | Thesis | |
dc.date.schoolyear | 95-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 廖咸興,李世仁,董澤平 | |
dc.subject.keyword | 私募股權基金,槓桿併購,財務融資, | zh_TW |
dc.subject.keyword | Private equity,leveraged buyouts, | en |
dc.relation.page | 128 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2007-07-16 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 商學研究所 | zh_TW |
顯示於系所單位: | 商學研究所 |
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