私募股權基金的組織、交易與規制─兼論下市交易

Abstract

自2006年11月美國知名私募股權基金凱雷（Carlyle）集團宣佈收購我國全球最大封裝測試廠日月光半導體以來，有關私募股權基金的相關注意與論述便持續不絕。在國際間舉世矚目的大型投資併購案中，其金額之大與所涉層面及爭議之廣，往往令人不得不加以防備與注意。以現今全球經濟乃高度金融化以及全球化的趨勢來看，資金的流動與需求已趨於拂遠國界乃不爭的事實，也是無法避免的趨勢。臺灣是一個經濟自由化的市場，對於外資的控管其實應該以遠大的眼光來看待。在資金缺乏之情形下，如何藉由外資來進一步提升臺灣企業的國際化市場與競爭能力，實值得深加思考。 本文希望能透過對整體私募股權產業的暸解以及比較法上的觀察，為臺灣未來於國外私募股權基金進行融資併購下市交易的場合，主管機關於管制、審查的過程中，所應關注的議題與要點，提出相關評析與建議，以期能建立良好的監理與審查制度。 本文從私募股權的基本概念著手，使對私募股權基金的定義、類型、組織、契約及投資操作面向等有一完整認識。其次便切入私募股權基金其投資操作過程中，所可能產生的相關風險與管制議題，以點出在思考私募股權基金之管制面向時所應著重之處。接著以全球私募股權產業發展最成熟的美國法為基礎，作為本文比較法上的參考之處，並以本文主要的研究範圍，即資訊揭露與下市交易為中心。緊接者便詳細介紹三則2007年的美國德拉瓦州法院案例，希冀透過案例的詳盡解析，能夠對私募股權的實際問題發生以及法院審查重點做更深一步認識。最後回到我國法制，先論述我國的相關基本法制，接著以前述的風險管制議題以及美國法的管制與案例為基礎，提出評析與建議。

Since the buyout of ASE Global announced by the Carlyle Group in November, 2006, the private equity transaction have drawn the public attention and caused a heated debate on regulations in Taiwan for a long time. From the perspective of globalization and highly-flow of international capital, we should stimulate investments from foreign capital to further enhance the global market shares and competitiveness of companies in Taiwan. This thesis aims to provide related analyses and recommendations, based on research through comparative laws and cases and the private equity industry worldwide, to establish an integrated supervision and review system regarding leveraged buyouts and public-to-private transaction conducted by foreign private equity funds. It starts with the basic conception of “private equity” and “private equity fund” with its definition, types, organization, contracts and investment strategies, and then describes the probable issues of risks and regulations derived from investments conducted by private equity funds. By referring to the comparative laws, it focuses on the issues of “disclosure” and “public-to-private transaction.” Furthermore, based on the three recent cases of Delaware Courts in U.S., it analyzes the practical and material issues to which courts would pay more attention. Finally, as to the framework of financial regulation concerning private equity transaction in Taiwan, it provides certain recommendations on the basis of the previous studies in this thesis.