日本私募基金產業之研究

Abstract

日本在2000年以來，私募基金（簡稱Private Equity Fund, PE Fund）的大型併購的案件逐漸增加，電視新聞上多見關於私募基金的報導。私募基金的研究是最近幾年日本學術研究及實務探討的熱門題材。這趨勢反映了日本的世界第二次大戰後最久的經濟復甦。因此，我想研究可以找到正確的管理公司，重建企業的組織，減少營運成本來增加企業價值的私募基金。 有人說，日本社會是一個僵局的社會。實際上，日本還有很多有競爭力的公司。私募基金因為不用公開資訊，大眾面對私募基金活動的機會不是很多。我要探討的是內容私募基金的特色在哪裡？外國和日本的投資策略有何不同。在共通的資本主義的世界，要確定企業價值，精心挑選投資案件，與管理層進行討論重建，提升企業價值將受益，在此過程中，需要什麼樣的投資戰略與技術呢？期望分析結果能解決日本經濟的國際競爭力的逐漸減弱的現象，同時解決日本封閉的產業結構。 本研究追溯私募基金的發展歷史，在明確了解私募基金的定義與類型之後，解釋投資及推出各過程。分析標的篩選的流程，私募基金對日本經濟的影響，同時分析案例。本論文最後探討村上基金及私募基金對資本市場，金融市場，產業等各面向的影響及衝擊，而進行說明政府因應。希望能對日本因應私募基金的發展有些幫助，借力使力讓日本的國家及產業競爭力更為加強。

Since 2000, the large sized acquisition of dealing with private funds have increased in Japan. There is much news of funds on television. The past several years, research of private equity funds has become a topic of hot academic research. It describes the longest Japanese economic recovery. Therefore, I want to research the fund that can find excellent management in a company, do turnaround very successfully, cut costs and create companies corporate value. Some people say in the Japanese society the economy is rigid, but, there are also many competitive companies in Japan. Private equity funds don't have to disclose information to the general public, therefore people do not have many opportunities to touch the reality of private equity funds. Making it unclear what the characteristics of the funds are. What is the difference of the strategy between Japanese and foreign funds. I want to analyze how to determine corporate value, how to choose the target, how to manage the process, and how to raise corporate value to get benefits. In this process what kind of technology and strategy does the fund have to prepare in the common capitalist world. If I analyze these, I think it can solve the decline with Japanese international competitiveness. At the same time, it can solve the rigid economic structure. In this thesis, I will define the history of the private equity fund, operational process, and illustrations. After defining and analyzing several different types of buyout funds, we describe the detailed steps of the investment stage and highlight different models in private equity funds. Lastly, we try to study the potential economic impacts of private equity funds from the perspectives of the capital market, financial market and industries. Hopefully this will provide some thoughts to help the Japanese public and the government to understand in depth how private equity funds generally operate so the overall economy can grow rapidly by leveraging the private equity funds.