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Study on the Regulation and Supervision System of Private Equity Fund—Lessons from the Systems of Foreign Countries
Private Equity Fund,Limited Partnership,Regulation and Supervision System,
|Publication Year :||2018|
|Abstract:||私募股權基金(Private Equity Fund)自美國創始至今已有數十年的歷史，歷經多年的焠鍊，發展至今已臻成熟並成為國際上重要的另類投資(Alternative Investment)工具，廣受國際機構投資人(包括但不限於主權基金、公共或企業退休金、基金會、家族理財辦公室、保險公司)之青睞，且在台灣，私募股權基金也逐漸成為企業或金融機構投資組合中常使用的長期投資工具。
It has been several decades since Private Equity Fund (“PE Fund”) was founded in the United States. After many years of refinement, PE Fund has evolved and matured and becomes an important Alternative Investment tool all over the world. In addition, PE Fund is very popular with international institutional investors (including but not limited to sovereign wealth fund, public or corporate pensions, foundations, wealthy family offices, and insurance companies) and in Taiwan, PE Fund has gradually become a long-term investment tool that is often used in the investment portfolios of corporates or financial institutions.
In the course of the investment of PE Fund, PE Fund raises the value of the investee company through its extensive personal connections, global visions and management expertise. Besides, after PE Fund becomes owner of the investee company, in order to achieve profit maximization and gain profit within a limited period, PE Fund will make the investee company more efficient and reduce deadweight losses in order to have the investee company make greater added value.
Although PE Fund brings a lot of advantages to the investee company, PE Fund still raises some problems and risks. Regarding international PE Fund and Taiwanese PE Fund, it is necessary for us to realize what risk and impact PE Fund will bring to our society, and before facing the aforesaid risk and impact, our government should establish a supervision system or relevant legal systems for PE Fund in order to reduce or avoid occurrence of risks and efficiently respond and handle the impacts which PE Fund will bring about.
The main theme of this thesis is “Study on the Regulation and Supervision System of Private Equity Fund—Lessons from the Systems of Foreign Countries”. At the beginning of the thesis, I will introduce the definitions and kinds PE Fund. Afterward, I will introduce the development history of foreign PE Fund in Taiwan and the development history of the local PE Fund in Taiwan, how Taiwan Limited Partnership Act comes to the world and the tax system related to PE Fund, and will explore the risks that PE Fund will bring about in the process of making investments. Finally, I will study the USA’s and UK’s the supervision systems and regulations with respect to PE Fund and provide recommendations for the future developments of supervision and legal systems of PE Fund in Taiwan.
|Appears in Collections:||事業經營法務碩士在職學位學程|
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