私募基金對台灣家族企業經營之潛在價值貢獻

Abstract

This paper is an exploratory study on whether private equity can play a substantive role in revitalizing the Taiwanese family firm by identifying specific challenges faced by these family businesses and describing how private equity involvement may be able to help with each challenge. It begins by reviewing a broad selection of existing academic literature on the nature of the family firm, the prevalence of family firms in certain cultures and economies, family firm succession, private equity post-buyout strategies, private equity in emerging markets, private equity buyouts of family firms, and foreign investment in Taiwan. As there exists relatively little literature on these topics in relation to Taiwan specifically, the next section of the paper seeks to narrow that knowledge gap through case studies of past family firm buyouts in Taiwan as well as interviews with people who have demonstrated significant expertise in the field of private equity in Taiwan and representatives from Taiwanese family businesses in various industries. The thesis concludes that Taiwanese family firms are facing two major challenges where private equity involvement may prove immensely helpful: succession and insufficient capabilities for global expansion.