台灣發展私募股權基礎建設基金之分析－以A公司為例

Abstract

近年來，運用民間資本投資基礎建設，彌補不足的資金缺口已經成為各國趨勢。基礎建設投資本身具備「另類投資」特質，符合機構投資人的投資需求，但同時也因為其高專業性與高異質性，因此多透過「私募股權基金」（Private Equity Fund, PE Fund）方式來投資基礎建設，其資產規模自2000年以來已成長超過100倍來到近1兆美元的規模，是私募股權基金當中成長速度最快的策略。 過去私募股權基金在台灣的發展異常緩慢，但是這幾年在各界努力下，政府也逐漸完善法律制度與政策面，並提供投資誘因，希望藉私募股權基金將民間資本引入國內產業及基礎建設，協助台灣經濟發展。然而，我國私募股權基金發展仍在起步階段，或多或少需要政府與業界力量，以及業者本身自己的資源整合及策略運用，才能推動私募股權基金繼續茁壯成長。 本研究在參考學術文獻、資料庫、研究報告、產業報告後，首先介紹私募股權基金與基礎建設策略的投資特徵，以了解私募股權基金運作概念。之後，點出當前國際基礎建設基金的發展及未來趨勢，還有當前台灣基礎建設私募股權基金的發展問題，從國際經驗中提供未來可依循發展台灣模式。最後，從本土A投信業者發展設立私募股權基金的實務案例，分析其如何針對當前台灣環境，建構其募資策略、投資策略、基金架構等。希望從中提供發展私募股權基金思維，並對台灣私募股權基金市場的未來發展提出一些建議。

For the past few years, it has become a global trend to bridge the infrastructure investment gap via private capital. Infrastructure investment features “alternative investment”, meeting institutional investors’ needs; however, it is because of its high heterogeneity and high proficiency that most investors choose to gain exposure to infrastructure vis private equity funds. Since 2000, asset under management (AUM) of infrastructure has grown by over 100 times to 1 trillion dollars, which is the fastest one among all private equity strategies. Private equity had a slow-growing history in Taiwan. But thanks to the voices from all walks of life, we can see authorities have improved the environment and provided investment incentives guiding capital to the domestic industries and infrastructure via private equity. However, our infrastructure private equity fund is still in the early stage; it still needs authorities’ and industries’ help to push it into a robust-growing path. Referring to journals, databases, working papers, industry papers, and textbooks, this paper first introduce the concepts and models of private equity and infrastructure strategies, providing a comprehensive background. Second, we point out the global developments and future trends of infrastructure private equity, and afterward, discuss the situations and problems that private equity faces for Taiwan in the third part. By doing this, we conclude with some suggestions for Taiwan based on international experiences. Last but not least, we end up with practical experiences. We try to analyze how A company developed its private equity fund in fundraising, investment strategies, and fund structures in Taiwan, aiming to provide more practical thoughts and suggestions for developing infrastructure private equity fund for Taiwan.