台灣私募股權基金的未來發展契機

Abstract

私募基金由美國創始至今已過數十年的光陰，歷經多年的焠鍊，美歐等先進國家在這塊市場上已發展成熟的體制，而根據Bain & Company所發表的報告數據顯示，目前全球私募基金待投資的金額於2013年累計規模已經達到1兆770億美元，創下歷史新高，顯示目前私募基金具有大筆資金動能等待投資。 而台灣大眾開始注意到私募基金主要是由2006年開始，主要因為當時有GE Capital、NewBridge Capital等私募基金在台投資萬泰銀行、台新金控等案件；此外，也包括如過去由MBK主導的中嘉網路以及八大電視台等收購案在2010年獲利出場，豐厚的報酬也吸引了社會大眾及政府部門對於私募基金的關注。然而，在2010年博智中策投資南山人壽及2011年KKR與國巨的併購下市等案件被主管機關否決後，近年私募基金在台投資就此疲弱不振。 而本文希望歸納過去主管機關否決私募基金投資的原因，再依據目前即將修改與私募基金投資的相關法令如『企業併購法』、『有限合夥法』、『外國人投資條例』作出介紹，評估未來私募基金的在台發展。 而本文在一開始會先對私募基金作出明確定義後，介紹其主要的組織架構與參與者，接著簡介出私募基金的各種操作型態並專注在私募基金運作型態中占最大宗的“私募併購基金“的探討，最後介紹其從募資、投資到退出管道的整體運行週期。 最後，本研究會分析目前全球私募基金的發展狀況與介紹近年國際私募基金重要個案，評析各國法規並歸納各國監管重點。並且在下一章介紹私募基金過去在台發展狀況及案例簡介，探討出目前台灣私募基金的法規所出現的問題，並在最後依據國際上私募基金發展經驗提供未來台灣在這塊市場的發展建議。

Since private equity fund appeared in United States, it has been few decades. Developed countries like United States and Europe have been matured through execution these decades. In 2013, according to Bain & Company’s report, dry powder of private equity fund worldwide has reached historical high to 1.77 trillion USD, which reveals great amount of capital is finding opportunities to invest. In 2006, GE Capital and NewBridge Capital invested Cosmos Bank and Taishin Financial Holdings for abundant of dollars. As a result, Taiwanese people started to notice private equity fund from that time. Moreover, MBK made lots of profits from investing in China Network System and Gala Television Corporation case. And such a great rate of return also appealed attention from society and government. However, failure case of Primus acquired Nan-Shan Insurance and KKR acquired Yageo resulted in the investment slump of private equity fund in Taiwan Through concluding factors of those failure case of private equity fund and quoting laws which is adjusting and related to private equity fund investment such as Business Merger and Acquisition Act, Limited Partnership Act and Statue For ByForeign Nationals for evaluating development of private equity fund in the future. At the beginning of the article, we will define private equity fund and introduce the structure and participants. Afterward, we will bring in their operation types and focus on “buyout fund” which claims the biggest amount of private equity fund. At last, we will present operation of private equity fund including fundraising, investing and exiting. Finally, we will analyze development of private equity fund worldwide nowadays, introduce crucial cases in the world and concluding regulation of other countries. In next chapter, we will further introduce development of private equity fund in Taiwan and give an introduction of failure case to find problems exist in Taiwan’s regulation. Through comparing Taiwan’s regulation with other countries, we would like to give some recommendations to Taiwan’s development of private equity fund.