私募股權基金參與台灣企業重建之個案分析

Abstract

我國「創業投資事業範圍與輔導辦法」於2006年修正通過後，創投基金可以從事上市櫃企業的併購或重整相關業務，也提供國內創投轉型朝私募股權基金發展的新機會。2000年香港匯豐直接投資部門(HSBC Private Equity,Asia)入主發生財務危機的製鎖廠商東隆五金，則是國際私募股權基金參與台灣本土企業重建的典型個案。 本論文進行國際私募股權基金參與台灣企業重建之個案分析，以HSBC Private Equity (Asia)於2000年投入因為掏空而進入重整中之鎖具廠東隆五金公司，注入企業重建所需資金並取得控制權，企業歷經重整程序、組織及流程變革、財務改造和營運策略調整，而終於重建成功，並於2006年重新上櫃掛牌，基金隨後也在同一年將其所持有之股權出售予特力集團而順利出場的真實個案為分析對象。東隆五金重整成功的案例，是最近幾年台灣學術研究及實務探討的熱門題材，但主要是集中在重整程序、公司治理、重整及再生策略等領域。 本研究除了彙整並延續前人對於本個案之研究成果之外，更將著重在債權銀行對企業重整之回應策略、私募股權基金之投入及出場策略分析、企業重建歷程所涉及的公司治理改善、組織架構變革、資產重組處分、營運策略調整、財務改造、流程效率增進等六大關鍵管理議題之分析，以及對於基金出場、企業再次易主之後的可能新經營策略進行觀察和分析。最後則檢討私募股權基金參與台灣企業重建的可能有利和不利因素。

In 2006, the Ministry of Economic Affairs amended the 〝Scope and Guidelines for Venture Capital Investment〞 effectively removing the limitations on the scope of investment. This has allowed the nation's venture capitalists to enter new business sectors such as corporate revitalization and restructuring by allowing them to take part in re-investment companies' re-capitalization plans via mergers, acquisitions and buyouts. This might possibly offer new opportunities to transforming local venture capital funds into private equity funds. In December 2000, HSBC Private Equity (Asia) buyout a controlling stake in Tong Lung Metal Industry Co., formerly a debt-ridden family-run locksmith company undergoing a corporate restructuring plan. The restructured Tong Lung Metal Industry, as the first buyout by a foreign private equity fund known to have taken place in Taiwan, has been one of the nation's rare and most successful turnaround examples. The company has completed its latest phase of nearly eight years of restructuring that began in 1998 and has resumed its trading on Taiwan’s over-the-counter market on 23rd March, 2006. In late 2006 and early 2007, Test Rite Group has completed an acquisition from HSBC PE (Asia) to own 68% stakes on Tong Lung Metal Industry. This thesis has conducted a case study and research on the turnaround investment of a Taiwan company by an international private equity fund, i.e. the buyout of Tong Lung Mental Industry Co. by HSBC Private Equity (Asia). In 1998, Tong Lung suffered great loss from the embezzlement of company assets by its former chairman and relevant personnel and was adjudicated for reorganization by the court pursuant to the application filed by the creditor banks in 2000. In 2001, the court adjudicated that the reorganization has been completed. It has been almost six years since funds advised by HSBC Private Equity (Asia) Limited, together with member companies from two business groups in Taiwan, i.e. Shingkong Group and Chailease Finance Group, jointly took a majority equity interest in Tong Lung. Since then with efforts of the turnaround management team, Tong Lung’s business has been turned around, the restructuring debt has largely been repaid, the company has re-established itself as a global leader in the door-lock industry and its shares have been re-listed on the OTC market. Test Rite Group's reinvestment in Tong Lung has mainly focused on Tong Lung's excellent capability of design, R&D, and manufacturing in door lock products, in hope of consolidating the competitive edge of the two parties for a win-win situation. Previous case studies by several business schools in Taiwan have focused on restructuring process, corporate governance, restructuring and turnaround strategies. On the basis of findings and insights of previous researches on this restructured company, this thesis has extended researches into areas of the responsive strategy of bank debt creditors to corporate turnaround, the turnaround investment strategy and exit strategy of private equity buyout, the key issues of turnaround management including corporate governance, organization restructuring, asset restructuring, business strategy, financial restructuring, and operation efficiency, as well as new corporate and business strategies after the exit of HSBC private equity fund. Lastly, this thesis has examined the possible advantages and disadvantages of private equity funds’ investment on Taiwan’s corporate turnaround. Keywords：Private Equity Fund, Corporate Turnaround, Corporate Restructuring, Corporate Governance, Merger and Acquisition