私募股權基金法律監管制度之研究—以國外監管制度為借鏡

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。 私募股權基金於在其投資運作之過程中，常藉由其深厚之人脈、國際觀與管理專長，提升被投資公司之價值。此外，私募股權基金入主被投資公司後，為了達到利潤極大化之目標且於一定期限內獲利出場，因此運作過程中會使得被投資公司更具效率性、減少無謂損失為被投資公司創造更大的附加價值。雖然私募股權基金之引進對被投資公司帶來不少的優點，但私募股權基金之運作過程也會引發一些的問題及風險。無論是對國外私募股權基金來台投資或對台灣要發展本土私募股權基金，我們都必須了解私募股權基金可能對社會帶來何種的風險及衝擊，而在面對這些風險與衝擊來臨之前，台灣應該要建立一套合適的監管或相關法律制度，以降低或避免風險之發生且能迅速且有效地因應私募股權股基金帶來的衝擊。 本論文之研究主題為「私募股權基金法律監管制度之研究—以國外監管制度為借鏡」。首先介紹私募股權基金之定義及種類。接著介紹國外私募股權基金在台發展的歷史及本土私募股權基金的發展狀態、台灣的有限合夥法是如何誕生以及與私募股權基金相關之稅制，以及探討私募股權基金在運作過程中可能引發之各項風險。最後，本論文透過對美國及英國兩國針對私募股權基金之監管制度的研究與了解並提出相關建議，期能作為我國未來發展私募股權基金相關法律制度之參考。

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.