私募股權之跨國併購實務：從盡職調查至價值實現之個案研究

Abstract

近年來，全球跨國併購交易呈現顯著增長，企業透過併購實現國際化布局、資源整合與技術創新，迅速擴大市占率與提升競爭優勢。隨著財務併購者（private equity-backed acquirers）在全球併購交易量與交易金額上的持續成長，併購活動不僅顯示出強勁的市場活力，也凸顯出企業在跨國交易中面臨法律、文化及地緣政治風險等多重挑戰。私募股權投資作為一種專注於非公開市場運作的資本模式，憑藉其長期持有與深度介入的特點，在併購後積極推動企業重組與價值提升，進一步影響併購活動的整體績效與市場結構。

本研究旨在探討跨國併購中私募股權投資之併購型投資（Buyout）的實務運作。有鑑於全球家族辦公室在14項資產類別中，對於私募股權投資前景持最為樂觀之觀點，本研究將透過深度訪談與個案研究，系統性解析其在盡職調查、投後管理與公司退場等環節之運作流程及細節，進而揭示企業如何在併購過程中評估目標公司、應對各類挑戰與風險，最終實現價值創造。期望本研究成果能夠為企業在跨國併購中建立相應評估指標、制定投後管理策略與規劃退出機制，提供一項參考依據。

In recent years, global cross-border mergers and acquisitions (M&As) have witnessed significant growth, enabling companies to achieve international expansion, resource consolidation, and technological innovation to enhance competitive advantages. Amid the rising prominence of private equity-backed acquirers in both deal volume and deal value, cross-border M&A activities not only demonstrate vigorous market dynamics but also highlight multifaceted challenges. Private equity, as a capital model specialized in non-public market operations, leverages its long-term ownership and deep operational engagement to drive post-acquisition restructuring and value creation, thereby reshaping the performance and structural evolution of M&A markets.

This study investigates the operational mechanisms of buyout investments in cross-border M&A transactions led by private equity. Given that family offices express the most optimistic outlook toward PE among 14 asset classes globally, the research employs an in-depth interview and case study to systematically examine their practices in due diligence, post-acquisition management, and exit strategies. By elucidating how the enterprise evaluate target firms, navigate challenges, and mitigate risks, this study aims to establish actionable frameworks for assessing critical metrics, formulating post-acquisition strategies, and designing exit mechanisms. The findings provide strategic references for enterprises engaging in cross-border M&As, particularly in enhancing value realization under complex transnational contexts.