日本私募股權跨國併購之研究

Abstract

外國私募股權基金在日本市場的參與正迅速擴大，企業分割與跨國併購逐漸成為進入日本企業的主要管道。長期以來，交叉持股結構、終身雇用文化與制度障礙抑制了外資投資動能；然而，隨著公司治理改革強化資本效率、日圓貶值與低利率形成資金優勢，加上企業主高齡化與接班困難等內部結構性挑戰，日本市場逐步轉型為國際私募基金重點佈局區域。 本研究透過官方政策文件、制度法規與併購資料庫（如Deloitte）進行制度與市場面分析，並以日立製作所出售日立國際電氣予KKR的跨國併購為核心個案，深入解析其公開收購流程、出資安排、吸收分割結構與IPO退出策略。此案體現了外資如何在日本制度環境下以多階段投資與治理設計達成控制權轉移、價值重構與市場退出的整體佈局。 分析結果顯示，私募基金在日本投資時，須綜合考量外資審查法規、企業治理模式與文化整合機制，可透過如A種優先股與合資架構等結構性設計，有效平衡各方利害關係人之間的權益。相關經驗亦為台灣提供可參考之發展方向，包括推動企業事業分割制度化、簡化外資投資程序、強化公司治理透明度與資本市場的結構改革，以引導私募資本成為企業轉型與產業升級的策略夥伴。

Foreign private equity funds are rapidly expanding their presence in the Japanese market, with corporate carve-outs and cross-border mergers and acquisitions as key entry strategies. For decades, cross-shareholding structures, lifetime employment practices, and institutional barriers have suppressed foreign investment momentum. However, governance reforms aimed at enhancing capital efficiency, along with yen depreciation, low interest rates, and structural challenges such as aging ownership and succession issues, have gradually transformed Japan into a primary destination for global private capital deployment. This paper analyzes Japan’s legal and institutional environment through official policy documents, regulatory frameworks, and M&A databases (e.g., AVCJ, Deloitte), focusing on the cross-border acquisition of Hitachi Kokusai Electric by KKR as a representative case. The research provides an in-depth examination of the deal’s tender offer process, funding arrangements, business carve-out structure, and IPO exit strategy. This case demonstrates how foreign investors utilize multi-stage financing and governance mechanisms to achieve control transfers, value creation, and strategic exits within Japan’s regulatory context. Taiwan, in particular, may draw lessons from the Japanese experience by promoting carve-out mechanisms, simplifying foreign investment procedures, and improving transparency and structure in corporate governance and capital markets to attract private capital as a strategic partner in industrial upgrading and corporate transformation.