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    题名: 私募股權基金在公司價值創造方面的影響
    The Impact of Private Equity on Corporate Value Creation
    作者: 李弈廷
    贡献者: 胡聯國
    李弈廷
    关键词: 私募股權基金
    Private Equity
    日期: 2012
    上传时间: 2013-09-02 15:18:44 (UTC+8)
    摘要: 在過去這三十年來，私募股權基金(Private Equity)在國際上迅速地崛起，成為全球資本市場裡面的一股新興勢力。它們旗下的投資組合裡面的公司五花八門，它們在全球各地擁有各式各樣、屬於不同產業的公司。就型態上來說，國際大型的私募股權基金，譬如說：KKR、凱雷(Carlyle)、黑石(Blackstone)、德州太平洋集團(TPG)、泛太平洋集團(General Atlantic)等，儼然已經成為新興的巨型跨國集團，其日益增加的影響力不容忽視。

    根據四大會計師事務所中的安永(Ernst & Young)、安侯建業(KPMG)以及三大顧問公司之一的貝恩顧問公司(Bain & Company)所各自發表的研究報告共同指出，私募股權基金能夠協助其投資的公司迅速成長，私募股權基金在公司價值創造方面有龐大的影響力。譬如說：私募股權基金提供資金，並引進專業人才、國際管理知識、以及豐富的網絡資源給其所投資的標的公司。根據上述報告指出，私募股權基金所投資的公司(Private Equity-backed Companies)，其績效表現比一般上市公司(Listed Companies)還要好。

    本碩士論文以探討私募股權基金在公司價值創方面的影響為主軸，以「問卷調查」的方式作為研究方法，邀請擁有專業知識以及豐富實務經驗的業界人士參與研究調查，並根據問卷結果去分析歸納私募股權基金所投資的公司具有什麼樣的特色，以及私募股權基金是如何再在公司價值創方面(營運管理面、財務面、還是公司治理面)作出貢獻，同時也探討了公司引進私募股權基金後有可能會面臨的一些問題。希望透過這份論文，揭開私募股權基金以往神秘的面紗。
    Private Equity (PE) has dominated the business headlines in recent years and is quickly assuming more and more importance. Once a relatively low-profile, even exotic industry, it has now moved into a significant position in the world economy. Within their portfolios, the companies that they own are from all kinds of industries. To a certain extent, huge international private equity funds, such as KKR, Carlyle, Blackstone, TPG, General Atlantic, etc, have already become the new and powerful multinational conglomerates. Their increasing influence can’t be underestimated.

    According to the recent private equity research reports issued, respectively, by Ernst & Young, KPMG and Bain & Company, we learn that private equity can help their portfolio companies accelerate growth, maximize potential, and create value through means of operational, financial and corporate governance improvements. For instances, private equity can provide capital, bring in professionals and global best practices to their portfolio companies, and it can also leverage its abundant global network resources to help their portfolio companies to achieve full potential. According to the above-mentioned private equity research reports, we can also learn that companies backed by private equities, in general, outperform their general listed counterparts.

    This thesis is set to discuss the impact of private equity on corporate value creation. In this thesis, I have designed a tailor-made questionnaire and invited people in the global private equity community, who have extensive experience and professional knowledge, to participate in the survey. With a hope that the results of this survey can help shed light on what kind of characteristic do PE-backed companies possess, and in what aspects can private equity really help create value and make positive contribution. Last, at the end of this thesis, we also talk about issues that companies sometimes may have to deal with after bringing private equity investors on board. It is my deepest hope that, through this thesis, we can all learn more about this mysterious industry.
    參考文獻: 1.邢會強、孫紅傳 (2009年1月)，最新經典-私募案例評鑒，中信出版社

    2.李連發、李波 (2008年2月)，私募股權投資基金：理論與案例，中國發展出版社

    3.熊焰 (2009年7月)，中國流-改變中外企業博弈的格局，清華大學出版社

    4.黃齊元(發行人; 2012年7月)，投資台灣-陸資來台面面觀，台灣併購與私募股權協會

    5.Bain & Company (2013), Global Private Equity Report

    6.Ernst & Young (2012), Branching out – How do private equity Investors create value? A study of European exits

    7.Bain & Company and European Chamber (2012), The social and economic impact of private equity in China

    8.KPMG (Jan 2013), Working with private equity portfolio companies

    9.Gadiesh, Orit; Hugh MacArthur (Jan 04, 2008), Lessons from private equity - any company can use. Harvard Business Publishing
    描述: 碩士
    國立政治大學
    國際經營與貿易研究所
    100351001
    101
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G1003510011
    数据类型: thesis
    显示于类别:[國際經營與貿易學系 ] 學位論文

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