政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/97127

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/97127

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文筆數/總筆數 : 113392/144379 (79%)
造訪人次 : 51230069 線上人數 : 894

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

搜尋範圍

查詢小技巧：

您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果

若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料

進階搜尋

主頁 ‧ 登入 ‧ 上傳 ‧ 說明 ‧ 關於政大典藏 ‧ 管理

到手機版

政大機構典藏 > 商學院 > 企業管理研究所（MBA學位學程） > 學位論文 > Item 140.119/97127

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/97127

題名:	影響私募股權基金退出策略的決定因素-以中國個案為例 What factors determine the decision of Private Equity fund exit strategy-Case study in China
作者:	江彥瑾 Chiang, Yen Chin
貢獻者:	吳啟銘江彥瑾 Chiang, Yen Chin
關鍵詞:	私募股權風險投資創投業內轉手股權回購首次公開發行併購退出 PE Private Equity VC Secondary Buyout Buyback IPO M&A Exit
日期:	2016
上傳時間:	2016-06-01 13:58:19 (UTC+8)
摘要:	企業的融資選擇有很多種，是否考慮使用私募股權基金(Private Equity Fund)的資金，在於PE投資機構是否能給企業帶來戰略上、資源上、人才上的資源。投資機構的退出會造成股權的轉移，在退出策略手法上，本研究針對業內轉手(Secondary Buyout)、股權回購(Buyback)、首次公開發行(IPO)、併購(M&A)，這四種退出策略做探討。並從投資機構的角度來探討幾個議題：議題(一)、私募股權基金退出策略決定因素和退出策略關係為何；議題(二)、投資機構選擇退出策略與議題(一)之關聯性為何；議題(三)、影響私募股權基金退出策略的決定因素是甚麼。議題(一)本研究整理出了四個綜合影響因素，在「投資機構內部決定因素」為「私募股權基金中LP的影響力」和「投資機構的風險控制及績效要求」；在「外部環境影響因素」為「資本市場效率及資本政策法規要求」和「公司資金成本及資本利用效率」。並歸納出兩個策略群組(Strategy Group)，分別為(一)「IPO和併購」及(二)「業內轉手和股權回購」。議題(二)的結果在退出策略選擇上與議題(一)無明顯差異。議題(三)在策略群組(一)的退出方式選擇，「私募股權基金中LP的影響力」為關鍵性的綜合影響因素；在策略群組(二)的退出方式選擇，「資本市場效率及資本政策法規要求」為關鍵性的綜合影響因素。管理上的決策意涵，在退出策略的決定因素上，「外部環境影響因素」相對「投資機構內部決策因素」來的多，主要可以體現外部環境相對複雜，並顯示出策略決定的動態複雜性。本研究最後有兩大猜想，「投資進入的時間點」是否是造成策略群組間選擇的關鍵因素？投資機構是否投資晚期進入的「估值相對較高」因此以業內轉手方式退出來說相對不易？ Corporate financing have many ways, whether using private placement from Private Equity Fund depending on the PE firm what can bring resources to the company including the strategy, business and the human capital. When the PE fund exit will exchange the equity from the target company to other entity. There are four kinds of exit strategy discussed in thesis are Secondary Buyout(SBO), Buyback, IPO and M&A. From investment firm’s perspective, there are three issues discussed as below: Issue One, what the relationship between the exit strategy and the factors determined the decision of Private Equity fund exit strategy. Issue Two, what the correlation between the investment firm decision and the result of “the Issue One”. Issue Three, what factors determine the decision of Private Equity fund exit strategy. Issue One: There are four complex factors. “The investment firm’s inner decision factors” are “the power of the LP in PE fund” and “the risk and the performance requirement of the investment firm”. “The external environment factors” are “the regulation& the policy of the capital market and the capital market efficiency” and “the cost of capital and the capital utilization efficiency”. The consequent concludes two Strategy Group, “IPO with M&A” and “SBO with Buyback”. Issue Two: there are no significant difference with the Issue One. Issue Three: In Strategy Group One(IPO or M&A), which “the power of the LP in PE fund” is the key complex factor that determines the strategy choice. In Strategy Group Two(SBO or Buyback), which “the regulation& the policy of the capital market and the capital market efficiency” is the key complex factor that determines the strategy choice. In the content of the exit strategy management decision, “the external environment factors” are more than “the investment firm’s inner decision factors”, which means that the intricate external environment and the dynamic of the complex strategy management. There are two conjecture in the thesis. First, whether “the investment series round timing” is the key factor determine the choice between the two Strategy Group. Second, whether “the higher valuation” in the later series round is hard for the investment firm choosing “Buyback” to exit.
參考文獻:	Bienz, C., Leite, T. (2008). A Pecking Order of Venture Capital Exits. Working paper,Norwegian School of Economics and Business Administration. Bonini, S. (2015). Secondary Buyouts: Operating Performance and Investment Determinants. Financial Management, pp. 430-470. Cao, J. X. (2011). IPO Timing, Buyout Sponsors’ Exit Strategies,and Firm Performance of RLBOs. Journal of Financial and Quantitative Analysis Vol. 46, No. 4, pp. 1001-1024. Cumming, D.J. and MacIntosh, J.G. (2003). Venture capital exits in Canada and the United States. University of Toronto Law Journal, Vol. 53 No. 2, pp. 101-200. Gompers, P. (1996). Grandstanding in the Venture Capital Industry. Journal of Financial economics 42 (1), pp. 133-156. Hand, J. R. (2007). Determinants of the round-to-round returns to pre-IPO venture capital investments in U.S. biotechnology companies. Journal of Business Venturing, p. 3. Hertzel, M., M. Lemmon, J. Linck, and L. Rees. (2002). Long-term Performance Following Private Placements of Equ. Journal of Finance 57, pp. 2695-2617. Incisive Media Invesment, L. (2013). Asia Private Equity and Venture Capital Review 2013. AVCJ Research. Linda Groat&David Wang. (2002). Architectural Research Methods. Mann RJ, Sager TW. (2007). Patents, venture capital, and software start-ups. Research Policy 36(2), pp. 193-208. Masulis, R.W., Nahata, R. (2009). Venture capital conflicts of interest: Evidence from acquisitions of venture backed firms. Journal of Financial and Quantitative Analysis 46 (2), pp. 395-430. Nadeau, P. (2011). Innovation and Venture Capital Exit Performance. Strategic Change: Briefi ngs in Entrepreneurial Finance, pp. 233-252. Pearce. R. and Barnes.S. (2006). Raising venture capital. UK.: Wiley Finance. Rahaman, M. M. (2013). Do managerial behaviors trigger firm exit? The case of hyperactive bidders. The Quarterly Review of Economics and Finance 54, pp. 92-110. Suli, Y. (2009). Study on Exit Mechanism for Private Equity Investment. Canadian Social Science Vol.5 No.2 , pp. 18-22. Susanne Espenlaub, Arif Khurshed, Abdulkadir Mohamed. (2009). The Exit behavior of Venture Capital firms., (p. 5). Thomas Chemmanur, Paolo Fulghieri. (1994). Information Production, Private Equity Financing, and the Going Public Decision. Columbia University, mimeo. Tim Jenkinson, Miguel Sousa. (2015). What determines the exit decision for leveraged buyouts? Journal of Banking & Finance 59, pp. 399-408. Wang, Y. (2012). Secondary buyouts: Why buy and at what price? Journal of Corporate Finance, pp. 1306-1325. 刑會強. (2013). 贏在資本. 中國經濟出版社. 投中研究院. (2015). 2015 年私募股權投資基金 LP 研究報告. 投資界. (2014年5月17日). 投資界. 李連發、李波. (2008). 私募股權投資基金理論與案例. 北京: 中國發展出版社. 李曉峰. (2014). 中國私募股權投資案例教程. 清華大學出版社. 柯基小蟲. (2014年5月17日). 外資和中國互聯網公司的二三事. 擷取自投資界. 段新生. (2014). 私募股權基金-治理、評價與會計訊息披露研究. 中國金融出版社. 徐晉. (2013). 私募基金經典案例大全. 陝西科學技術出版社. 清科研究中心. (2014). 中國私募股權投資年度研究報告. 清科研究中心. (2015). 中國股權投資市場2015全年回顧與展望. 陳菊香, 田惠敏. (2014). 私募股權投資與企業改制上市操作實務教程. 北京大學出版社. 黃日燦. (2015). 私募股權基金入門. 台灣併購與私募股權協會. 鄒菁. (2014). 私募股權基金的募集與運作-法律實務與案例. 法律出版社.
描述:	碩士國立政治大學企業管理研究所(MBA學位學程) 103363062
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G1033630623
資料類型:	thesis
顯示於類別:	[企業管理研究所（MBA學位學程）] 學位論文

文件中的檔案:

檔案	描述	大小	格式	瀏覽次數
062301.pdf		2351Kb	Adobe PDF2	390	檢視/開啟
062302.pdf		2351Kb	Adobe PDF2	208	檢視/開啟

在政大典藏中所有的資料項目都受到原著作權保護.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

DSpace Software Copyright © 2002-2004 MIT & Hewlett-Packard / Enhanced by NTU Library IR team Copyright © - 回饋