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| Title: | 私募股權基金的平台式投資策略分析，以黑石集團整併印度車用零組件產業為例
Buy-and-Build Strategy in Private Equity – A Study of Blackstone in India`s Auto Components Industry |
| Authors: | 劉緯綸
Liu, Wei-Lun |
| Contributors: | 傅浚映
劉緯綸
Liu, Wei-Lun |
| Keywords: | 平台式投資策略
私募基金
產業整合 |
| Date: | 2019 |
| Issue Date: | 2020-03-02 11:39:42 (UTC+8) |
| Abstract: | 隨著私募基金公司陸續在全球各地採取了平台式投資策略(Buy-and-Build Strategy, B&B)，藉由深入當地市場進行產業的整併，而私募提供了資金管道、併購規劃、整併策略、財務及法務上諮詢等一次到位服務，並且以策略性投資人的身份與被投資公司一起成長。本文先引用學術文獻以提供一個價值創造分析架構給予未來想採取B&B 策略的任一利害關係人，並採用此價值創造的架構去分析國外的實務案例(Blackstone 採取B&B 策略進入印度車用零組件市場)，同時也提供適合採取B&B 策略的環境前提條件予以參考。本文後續會提出私募基金在台灣的產業實務上的案例予以參考，希望未來台灣會有更多國際私募進入台灣市場並協助企業進行產業的整併與突破性的發展。 |
| Reference: | 林苑卿(2019)，佳世達策略轉型三支箭走出7 年虧損期，財訊592 期。取自https://www.wealth.com.tw/home/articles/22645
陳民強、詹致瑋合(2017)，私募股權基金的架構及運作
陳昱光(2017)，振樺電砸55.13 億元併購瑞傳。取自https://www.chinatimes.com/newspapers/20170715000156-260206?chdtv
財訊快報(2018) 聯廣砸逾10 億元併購兩家公司，拓展行銷版圖。取自https://news.cnyes.com/news/id/4236836
勤業眾信(2018)，2018 台灣私募基金白皮書:台灣私募基金市場回顧與展望
AutoPartsAsia(2019). Automotive technology platform Sona Comstar launched in India. Retrieved from https://autopartsasia.in/automotive-technology-platform-sona-comstar-launched-in-india/
BAIN & COMPANY(2019). Global Private Equity Report 2019
Borell, M., & Heger, D. (2013). Sources of value creation through private equity-backed mergers and acquisitions: The case of buy-and-build strategies. ZEW-Centre for European Economic Research Discussion Paper, (13-094).
Borell, M., & Heger, D. (2013). Sources of value creation through private equity-backed mergers and acquisitions: The case of buy-and-build strategies. ZEW-Centre for European Economic Research Discussion Paper, (13-094).
Business Sweden(2015). Opportunities in Indian Automotive Components Industry
Castellaneta, F., Hannus, S., & Wright, M. (2019). A Framework for Examining the Heterogeneous Opportunities of Value Creation in Private Equity Buyouts. Annals of Corporate Governance, 4(2), 87-146.
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Deborshi Chaki(2019). PE firms set to drive consolidation in India`s auto components industry. Livemint. Retrieved from https://www.livemint.com/auto-news/pe-firms-set-to-drive-consolidation-in-india-s-auto-components-industry-1551810410799.html
Gilligan, J., & Wright, M. (2014). Private equity demystified: An explanatory guide.
Hammer, B. (2016). Do buy and build strategies increase illiquidity of private equity investments?. Available at SSRN.
Lubberdink, J. (2017). The Post-Exit Operating Performance of Buy-and-Build Firms.
Michael Brigl , Axel Jansen , Bernhard Schwetzler , Benjamin Hammer , and Heiko Hinrichs(2016). How Private Equity Firms Fuel Next-Level Value Creation. BCG. Retrieved from https://www.bcg.com/publications/2016/private-equity-power-of-buy-build.aspx
Nabeel A Khan(2019). Blackstone completes Sona BLW stake buy. The Economic Times. Retrieved from https://economictimes.indiatimes.com/auto-components/blackstone-completes-sona-blw-stake-buy/articleshow/70904913.cms?from=mdr&utm_source=contentofinterest&utm_medium=text&ut m_campaign=cppst
POOJA SARKAR(2019). How Blackstone made India its largest market in Asia. Forbes India Magazine. Retrieved from http://www.forbesindia.com/article/boardroom/how-blackstone-made-india-its-largest-market-in-asia/53849/1
Zarutskie, R. (2008). The role of human capital in venture capital. Available at SSRN 1726038. |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
106363071 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0106363071 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000124 |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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