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| Title: | 私募股權基金投資中小企業之引流效應 ─ 以台灣及美國為例
The Spillover Effects of Private Equity Investment in Small and Medium Enterprises: A Comparative Study of Taiwan and the United States |
| Authors: | 林妤儒
Lin, Yu-Ju |
| Contributors: | 江彌修
林妤儒
Lin, Yu-Ju |
| Keywords: | 私募股權基金
中小企業
引流效應
國際資本流動理論
金融深化理論
產業升級
區域發展
Private Equity Fund
SMEs
The Spillover Effects
International Capital Flow Theory
Financial Deepening Theory
Industrial Upgrading
Regional Development |
| Date: | 2025 |
| Issue Date: | 2025-09-01 15:31:07 (UTC+8) |
| Abstract: | 隨著全球經濟結構轉型與地緣政治風險升高，中小企業所面臨的經營挑戰日益嚴峻，特別在資源與資本取得有限的情況下，對外部資源與策略支持的需求愈加迫切。私募股權基金因其具備資金挹注、專業治理與策略導入之特性，逐漸在中小企業發展中扮演關鍵角色，不僅有助於突破傳統融資限制，更能強化企業經營效率與創新能力，進而提升其國際競爭力。本研究旨在探討私募股權基金對中小企業投資所產生之引流效應，並以台灣與美國為比較對象，分析其在資金、技術、人才與制度等面向的具體影響。私募股權基金因其資金鎖定、長期投資、主動管理與價值創造導向等特性，被認為對資本市場與實體經濟具有深遠的引流作用。本文從國際資本流動理論、金融深化理論、產業升級與區域發展理論，以及制度與治理相關理論等多面向理論基礎出發，建構分析架構。本文之研究方法採用文獻回顧法、質性案例分析與比較研究法，針對美國與台灣之四個代表性中小企業投資案例，包括KKR投資美國CHI Overhead Doors與臺灣李長榮化工、Carlyle投資美國Beats Electronics，以及GIC與KDDI投資臺灣KKBOX，進行深入分析。結果顯示，PE基金介入不僅提供資金支援，更在公司治理、技術導入、市場拓展與產業鏈整合方面產生實質引流效應。相較於美國成熟的資本市場與較高的退出機制靈活度，台灣中小企業雖具創新潛力，但在制度成熟度與投資環境方面仍具挑戰。綜合分析顯示，私募股權基金對中小企業之投資具有潛在正面效益，惟其成效需倚賴完善之制度設計與企業內部轉型準備。本文亦對政策制定者、基金業者與中小企業提出具體建議，以提升私募資金對台灣中小企業之支持效能，促進國內資本市場與產業升級之良性循環。
As global economic structures continue to transform and geopolitical risks intensify, small and medium-sized enterprises (SMEs) are facing increasingly severe challenges. Particularly under constraints in accessing resources and capital, the need for external support and strategic partnerships has become more urgent. Private equity (PE) funds, characterized by capital infusion, professional governance, and strategic guidance, have emerged as key players in the development of SMEs. They not only help overcome traditional financing barriers but also enhance operational efficiency and innovation capacity, thereby strengthening international competitiveness.This study aims to explore the spillover effect generated by private equity investments in SMEs, using Taiwan and the United States as comparative cases. Given their characteristics—such as capital lock-up, long-term investment, active management, and value creation—PE funds are considered to exert significant spillover effects on both capital markets and the real economy. This research builds its analytical framework upon multiple theoretical foundations, including international capital flow theory, financial deepening theory, industrial upgrading and regional development theory, and institutional and governance-related theories.The study adopts literature review, qualitative case analysis, and comparative research methods. Four representative SME investment cases are analyzed in depth: KKR’s investments in CHI Overhead Doors and LCY Chemical Corp., Carlyle’s investment in Beats Electronics, and GIC and KDDI’s investment in KKBOX. The findings indicate that PE fund participation not only provides capital support but also contributes significantly to corporate governance, technology introduction, market expansion, and industrial integration. Compared to the U.S., which benefits from a mature capital market and flexible exit mechanisms, Taiwanese SMEs still face challenges in institutional maturity and investment environment.The comprehensive analysis shows that PE investment in SMEs has potential positive effects. However, its effectiveness depends on sound institutional frameworks and internal transformation readiness within the enterprises. This study concludes with specific policy recommendations for policymakers, fund managers, and SMEs, aimed at enhancing the effectiveness of PE capital in supporting Taiwanese SMEs and fostering a virtuous cycle of capital market development and industrial upgrading. |
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| Description: | 碩士
國立政治大學
國際金融碩士學位學程
112ZB1066 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112ZB1066 |
| Data Type: | thesis |
| Appears in Collections: | [國際金融碩士學位學程] 學位論文
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