| Abstract: | 2006年11月24日，日月光半導體（Advanced Semiconductor Engineering Inc.）宣布凱雷集團將以每股新台幣39元的價格（相當於每單位日月光美國存託憑證（ADR）5.94美元），現金公開收購其全部流通股份，連同所發行的可轉換公司債及員工認股權憑證，預計收購總額達新台幣2,100億元，成為台灣歷來金額最大的收購案。據報載，凱雷集團竟然有高達90%的資金來金來自借貸，除了引起主管機關高度注目外，市場更是一片譁然。雖然該併購案終究告吹，但在媒體推波助瀾之下，國際私募基金從事高度財務槓桿操作所引發的金融、稅務等問題已於我國浮上檯面。另一方面，中國大陸長期以來均以吸引外商直接投資（Foreign Direct Investment, FDI）作為引進外資的主要模式，然由於大部分行行業產能過剩，以FDI的模式發展空間將愈來愈小，故外資轉以併購模式進入中國市場。從新橋資本（Newbridge Capital）於2004年6月以人民幣12.53 億元收購深圳發展銀行17.89%的股權以來，國際私募股權基金便開始在中國大陸陸積極進行投資。2005年年10月，凱雷雷集團更打算以3.75億美元的價格，收購了中國大陸最大工程機械製造企業─徐州工程機械集團有限公司85％的股權。凱雷集團收購徐州工程案除了是私募股權基金在中國大陸第一個實質控股權收購案例外，亦是當時在中國大陸最大宗的私人股本交易，甚至還引發了中國大陸內部掏空國有資產的論戰。由此可見，不管是在海峽的哪一岸，私募股權基金的活躍，早已是不可抵擋之潮流流。持平而論，私募股權基金對於企業（特別是較難接近正式金融市場的新興企業）的公司治理、創新與成長均有助益。也因為私募股權基金屬於私募性質，所受管制有限，加上資訊揭露範圍較小，因此相形之下，資本的配置效率較高。然而，私募股權基金採行融資併購（Leverage buyout, LBO），以高財務槓桿操作，進行併購及合併，合併後被併購公司因承續之前借款所產生的負債，負債比例例將大幅上升，導致公司的資本弱化，進而增加了企業經營風險、銀行風險和社會金融風險，並且有侵蝕稅基之虞。此外，就國家產業層面觀之，如果私募股權基金所收購者均為國家之龍頭企業，是否危及產業安定，非無可議。再就股東保護層面觀之，私募股權基金進行併購前往往重視大股東之意見，甚至與其談妥條件，相對之下，小股東將陷入資訊不對稱之地位，而無法取得應有的資訊與時效，更容易造受剝削。面對私募股權基金來勢洶洶，我國是否已經準備好接受挑戰？對岸和私募股權基金交手的經驗是否有值得我國借鏡之處？我國現行公司法、企業併購法、證券交易法以及外國人投資條例等相關法制，是否有酌予修正之必要？近來經濟部投審會以及行政院金融監督管理委員會針對私募股權基金亦修訂相關規定以求有效監理之，但其態度究竟為何？或是應以怎樣的立法監理思維來面對之？我國主管機關單純的以嚴格審查方式排拒或阻礙私募股權基金投資我國重要企業，是否確實為健全我國資本市場的良方？或者可能造成外資卻步不願投資我國市場？凡此皆有深入研究之必要。本研究計畫之目的即在於透過兩岸法制之比較以截長補短，為我國伴隨私募股權基金而來的各項問題提供完整而可行的解決方案，且本研究廣邀金融界與財經法領域專業人士，為此主題奉獻一份心力，亦為兩岸交流和與國際化上貢獻所長。
The merger and acquisition market has been prosperous recently. For instance, a private equity firm (a subsidiary of HSBC) took over Tone Lung Metal Industry Co. (“Tone Lung”) in 1999 and completed its reorganization in 2001. In 2006, Tong Lung re-listed in Gre Tai Securities Market and became the most successful reorganization model in Taiwan. Meanwhile, by getting Investment Commission’s approval, Carlyle Group L.P (“Carlyle”) also acquired all outstanding shares of EMC and 40% ETC shares by 7.6 billion NTD though its subsidiaries in 2006. This case also raised a controversy issue whether a foreign company may enter a franchise sector. On November, 2006, Carlyle tried to acquire Advanced Semiconductor Engineering Inc. (“ASE”) and de-list it in Taiwan Stock Exchange. Though this acquisition deal ultimately failed, it still raised lots of the debates in financial, political, and social prospects compared to other acquisition case. Still, ASE kept getting other private equities’ interest. Furthermore, Oaktree Capital announced to acquire Fu Sheng Industrial Co. in May 5th, 2007. It represents that private equity firms will keep acquiring listing companies of Taiwan in the future and attract people’s attention. There are lots of methods of merger and acquisition for private equity firms, including Leverage Buyout (“LBO”) and Management Buyout (“MBO”), etc. During 60s to 80s, United States corporations were famous for LBO. Due to the low capital committed by the acquirers (sometimes less than 10% of the purchase price), the high leveraged ratio will cause significant financial risks to those corporations. On the other hand, MBO will cause the conflict of interests between the management and the minority shareholders and influence the industries and the financing banks. While the merger and acquisition market of greater China is blooming, private equity firms and the LBO becomes a research highlight. The purpose of this project is not to figure out the full solutions to the problem of high leverage ratio of private equity firms and the thin-capitalization, but to bring foreign legal mechanism and benefit the development of the merger and acquisition of greater China. |
