题名

私募股權公司的價值創造與轉移

并列篇名

Value Creation and Value Transfer of Private Equity Firms

作者

洪堯棟(Yao-Don Hung)；蔡明宏(Ming-Hone Tsai)

关键词

私募股權 ； 私募股權公司 ； 私募基金 ； 融資收購 ； 價值創造與轉移 ； private equity ； private equity firm ； private equity fund ； leveraged buyout ； value creation and transfer

期刊名称

東海管理評論

卷期/出版年月

16卷1期（2014 / 07 / 01）

页次

1 - 34

内容语文

繁體中文
中文摘要

台灣產官學界對於是否全面開放私募基金進入國內存在著正反兩面之評價，國外私募股權公司對台灣的投資環境也有諸多質疑。本文檢視過去的研究文獻，特別是金融風暴後的學術性文章，以私募股權公司的價值創造與轉移為主軸，討論私募股權公司對投資人與其他利害關係人所帶來的利或不利。研究發現，私募股權公司的價值創造可透過下列四種方式進行：財務重組（槓桿與其他財務工具）、資產重組（勞力或資源重置）、營運重組（導入新團隊與管理模式）以及策略重組（改變公司策略與重新定位）。然而，私募股權公司也可能透過下列做法來轉移價值，包括操縱基金投資績效、投機性盈餘管理、內線交易、繁瑣的合約條款、超額融資、聯合投標、以及將標的公司轉賣給其他私募基金的「第二次融資收購」。
英文摘要

During the past decade, there have existed more debates than answers among researchers, practitioners and the local authorities concerning the overall introduction of private equity into Taiwan market. In this paper, we review findings of past research on private equity with much attention to the recent literature, and focus on the value creation and value transfer that private equity firms bring to their investors and stakeholders. We document the drivers of value creation including financial restructuring, asset restructuring, operational restructuring and strategic restructuring. However, we also find ways through which private equity firms are likely to transfer value. Our findings draw implications for further research, practice and regulation decisions.
主题分类 社會科學 > 管理學
参考文献
  1. Jenkinson, T., Sousa, M. and Stucke, R. (2013). How Fair are the Valuations of Private Equity Funds? Available at SSRN: http://ssrn.com/abstract=2229547.
  2. 私募基金來台併購政院將列重大投資（2013 年7 月1 日），聯合報。
  3. Jenkinson, T. and Stucke, R. (2011). Who Benefits from the Leverage in LBOs? Available at SSRN: http://ssrn.com/abstract=1777266.
  4. Li, X., Qian, J. and Zhu, J. L. (2013). Earnings-reducing Activities before Manage ment Buyouts. Available at SSRN: http://ssrn.com/abstract=2022091.
  5. Higson, C. and Stucke, R.(2012). The Performance of Private Equity. Available at SSRN: http://ssrn.com/abstract=2009067.
  6. Stucke, R. (2011). Updating History. Available at SSRN: http://ssrn.com/abstract=1967636.
  7. Hege, U., Lovo, S., Slovin, M. B. and Sushka, M. E. (2013). Asset Sales and the Role of Buyers: Strategic Buyers versus Private Equity. Available at SSRN: http://ssrn.com/abstract=1787465.
  8. Phalippou, L. (2014b). Hilton Hotels: A Case Study in Real Estate Private Equity. Available at SSRN: http://ssrn.com/abstract=2429357.
  9. Brown, G. W., Gredil, O. and Kaplan, S. N. (2014). Do Private Equity Funds Game Returns? Available at SSRN: http://ssrn.com/abstract=2271690.
  10. Furth, S. and Rauch, C. (2014). Fare Thee Well? An Analysis of Buyout Funds' Exit Strategies. Financial Management, Forthcoming. Available at SSRN: http://ssrn.com/abstract=2088883.
  11. Cohn, J. B. and Towery, E. (2013). The Determinants and Consequences of Private Equity Buyouts of Private Firms: Evidence from U.S. Corporate Tax Returns. Available at SSRN: http://ssrn.com/abstract=2318916.
  12. Phalippou, L. (2012). A Comment on Recent Evidence on PE Performance. Working paper. University of Oxford. Available at: http://ssrn.com/abstract=1969101.
  13. Thomas, J. M. (2010). The Credit Performance of Private Equity-Backed Companies in the 'Great Recession' of 2008–2009. Private Equity Council. Available at SSRN: http://ssrn.com/abstract=1582666.
  14. Buchner, A. and Stucke, R. (2014). The Systematic Risk of Private Equity. Available at SSRN: http://ssrn.com/abstract=2418705
  15. 吸引私募基金 經長：僑外資投資再鬆綁（2013 年9 月3 日），聯合報。
  16. Von Drathen, C. and Faleiro, F. (2008). The Performance of Leveraged Buyout-Backed Initial Public Offerings in the UK. Available at SSRN:http://ssrn.com/abstract=1117185.
  17. Wu, B. (2011). Shall we dance? Syndication, social network, and performance: Evidence from leveraged buyout investments. Working Paper, Yonsei University.
  18. Ernst & Young, LLP (2013). Clear Direction, Focused Vision. How Do Private Equity Investors Create Value? A Study of 2011-12 North American Exits.
  19. Steger, I. (2013, December 19).台灣可能再獲私募股權基金青睞. 華爾街日報中文網絡版.。Retrieved from http://tw.wsj.com/BIG5/20131219/bch140400.asp.
  20. 黃日燦（2012 年7 月12 日），私募股權基金是企業推手還是禿鷹？ 聯合報。
  21. Sousa, M. and Jenkinson, T. (2013). Keep Taking the Private Equity Medicine? How Operating Performance Differs between Secondary Deals and Companies that Go to Public Market. Available at SSRN:http://ssrn.com/abstract=2019595.
  22. (2014).Global Private Equity Report 2014.Bain & Company, Inc..
  23. Chung, J. -W. (2011). Leveraged buyouts of private companies. Working Paper. Chinese University of Hong Kong.
  24. Achleitner, A. K.,Bauer, O.,Figge, C.,Lutz, E.(2012).The Case for Secondary Buyouts as Exit Channel.Journal of Applied Corporate Finance,24,102-111.
  25. Axelson, U.,Jenkinson, T.,Strömberg, P.,Weisbach, M. S.(2013).Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts.The Journal of Finance,68,2223-2267.
  26. Barber, F.,Goold, M.(2007).The strategic secret of private equity.Harvard Business Review,September,53-61.
  27. Bernstein, S.,Sheen, A.(2013).Rock Center for Corporate Governance at Stanford University Working PaperRock Center for Corporate Governance at Stanford University Working Paper,未出版
  28. Bloom, N.,Sadun R.,Van Reenen, J.(2009).Global Economic Impact of Private Equity ReportGlobal Economic Impact of Private Equity Report,World Economic Forum.
  29. Boone, A. L.,Mulherin, J. H.(2011).Do Private Equity Consortiums Facilitate Collusion in Takeover Bidding?.Journal of Corporate Finance,17,1475-1495.
  30. Boucly, Q.,Sraer, D.,Thesmar, D.(2011).Growth LBOs.Journal of Financial Economics,102,432-453.
  31. Cao, J.,Lerner, J.(2009).The performance of reverse leveraged buyouts.Journal of Financial Economics,91,139-157.
  32. Cheffins, B. R.,Armour, J.(2008).The Eclipse of Private Equity.Delaware Journal of Corporate Law (DJCL),33(1)
  33. Committee on the Global Financial System(2008).Private equity and leveraged finance markets.Bank for International Settlements=BIS.
  34. Cumming, D. J.,Walz, U.(2010).Private Equity Returns and Disclosure around the World.Journal of International Business Studies,41,727-754.
  35. Davis, S. J.,Haltiwanger, J. C.,Jarmin, R. S.,Lerner, J.,Miranda, J.(2014).US Census Bureau Center for Economic Studies PaperUS Census Bureau Center for Economic Studies Paper,未出版
  36. Degeorge, F.,Martin, J.,Phalippou, L.(2013).ECGI- Finance Working Paper No. 384; Swiss Finance Institute Research Paper No. 13-48ECGI- Finance Working Paper No. 384; Swiss Finance Institute Research Paper No. 13-48,未出版
  37. Eckbo, B. E.,Thorburn, K. S.(2013).Corporate Restructuring.Foundations and Trends in Finance,7(3),159-288.
  38. Ghai, S.,Kehoe, C.,Pinkus, G.(2014).Private equity: Changing perceptions and new realities.McKinsey & Company..
  39. Gottschalg, O.,Phalippou, L.(2007).The Truth about Priave Equity Performance.Harvard Business Review,December,17-20.
  40. Groh, A.,Liechtenstein, H.,Lieser, k.(2013).The Global Venture Capital and PE Country Attractiveness Indices 2013.The IESE Business School of the University of Navarra.
  41. Guo, S.,Hotchkiss, E. S.,Song, W.(2011).Do Buyouts (Still)Create Value.Journal of Finance,66,479-517.
  42. Harford, J.,Kolasinski, A. C.(2014).Do Private Equity Sponsor Returns Result from Wealth Transfers and Short-Termism? Evidence from a Comprehensive Sample of Large Buyouts and Exit Outcomes.Management Science,60(4),888-902.
  43. Harris, R. S.,Jenkinson T.,Stucke, R.(2010).UAI Foundation Working PaperUAI Foundation Working Paper,Harris, R. S., Jenkinson T. and Stucke, R. (2010). A White Paper on Private Equity Data and Research, UAI Foundation Working Paper, University of Virginia.:University of Virginia.
  44. Harris, R. S.,Jenkinson, T.,Kaplan, S. N.(2014).Private Equity Performance: What Do We Know?.Journal of Finance
  45. Hotchkiss, E. S.,Strömberg, P.,Smith, D. C.(2014).Private Equity and the Resolution of Financial Distress.AFA 2012 Chicago Meetings Paper
  46. Jensen, M. C.(1989).The Eclipse of the Public Corporation.Harvard Business Review,September-October,61-74.
  47. Jensen, M. C.(2007).Harvard NOM Working PaperHarvard NOM Working Paper,未出版
  48. Kaplan, S. N.(1989).The effects of management buyouts on operating performance and value.Journal of Financial Economics,24,217-254.
  49. Kaplan, S. N.(1989).Management Buyouts: Evidence on Taxes as a Source of Value.Journal of Finance,44(3),611-632.
  50. Kaplan, S. N.,Schoar, A.(2005).Private Equity Performance: Returns, Persistence and Capital Flows.The Journal of Finance,60(4),1791-1823.
  51. Kaplan, S. N.,Strömberg, P.(2009).Leveraged buyouts and Private Equity.Journal of Economic Perspectives,23,121-146.
  52. Lerner, J.,Tufano, P.(2011).The Consequences of Financial Innovation: A Counterfactual Research Agenda.The Rate and Direction of Inventive Activity Revisited
  53. Lichtenberg, F.,Siegel, D.(1990).The effects of leveraged buyouts on productivity and related aspects of firm behavior.Journal of Financial Economics,27,165-194.
  54. Lopez-de-Silanes, F.,Phalippou, L.,Gottschalg, O.(2013).Giants at the gate: Investment returns and diseconomies of scale in private equity.Journal of Financial and Quantitative Analysis
  55. Mao, Y.,Renneboog, L.(2013).European Corporate Governance Institute (ECGI) - Finance Working PaperEuropean Corporate Governance Institute (ECGI) - Finance Working Paper,未出版
  56. Marquez, R.,Singh, R.(2013).The Economics of Club Bidding and Value Creation.Journal of Financial Economics,108(2),493-5055.
  57. Meerkatt, H.,Liechtenstein, H.(2008).,The Boston Consulting Group.
  58. Metrick, A.,Yasuda, A.(2010).The Economics of Private Equity Funds.The Review of Financial Studies,23(6),2303-2341.
  59. Metrick, A.,Yasuda, A.(2011).Venture Capital and Other Private Equity: A Survey.European Financial Management,17(4),619-654.
  60. Officer, M. S.,Oguzhan, O.,Sensoy, B. A.(2011).Club deals in leveraged buyouts.Journal of Financial Economics,98,214-240.
  61. Phalippou, L.(2014).The performance of buyout funds revisited.Review of Finance,18(1)
  62. Phalippou, L.,Gottschalg, O.(2009).The Performance of Private Equity Funds.The Review of Financial Studies,22(4),1747-1776.
  63. Robinson, D. T.,Sensoy, B. A .(2013).Do Private Equity Fund Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance.The Review of Financial Studies,26(11),2760-2797.
  64. Robinson, D. T.,Sensoy, B. A.(2013).Charles A. Dice Center Working Paper No. 2010-021; Fisher College of Business Working Paper No. 2010-03-021Charles A. Dice Center Working Paper No. 2010-021; Fisher College of Business Working Paper No. 2010-03-021,未出版
  65. Sensoy, B. A.,Wang, Y.,Weisbach, M. S.(2013).Charles A. Dice Center Working Paper No. 2013-01; Fisher College of Business Working Paper No. 2013-03-01Charles A. Dice Center Working Paper No. 2013-01; Fisher College of Business Working Paper No. 2013-03-01,未出版
  66. Wilson, N.,Wright, M.(2013).Private Equity, Buy‐Outs and Insolvency Risk.Journal of Business Finance & Accounting,40(7-8),949-990.
  67. Yeh, T.(2012).Do Private Equity Funds Increase Firm Value? Evidence from Japanese Leveraged Buyouts.Journal of Applied Corporate Finance,24(4),112-128.
  68. 美國商會(2013)。2013 台灣白皮書。
  69. 黃日燦(2014)。黃日燦看併購─台灣產業轉型升級的關鍵。臺北市:經濟日報。
  70. 黃日燦(2012)。黃日燦看併購─台灣企業脫胎換骨的賽局。臺北市:經濟日報。
  71. 德勤有限公司(2012)。兩岸併購活動現況比較。勤業眾信通訊，6 月號
print cancel