私募股權基金協助企業轉型的策略性角色與功能

Abstract

台灣企業在歷經了數十年的高速成長後於近期失去了成長的動力，原先依賴的廉價勞動力、完整的產業聚落與供應鏈、科技研發成果與活力等競爭優勢逐漸遭到了鄰近國家的挑戰。放眼未來還有因為科技進步帶來的產業變遷、人口結構轉變、以及全球經濟成長力量移轉等機會促使企業應立即進行轉型以捕捉商機。私募股權基金具有降低交易成本及代理人成本的特性，其核心活動在於投資具有獨特競爭力但需要改造的企業，透過經營策略重塑與營運改善等價值創造方法、與經營管理層合作及運用財務工程以實現投資增值，從許多研究文獻中可以證實其價值創造的功能及優異的成果，有助於企業轉型。 從企業轉型的角度探討私募股權基金扮演的策略性角色與功能時，本研究發現可將私募股權基金對企業的投資與合作模式分為八類，分別是參股型成長資本、融資收購、管理層收購、平台收購模式、商業結盟開拓新市場、價值鏈延伸與差異化、取得先進技術及進入國家戰略性產業與市場。前三類為一對一的傳統併購投資模式，後四類為新興經濟體中所觀察到企業協同私募股權基金透過併購進行轉型的模式。可以歸納出私募股權基金不僅是財務性投資人，也具備產業與管理顧問、營運效率改善、產業人才網絡聯繫、併購交易顧問與創造者等功能。

Experienced dynamic growth for decades, enterprises in Taiwan are now facing stagnation due to challenges to their original advantage of competitiveness such as cost saving strategy of utilizing low cost labor, well-developed industrial clusters and supply chains, and forward-looking involvement in technology sector. However, opportunities come along with changes, which are inclusive of industrial evolution given rise to technology moving forward, shift of demographic structure and global economic growth engine. Private equity funds are with the nature and business model to reduce agency costs. They buy enterprise, help fix it and sell it. Moreover, they create value through improving targeted enterprises’ strategies and operating efficiency, cooperating with management team and leveraging financial engineering. There are a number of studies proving their value creation functions and outperformance. Therefore, private equity funds appear to be well positioned to assist in enterprise transformation.

My thesis identifies eight cooperation and collaboration models between enterprises and private equity funds in terms of enterprise transformation and the respective strategic roles and functions of private equity funds in these models. They are minority investment, leverage buyout, management buyout, buy-and-build, business alliance, extension of value chain, acquisition of advanced technology, and acquisition of strategic entities for developing a nation’s focused industries. The former three models are traditional cooperation types for enterprises and private equities, and the later four models are observed in emerging economy and with a group of joint investors including strategic investors and private equity funds. This study identified that apart from financial investors, private equity funds are also industry and management advisors, enhancing operation efficiency, connecting talents, M&A advisors and deal makers.