私募基金於保險業購併案個案研究-以南山人壽為例

Abstract

近年來，國際金融市場最引人注目之發展，首推私募股權基金（Private Equity Fund） 以及避險基金（Hedge Fund）之快速成長。私募股權基金近幾年之投資區域，除美國與歐洲外，更積極在亞洲進行投資。在1997 年亞洲金融風暴之後，私募股權基金趁機大舉進軍亞洲，首波鎖定之對象為中國及南韓企業。依據統計數字，2009年私募股權基金可投資亞洲的資金總額達2,830億美元，較2008年的2,600億美元增加了約9%。2009年投資的區域比重亞洲占80%。目前於國際上活躍之私募股權基金以凱雷集團（Carlyle Group）、KKR（Kohlberg Kravis Roberts）、黑石（Blackstone）、德州太平洋（Texas Pacific Group）、高盛資本(GS capital partner)等最具規模。

本論文以私募基金及保險業購併為主軸，採個案研究方式，探討私募基金併購保險業之適合性，並以購併相關理論及國內外文獻為基礎，應用企業評價方式為工具，針對私募基金購併南山人壽的個案進行評價。企業評價實證文獻中，評價模型非常多種，研究發現多認為現金流量折現法及相對評價法所得之結果較能反應出企業之真實價值，然本研究個案南山人壽並未公開發行，市場上亦無規模相當之同業可作為評價基準，因此本研究將以自由現金流量折現模型(Dicount Free cash flow Model,FCF)對個案企業進行評價。

企業永續經營的概念，在保險業更為明顯，因為保險業是需要長期經營的，永續投資人才適合投資保險業，但私募基金投資人所期望的是一段時間後可獲利出場，由以前資料統計，私募基金大多不是長期持有標的公司，經營期間多為5-7年，長期持有的較少，私募基金如要跨足保險業，就長期經營角度來看，比較不適合私募基金。

In recent years, the international money market most noticeable development, regarded Private Equity Fund and Hedge Fund are fast growth. Private equity fund in recent years to invest the region, besides the US and Europe, carries on the investment positively in Asia. After 1997 financial turmoil of Asia, private equity fund to seize the chance to enter Asia on a large scale, object of the head locking for Chinese and the South Korean Enterprise. Based on the statistical figure, in 2009 private equity fund to be possible to invest Asia's capital investment to amount to 2,830 hundred million US dollars, 2008 2,600 hundred million US dollars increased approximately 9%. In 2009 invests region proportion Asia accounts for 80%. At present in internationally enlivens private equity fund by the Carlyle Group, KKR (Kohlberg Kravis Roberts), the Blackstone Group, the Texas Pacific Ocean Group, the GS capital partner and so on most to have the scale.

The thesis paper take private equity fund and the insurance business purchase as a main subject, picked the case study way, discussed private equity suitability of the fund merger and acquisition insurance business, and take purchased and took over the correlation theories and the domestic and foreign literature as the foundation, the application enterprise valuation the way is the tool, in view of private equity fund to purchase and take over the Nan Shan Life Inssurance Company case to carry on the appraisal. In enterprise appraisal literature, evaluation model very many kinds, the research discovered that discount the cash flow and the Multiplicator law result can respond enterprise true value, however this research case Nan Shan Life Inssurance Company are not sells on the public market, also has not had the scale relative same business to be possible to take the appraisal datum, therefore this research use Discount Free cash flow Model (FCF) to evaluation the case enterprise

The enterprise continues forever the concept which operation, is more obvious in the insurance business, because the insurance business are need the long-term operation, continues forever investor to suit the investment insurance business, what but private equity fund investor to expect after a period of time, may make a profit, by the beforehand material statistics, private equity fund mostly is not hold company for a long time, holding period is 5-7 years, holding for a long time few, private equity fund like to operat insurance business, as to the long-term operation angle, quite does not suit private eq uity fund.