公司法之私募公司債相關規定，除對非金融機構應募總人數及舉債上限加以限制外，相較於證券交易法者，前者未就招募方式、招募對象、轉讓、資訊之提供加以規定。所列公司法未盡規定事項，其原未規定之目的為何?影響為何?有何利弊?本文擬就公司債私募制度之主要因素，以美國制度為對照，加以分析比較，期能檢視我國私募制度，並有助於制度之改善。

我國於民國90年11月及91年2月分別公布「公司法」及「證券交易法」之修正條文，引進「私募」制度，為公司開啟一個彈性的籌資管道。私募有價證券制度在我國實施已逾五年，公開發行公司以私募方式籌資之風氣漸盛，故本研究將重點置於實證研究，自公開資訊觀測站、臺灣證券交易所及證券櫃檯買賣中心等蒐集並彙整相關資料，藉由敘述統計之比較與分析，嘗試對規範妥適與否作出建議。茲總結本文各章研究，將本文建議簡述如下： 一、善用證券交易法第20條反證券詐欺及資訊不實條款 二、提高具專業知識之機構法人參與私募有價證券市場比重 三、建置私募繳款價格低於每股淨值時之保護機制 四、縮短現行私募有價證券一年之辦理期間 五、對於掏空或非常規交易行為，引進懲罰性賠償金制度 六、填補利用內線消息進行私募有價證券交易之法律漏洞 七、投資人保護中心功能再加強 八、刪除公司法有關私募有價證券制度之規定 九、建議將應募取得私募股票，納入歸入權適用範圍 十、增列「私募應注意事項」授權法源依據並擴大資訊揭露範圍 十一、獨立董事或審計委員會功能之強化

本研究以民國94年至97年曾採私募增資之上市、上櫃公司為研究對象，並以我國之資訊揭露評鑑結果作為衡量資訊透明度之變數，探討私募增資決策是否影響企業資訊透明度。 研究結果發現，無論是上市或上櫃公司，在私募前皆會提昇其資訊透明度，顯示潛在應募人係以資訊透明度作為投資標的之參考依據，使得企業在進行私募增資之前，為降低私募過程之資訊不對稱性，會選擇提昇其資訊透明度，藉以吸引潛在應募人透過私募來投資。 此外，實證顯示上市公司在私募後會提昇其資訊透明度，顯示應募人在私募中投入大量資金後，受我國法規規範三年內不得任意轉售私募之有價證券，而有強烈的動機發揮其專業能力監督公司之經營，提昇公司之資訊透明度。

本研究探討企業宣告私募股權之動機對宣告時之折價幅度、異常報酬，以及其後續的執行率與經營績效之影響。並將私募案依投資人加以分類，區分為積極性私募、管理階層私募與消極性私募，各類私募分開探討其動機、執行率與經營績效。 實證結果發現，企業選擇私募股權融資的動機如下：(1) 進行積極性私募之動機，並無法以監督需求假說解釋之；(2)自利交易為進行管理階層私募之動機；(3) 進行消極性私募之動機，並無法以控制權鞏假說解釋之。 私募實際執行與否的影響因素方面，實證結果如下：(1) 積極性私募因為研究樣本過少，無法進行實證分析；(2) 管理階層私募方面，當預計發行股數佔流通在外股數比例較高時，實際執行的可能性較高；(3) 消極性私募方面，投資機會於宣告後增加，實際執行的可能性較高，然而當內部人持股比例低於5%或高於25%時，實際執行的可能性較低。 至於私募之執行與後續經營績效之關聯性，實證結果發現：(1) 積極性私募由於研究樣本過少，無法進行實證分析；(2) 執行管理階層私募之公司，其經營績效於執行後確實獲得提升；(3) 執行消極性私募之公司，其經營績效於執行後確實獲得提升，然而此發現並不支持控制權鞏固假說之預期。 / This research mainly discusses the motivations of firms which announce issuing private equity. The announcement motivations will influence the price discount and abnormal returns in the period of announcement, wills to execute the private placement, and the subsequent performance of those announcing firms. This study classifies private placements into three groups, including active placements, managerial placements, and passive placements. There are different motivations, situations of executions, and subsequent performances in different types of private placements. The empirical results on the motivations of firms that announce issuing equity privately indicate the following: (1) Monitoring hypothesis can’t explain why firms issue private equity to active investors. (2) Managerial self-dealing is the purpose of firms issuing private equity to insiders. (3) Managerial entrenchment hypothesis can’t explain why firms issue private equity to passive investors. The empirical results on the factors that influence firms execute the private placement or not indicate the followings: (1) Because of the sample constraints, this study can’t analyze in what situation firms will execute active private placements. (2) For managerial placements, those with higher percentage of the firm’s outstanding common stock represented by the placement tend to be executed. (3) For passive placements, when the investment opportunities increased after announcements, firms tend to execute the placement. However, when the ownership concentration is less than 5% or higher than 25%, firms’ wills to execute the placement are weaker. The empirical results on the association between the execution of private placements and its subsequent performance indicate the following: (1) Because of the sample constraints, this study can’t analyze the impacts of the execution of the active placement on the subsequent performance of the announcing fitm. (2) Firms executing managerial placements tend to have better subsequent performance. (3) Firms executing passive placements tend to have better subsequent performance. However, managerial entrenchment hypothesis can’t explain this result.

近期所發生的全球性金融危機，同樣地也帶給投資者一個全新的投資機會，讓投資者能夠從價格低廉且安全性高的資產中獲得良好報酬；且因如此，投資者對市場的感官逐漸轉為正向。而另一方面，有越來越多的國外投資者，開始將資金移轉至日本市場，特別是對不動產進行相關的投資。因此我們將藉由個案分析來探討金融海嘯下的不動產投資機會。 對一個投資者，在進行房地產投資前應該清楚知道如何評估不動產的價值，而後才能將其應用在不同的投資類型上。因此，了解如何評價房地產的價值和不同類型的投資方式是關鍵的基礎。故在第二章中，將先介紹幾個不動產估價方法，包括:比較法、成本法和收益法；接下來則簡介幾種不動產投資的類型，例如:直接投資、不動產投資信託基金或私募不動產基金。 第三章開始簡介日本房地產市場近期的發展，並討論08年金融危機對日本所造成的衝擊。不過，隨著復甦態勢逐漸萌芽，許多投資機會亦開始顯現，因此在此章節裡將會同時探討為何日本的房地產市場開始值得投資。 第四至第六章將藉由實務與案例說明，國外基金經理人如何幫投資者進入日本不動產投資市場。其中，第四章先解釋如何從眾多物件中挑選投資標的物。由於在檢視日本不動產市場的當下，對於稅制與法規的瞭解也是相當重要的一環；因此除了應用上述的物件估價方式外，本文也同時考慮稅制與法規對投資的影響。 在各種因素考量下，若國外投資者欲投資於日本不動產市場較適合使用TK結構，因此第五章將進一步解釋在TK結構下如何設立「Polaris Real Estate Japan Fund 1」。本章節也特別針對基金設立時的貸款條件進一步說明。此外，由於基金投資的年收益配息發放主要是來自於與出租率有關的租金收入，第六章中除了說明配息發放之外，同時探討投資標的物的出租率以及租金收入之關係。 總結來看，日本的銀行在受到金融海嘯衝擊之後，紛紛縮減對中小企業的貸款；以致於在缺乏流動性的因素下，不動產價格紛紛回落。可預見的是，當經濟逐漸步入復甦趨勢，市場的流動性亦會逐漸恢復，被低估的不動產價格也將會迅速恢復至正常水準。此日本私募不動產基金採取部分自有資金，部分由銀行取得融資的方式來進行投資，透過財務槓桿的操作，預期本基金將可從資產本身以及其投資收益率上獲得更高之報酬。 此論文中所建構的Polaris Real Estate Japan Fund 1, 於2010年及2011年時的年化派息率分別有8%以及5%。此外，雖然全球金融市場仍處於動盪不安的狀態，但本基金於2010年至2011年，兩年間的年化投資報酬率高達80%。根據此個案分析再次證明本論文中所提供的方法是可行的。

本論文研究主題是「私募股權基金法規規範之理論與實務」，透過比較法之方式，本論文首先說明外國私募股權基金之實務運作、風險及相關法規規定，再者分析外國私募股權基金在我國之具體個案，瞭解其失敗或成功之原因，以探討我國法律適用於具體個案之相關問題。 本論文分為七章。第一章說明論文研究動機、目的及範圍。第二章闡述私募股權之定義，並探討私募股基金之種類，復剖析私募股權基金之特點及優缺點。第三章分析私募基金可能造成之風險。第四章主要探討先進國家對私募股權基金之規範及監管方式，包括美國、英國、日本等國。第五章說明外國私募股權基金在我國之發展及分析我國私募制度之規範。第六章探討我國政府就私募股權基金併購活動之現行相關法律規範，並探討我國目前法令之缺失或不足。第七章為總結。 關鍵字：私募股權基金、私募、併購 / This thesis focuses on the issue concerning “the theory and practice of the legal system of private equity funds.”By adopting the method of comparative legal study, the author first illustrates the practice, risk and regulations of foreign private equity funds. Further, this thesis discusses the actual transactions conducted by foreign private equity funds in Taiwan. Through the analysis of the reason for the success or failure of such transactions, the author discusses the problems arising when applying current laws to such transactions conducted by foreign private equity funds. This thesis is comprised of seven chapters. Chapter One explains the motivation, purpose and scope of the thesis. Chapter Two illustrates the definition of private equity fund as well as types, pros and cons of private equity funds. Chapter Three analyzes the risks caused by private equity funds. Chapter Four discusses regulations and supervision over private equity funds in developed countries, such as the U.S., U.K, and Japan. Chapter Five states the development of foreign private equity funds in Taiwan and introduces the private placement system of Taiwan. Chapter Six discusses the current regulations concerning M&A transactions conducted by foreign private equity funds and analyzes the demerit or deficiency of these regulations. Chapter Seven finalizes the issues raised in the previous chapters and reaches the conclusion of this thesis. Keywords: private equity fund, private placement, merger and acquisition

近年來台灣之公開發行公司，無論是獲利公司面臨成長瓶頸有轉型需求；或是虧損公司面臨財務困難或經營困難有資金需求，紛紛採用有價證券私募制度募集資金。本研究首先探討企業運用有價證券私募制度進行轉型之策略考量，發現企業辦理有價證券私募考量之因素與其動機有密切之關係，動機主要來自發行成本較低與時效性較快、降低資訊不對稱之影響、發行條件容易撮合、企業面臨財務困難或經營困難、藉以進行併購或策略聯盟、企業股價績效不佳以及經營權相對穩固等原因。而私募對象之選擇為私募成敗之關鍵，包括應募人身分、目的及其資金來源與能否配合企業需求皆為辦理私募公司需審慎評估之因素。本論文係以個案公司為例，探討個案公司在面臨諸多挑戰時，如何透過有價證券私募制度選擇與評估私募對象，以及如何運用私募制度取得之資金來達到轉型的目的。而因辦理私募引進私募對象後對股權結構、經營權、組織結構及人事變化影響甚鉅，對企業本身未來發展與其利害關係人亦影響甚大，更顯評估與選擇私募對象之重要性。 本研究發現，透過有價證券私募制度募集之資金及引進新投資人所帶來之附加價值確實可為企業帶來脫胎換骨之轉型契機，善加運用有價證券私募制度所帶來之新資源，可以讓岌岌可危的企業挽救危機，也可以讓營運出現瓶頸之公司得以找出新的營運方向而出現轉機。私募重要資訊主要係由發行公司內部人所掌握，本研究在保障股東權益方面有下列幾項建議可供參考： 一、 私募引進策略投資人應強制要求先公布已洽定之應募人再定價 二、 私募協商之條件或承諾事項屬重大影響股東權益者應強制公開資訊以保障股東權益 三、 經營權實質異動不以全體董事變動是否達二分之一做為主管機關檢視標準將更為有效 四、 若係獲利公司辦理私募引進策略投資人應於私募預計效益顯現且達「公開發行公司辦理私募有價證券應注意事項」所定之補辦公開發行獲利條件時即可提早准許其解除三年閉鎖期間限制並放寬其獲利條件比較基期 / The public companies in Taiwan, either profit companies confronting the bottleneck of growth or loss companies facing the financial deficit or operating dilemma, recently conduct private placement of securities in droves for fundraising. The research revealed that a company conducted private placement for business transformation would consider the fact in connection with its incentive as follows: lower issue cost and quick time effectiveness, reducing the information asymmetric, easy to negotiate the term sheet, confronting financial deficit or operating dilemma, M&A or alliance intention, lower stock price performance and seeking stable right of management. The key success factor of private placement is choosing the right private placee. We need to carefully evaluate the status, purpose, fund source of the private placee. The research use the case company to see how the company conduct its business transformation through the private placement system. The fund raising from the private placement and value-added by the strategy investor could bring a company being reborn through the moment of business transformation. The research also brought up some suggestion to protect the right of shareholders.

近年來，市場低利率環境、證券市場之高報酬率吸引歐美私募基金業者蜂擁進入亞洲新興資本市場。在2001年時就有相關報告指出中國大陸已存在數千家私募基金，2009年「創業板」推出，幾十家由私募基金投資的企業相繼掛牌上市，私募基金在中國大陸的發展如火如茶。近年來因為其彈性之營運模式，已逐漸吸引全球資本市場之焦點。惟亞洲新興市場目前法律針對私募基金之相關規定，相較於歐美等發展較完備之資本市場，無論於私募基金之法律架構、私募基金之監理模式以及私募基金較常見之交易模式如公開收購、融資收購等，相關之法律規範仍尚待建立。 中國大陸對私募股權投資基金不論是中央各部會之間或是地方政府，近年來均分別推出多項法令，雖然有不少創新突破，但也有扞格及不足之處，本文針對中國大陸私募股權投資基金相關法規，探討私募股權投資基金的發展現狀及問題。 / According to the relevant report in 2001,there were thousands of Private Funds in Mainland China. In 2009, there were tens of Private Funds invested companies got public listed successfully due to the emerging of growth enterprise market. The development of private fund in China is getting quicker and more prosperous. However, in the contrary to the rapid growth in private fund markets, the government legislation in such fields is far away from effectiveness. China still lacks of a unified, effective Private Fund monitoring system. This dissertation tried to provide advises on establishing and perfecting the monitoring system for Chinese Private Equity Fund by analyzing the development, operational risk and the necessity of monitoring system .Also it tried to conduct researches on the overseas legislation on the Monitoring the Private Equity Fund, so that to better protecting the investors, to maintain the safety of the market, and to accelerate the healthy development of Chinese Private Equity Fund.

雖然「二次金改」的議題，市場沸沸揚揚討論，但依政府表示，A銀行的特別股私募案堪稱二次金改的「成功典範」，未來亦將牽動金控集團的倂購動向。A銀化在二次金改的推動中，A銀行首當其衝，被鎖定為第(2）項目標:94年底前官股金融機構數目至少減為6家中被減的一家。其中財政部扮演了重要的穿針引線的角色-催化並促成ㄧ家以消費金融起家的B金控高價倂購A銀行，得標金額比底價多一百多億元，到底特別股價格的合理性如何，以及特別股的特色、私募案的影響與背後意義，均為本文核心議題。 到底B金控認購特別股的價格高與否，或許現在言之過早。不過B金控開啟了「既入主A銀行，錢留在A銀行等於自己的錢」的不同思維，這種謀略不再是一般金錢數字的設算，才有了這次金融史上僅見的併購案。不僅B金控的原始大股東未花一分錢，且因B金控以融資方式認購A銀行，在未來三年中每年只花6.58億元，即可擁有1.28兆資產之百年大行庫A銀行。之後，B金控又與美、日兩大外資策略聯盟，引進資金，改善財務結構，對B金控而言，無疑是「一大成功的認購策略」。 本文將循序分析B金控異於一般投資者的逆向併購邏輯及過程，並由A銀行私募特別股對B金控的影響與背後意義來佐證「一大成功的認購策略」之論點。 / The “Second Financial Reform” has remained a hotly debated issue in the market. According to the government, however, the private placement of the preferred shares of A Bank is considered to be a “successful example” of the reform. The ill-performing A Bank, troubled by bad loans in recent years, became a second high priority target for the Second Financial Reform. It was among of the at least six government-controlled financial institutes to be reduced to by the end of 2005. The Ministry of Finance (MOF) has played a guiding role, catalyzing B, a holding company based on consumption financing, to acquire A Bank with a bid which was 10 billion higher than the base price. The core issues of this essay include the reasonableness of the base price of preferred shares, the features of preferred shares and the impacts and implications of private placement. It might be too early to say whether the price of preferred shares acquired by B Holding Company is high. However, the company started a different way of thinking by treating the funds it put into the acquired bank as its own”. The acquisition, one of the few in history, would not have materialized without a strategy as distinguished from the regular money counting ideas. Not only the did acquisition of A Bank by B Holding Company through financing cost its original shareholders nothing, it also allowed the company to have the 1.28 –trillion-worth bank by spending only 658million per annum for the next three years. The holding company later formed a strategic alliance with the financial institutes in the U.S. and Japan for supply of funds to improve its financial structure, which was undoubtedly a “very successful acquisition strategy” for the company. This essay conducts a step-by-step analysis of the company’s logic and process of the acquisition as contrary to the general investment mindset and supports the viewpoint of “very successful acquisition strategy” by discussing the impacts and implications of private placement of preferred shares by B Holding Company on A Bank.

本研究探討私募對企業經營績效之影響，分別檢驗五種類型應募人之私募，其企業經營績效是否因私募而獲得顯著改善。本文採用配對t檢定，檢驗當應募人分別為策略投資人、內部人、積極投資人、消極投資人及單一投資人時，公司之經營績效於私募前後一年是否有顯著差異，並以營運現金流量報酬率、資產報酬率、股東權益報酬率及公司價值作為績效指標進行迴歸分析，探討不同類型應募人之私募，對經營績效之影響有何不同。 實證結果發現，私募會因應募人之不同，而對經營績效產生不同的影響。當應募人為策略投資人、內部人、積極投資人或單一投資人時，公司私募後一年的經營績效比私募前一年的績效好，表示當應募人為該四類投資人時，四項經營績效衡量指標皆顯示，私募會正面影響公司之經營績效；而當應募人為消極投資人時，私募對公司營運現金流量會造成負面的影響。 / This study classifies private placement investors into five types including strategic investors, insiders, active investors, passive investors, and single investors to investigate whether firm performance has been improved after issuing private placement. I use two-sample paired t-test to examine whether the performance is different between pre-placement and post-placement under each type of private placement investors, and use regression approach to analyze the impact of private placement investors on firm performance measured by operating cash flow returns, returns on assets, returns on equity, and Tobin’s Q. The evidence shows that the impact on performance varies with private placement investors. Firms have better performance after issuing private placement when the private placement investors are strategic investors, insiders, active investors, and single investors. On the contrary, when the private placement investors are passive investors, firms have poorer operating cash flow returns.