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| Title: | 影響私募股權基金退出策略的決定因素-以中國個案為例
What factors determine the decision of Private Equity fund exit strategy-Case study in China |
| Authors: | 江彥瑾
Chiang, Yen Chin |
| Contributors: | 吳啟銘
江彥瑾
Chiang, Yen Chin |
| Keywords: | 私募股權
風險投資
創投
業內轉手
股權回購
首次公開發行
併購
退出
PE
Private Equity
VC
Secondary Buyout
Buyback
IPO
M&A
Exit |
| Date: | 2016 |
| Issue Date: | 2016-06-01 13:58:19 (UTC+8) |
| Abstract: | 企業的融資選擇有很多種，是否考慮使用私募股權基金(Private Equity Fund)的資金，在於PE投資機構是否能給企業帶來戰略上、資源上、人才上的資源。投資機構的退出會造成股權的轉移，在退出策略手法上，本研究針對業內轉手(Secondary Buyout)、股權回購(Buyback)、首次公開發行(IPO)、併購(M&A)，這四種退出策略做探討。並從投資機構的角度來探討幾個議題：議題(一)、私募股權基金退出策略決定因素和退出策略關係為何；議題(二)、投資機構選擇退出策略與議題(一)之關聯性為何；議題(三)、影響私募股權基金退出策略的決定因素是甚麼。
議題(一)本研究整理出了四個綜合影響因素，在「投資機構內部決定因素」為「私募股權基金中LP的影響力」和「投資機構的風險控制及績效要求」；在「外部環境影響因素」為「資本市場效率及資本政策法規要求」和「公司資金成本及資本利用效率」。並歸納出兩個策略群組(Strategy Group)，分別為(一)「IPO和併購」及(二)「業內轉手和股權回購」。議題(二)的結果在退出策略選擇上與議題(一)無明顯差異。議題(三)在策略群組(一)的退出方式選擇，「私募股權基金中LP的影響力」為關鍵性的綜合影響因素；在策略群組(二)的退出方式選擇，「資本市場效率及資本政策法規要求」為關鍵性的綜合影響因素。
管理上的決策意涵，在退出策略的決定因素上，「外部環境影響因素」相對「投資機構內部決策因素」來的多，主要可以體現外部環境相對複雜，並顯示出策略決定的動態複雜性。本研究最後有兩大猜想，「投資進入的時間點」是否是造成策略群組間選擇的關鍵因素？投資機構是否投資晚期進入的「估值相對較高」因此以業內轉手方式退出來說相對不易？
Corporate financing have many ways, whether using private placement from Private Equity Fund depending on the PE firm what can bring resources to the company including the strategy, business and the human capital. When the PE fund exit will exchange the equity from the target company to other entity. There are four kinds of exit strategy discussed in thesis are Secondary Buyout(SBO), Buyback, IPO and M&A. From investment firm’s perspective, there are three issues discussed as below: Issue One, what the relationship between the exit strategy and the factors determined the decision of Private Equity fund exit strategy. Issue Two, what the correlation between the investment firm decision and the result of “the Issue One”. Issue Three, what factors determine the decision of Private Equity fund exit strategy.
Issue One: There are four complex factors. “The investment firm’s inner decision factors” are “the power of the LP in PE fund” and “the risk and the performance requirement of the investment firm”. “The external environment factors” are “the regulation& the policy of the capital market and the capital market efficiency” and “the cost of capital and the capital utilization efficiency”. The consequent concludes two Strategy Group, “IPO with M&A” and “SBO with Buyback”. Issue Two: there are no significant difference with the Issue One. Issue Three: In Strategy Group One(IPO or M&A), which “the power of the LP in PE fund” is the key complex factor that determines the strategy choice. In Strategy Group Two(SBO or Buyback), which “the regulation& the policy of the capital market and the capital market efficiency” is the key complex factor that determines the strategy choice.
In the content of the exit strategy management decision, “the external environment factors” are more than “the investment firm’s inner decision factors”, which means that the intricate external environment and the dynamic of the complex strategy management. There are two conjecture in the thesis. First, whether “the investment series round timing” is the key factor determine the choice between the two Strategy Group. Second, whether “the higher valuation” in the later series round is hard for the investment firm choosing “Buyback” to exit. |
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| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
103363062 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G1033630623 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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