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姓名 陳宛渝(Wan-yu Chen)  查詢紙本館藏   畢業系所 產業經濟研究所
論文名稱 私募股權基金之法律規制
(THE RISKS AND LEGAL FRAMEWORK OF PRIVATE EQUITY FUND IN TAIWAN: POLICY RECOMMENDATIONS)
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摘要(中) 中文摘要
全球私募股權基金市場在過去十年總共歷經三次重大變革;第一次的重大事件是在2008年的全球金融風暴,本論文主要參考美國及中國大陸對私募股權基金的管制,再反思台灣目前的現有法律規制。
本文認為台灣相對亞洲其他各國私募股權基金的活動相對不活躍,因此可能導致外國欲進入台灣的資金少了一種注資管道。近年來,台灣企業積極布局大陸市場,本著同文同種的優勢,再加上台灣培育出的優秀人才及較先進的技術,台灣無疑是國際私募股權基金在進入中國市場時的最佳夥伴,本著上述幾項優勢,國際私募股權基金在過去十年,開始對於台灣企業進行注資,期待藉此進入中國這個全球最具潛力的市場。然而,私募股權基金進入台灣市場受到台灣法律的種種約束,本文認為,也許可以試著鬆綁法規,採事前登記及要求資訊透明化保護即可,不需要太多的嚴格審定,以更開放私募股權基金的金融活動。
摘要(英) ABSTRACT
“Because of this reform, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts -- period.”
Barack Obama1
After the global financial crisis which led to calls for changes in financial changes in the Unites States and elsewhere. In 2009, the U.S. President Barack Obama proposed a plan of a ‘sweeping overhaul of the United States financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression.’2
The U.S. Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 Act3 (hereinafter, the Dodd-Frank Act)4, trying to prevent the financial crisis in 2008.5 The main purpose of this Dodd-Frank Act is to limit highly risk-taking activities by banks and financial institutions.6There is one particular section which has the potential to change the relationship between private equity funds and financial institutions: section 619, also known as the “Volcker Rule.”7 It prohibits “banking entities” 8from acquiring or retaining “any equity, partnership, or other ownership interest in or sponsoring a hedge fund or a private equity fund” 9 after July 21, 2015.10
Under the Dodd-Frank Act, the term “private equity fund”11 includes any entity that would be classified as an investment company under the Investment Company Act of 1940,but for the specific exceptions found in sections 3(c)(1) and 3(c)(7) of that statute.”
Private equity has skyrocketed to be a major player in the global economic. However, private equity funds somehow manage to avoid public securities regulations and also to avoid investor suits successfully.12 Therefore, some risks and regulations related to private equity should be taken into serious considerations.
There are two big private equity related incidents in Taiwan. Back in 2007 the Carlyle Group LP failed to make a deal with Advanced Semiconductor Engineering Inc.,13which would have be the biggest takeover of a Taiwanese company ever. Then, in 2011, the U.S. private equity firm Kohlberg Kravis Roberts tried to bid for YAGEO Corp - despite a majority of minority shareholders accepting the deal. This time Taiwan’s Investment Commission rejected this plan for the concerns about leverage and the protection of minority shareholders.14 Under the condition that there were more than 60% shareholder approve that plan.15 Although both of those plans fail to succeed, many issues related to private equity funds still worth discussing.
This paper comparatively examines the risks and regulations of private equity funds mainly in the United States, the People’s Republic of China and in Taiwan (the Republic of China). In the end of this paper, based on the research results, we provide policy suggestions and regulation recommendations for the regulators.
Key
關鍵字(中) ★ 私募股權
★ 私募股權基金
★ 資金池
★ 外資管制
關鍵字(英)
論文目次 TABLE OF CONTENTS
中文摘要 ...................................................................................................................................................... I
ABSTRACT .................................................................................................................................................II
ACKNOWLEDGMENT.............................................................................................................................. V
TABLES ..................................................................................................................................................... IV
FIGURES ..................................................................................................................................................... V
CHAPTER 1. METHODOLOGY ......................................................................................................... - 1 -
The Purpose of this Dissertation ............................................................................................................................ - 1 -
The Methodology of this Dissertation .................................................................................................................... - 1 -
The Structure of this Dissertation .......................................................................................................................... - 2 -
CHAPTER 2. AN OVERVIEW OF PRIVATE EQUITY INDUSTRY ............................................ - 3 - I. Overview ............................................................................................................................................................... - 3 -
II. The Definition of Private Equity Funds ........................................................................................................... - 6 -
III. A Brief History of Private Equity Funds in the United States ...................................................................... - 9 -
IV. Brief History of Private Equity Funds in People’s Republic of China ....................................................... - 12 -
V. The Features of Private Equity Transactions ................................................................................................ - 14 -
2
VI. The participants in the Private Equity Market ............................................................................................ - 15 -
A. The Issuers ................................................................................................................................................. - 15 -
B. The intermediaries ........................................................................................................................................... 18
C. The investors ................................................................................................................................................... 18
D. The Agents and Advisors ................................................................................................................................ 19
VII. The Structure of Private Equity Funds ............................................................................................................ 20
A. Organizational Structure: Limited Partnership ................................................................................................ 20
B. Close-End Funds ............................................................................................................................................. 25
C. Exit .................................................................................................................................................................. 25
VIII. Private Equity Impacts on Corporations ........................................................................................................ 27
CHAPTER 3. THE REGULATIONS AND LEGAL FRAMEWORK OF PRIVATE EQUITY FUNDS IN THE UNITED STATES ...................................................................................................... 33
I. The Private Equity Market in the United States .................................................................................................. 33
II. The Private Equity Regulation System in the United States ............................................................................. 35
CHAPTER 4. THE REGULATIONS AND LEGAL FRAMEWORK IN THE PEOPLE’S REPUBLIC OF CHINA ........................................................................................................................... 41
I. The Private Equity Market in China .................................................................................................................... 41
II. The Private Equity Regulation System in China ................................................................................................ 42
CHAPTER 5. THE REGULATIONS AND LEGAL FRAMEWORK IN TAIWAN ......................... 46
I. Foreign private equity investments in Taiwan ..................................................................................................... 46
II. Existing Laws Governing Private Equity Fund in Taiwan ................................................................................ 57
A. Company Act................................................................................................................................................... 57
B. Securities and Exchange Act ........................................................................................................................... 57
C. Business Mergers and Acquisitions Act .......................................................................................................... 59
3
D. Regulations Governing Information to be Published in Public Tender Offer Prospectuses ............................ 62
E. Fair Trade Act ................................................................................................................................................. 70
F. The Banking Act of the Republic of China ..................................................................................................... 71
G. Statute for Investment by Foreign Nationals ................................................................................................... 71
H. The Offshore Banking Act .............................................................................................................................. 72
I. Draft to the Limited Partnership Act ............................................................................................................... 74
III. Private Equity Fund Deals in Taiwan: Cases Studies ....................................................................................... 76
A. American International Group sold Nan Shan Life Insurance Company to Ruen Chen. ................................ 76
B. Carlyle Group loses Taiwan-based test and assembly provider Advanced Semiconductor Engineering Inc. bid 79
C. KKR- Yageo deal ............................................................................................................................................ 81
CHAPTER 6. CONCLUSION AND POLICY RECOMMENDATIONS ............................................ 84
BIBLIOGRAPHY .................................................................................................................................... 86
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指導教授 鄭有為(Yu-wei Cheng) 審核日期 2014-6-24
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