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論著名稱:
私募股權基金與公司治理-以美國併購型私募股權基金為研究中心(Fund and Corporate Governance - Centered on American Leveraged Buyout Fund)
文獻引用
編著譯者: 方元沂
出版日期: 2011.03
刊登出處: 台灣/華岡法粹第 49 期/177-202 頁
頁  數: 26 點閱次數: 2626
下載點數: 104 點 銷售明細: 權利金查詢 變更售價
授 權 者: 方元沂
關 鍵 詞: 私募股權基金併購型私募股權基金OECD 公司治理原則公司治理代理成本機構投資人
中文摘要: 私募股權基金藉由其豐富的專業背景、彈性之組織架構以及參與經營之投資模式,在歐美等商業市場上的重要性與日俱増,其中又以併購型私暮股權基金之投資績效最為亮眼,其對公司治理所帶來的影響不容小覷。有鑑於我國對於私募股權基金的認識較歐美國家晩,本文希望能透過分析美國併購型私募股權基金對其在公司治理影響之觀察研究,作為日後我國公司治理方面之借鏡與參考。
有別於美國公司經營與所有權分離的形式,我國企業反應在公司治理方面所呈現出的困難亦與美國公司所面臨的問題不同,然而由美國的經驗看來,併購型私募股權基金身兼公司長期股東與專業機構投資人等特性,其可改善我國傳統家族企業之公司治理弊病以及機構投資人無法在公司治理積極發揮功能之問題。私募股權基金對我國公司治理可能帶來的利弊得失與衝擊,我國不應以消極禁止和限制的政策來對待,而應以積極的態度來思考如何建構一個合宜的法律和制度來興利防弊。

英文關鍵詞: private equity fondleveraged buyout fundcorporate governanceOECD Principles of Corporate Governanceagency costinstitution investor
英文摘要: By relying on the professional knowledge, the flexible organizational structure, and the investment model of participative management, the importance of the private equity fund on American business market is increasing day by day. The leveraged buyout fond has the most outstanding investment performance among all the other types of the private equity fund and has significant impact to corporate governance. Because private equity fund was introduced into Taiwan relatively late, there haven't been many researches on the impact of the private equity fund in Taiwan. Hence, through analyzing the influence of the buyout fund on American corporate governance, this article intends to provide a useful reference for the future research of corporate governance in Taiwan.
Although Taiwan's corporate structure does not like American corporate structure where the ownership and management of a company is separated, it is still very useful to find out that leveraged buyout fund as both long-term shareholder and institutional investor can improve corporate governance of a company in Taiwan because the leveraged buyout fund with above characters may solve the difficult corporate governance problems caused by the family controlled company and the lack of active institutional investor in Taiwan. In sum, facing the possible impacts and challenges on corporate governance brought by private equity fund, instead of taking a restrictive and prohibitive policy approach, Taiwan should take a positive approach to consider how to build a suitable and clear legal system for regulating private equity fund.
目  次: 壹、前言
貳、代理成本理論與美國公司治理
参、私募股權基金與公司治理
一、私募股權基金與併購型私募股權基金公司之概述
二、併購型私募股權基金公司對美國公司治理之影響
肆、OECD 公司治理原則與併購型私募股權基金
伍、小結

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相關論著:
方元沂,私募股權基金與公司治理-以美國併購型私募股權基金為研究中心,華岡法粹,第 49 期,177-202 頁,2011年03月。
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