| 摘要: | 私募股權融資收購崛起於1970年代末期之美國，經近半世紀之發展，從達到被喻為「資本主義體制下之新帝王」的顛峰狀態，迄近年面臨轉型之境況。其對於金融、資本市場與企業，除帶來資金動能、財務操作技術、全球化之資源及視野外；其使企業資本弱化、私有化、進行股權整合及裁員、規避稅負等行為，對於金融及資本市場、企業少數股東及勞工權益、稅基侵蝕等造成之重大影響，更引發關注；而我國亦難置身國際私募股權融資收購「金流海嘯」之外。
2011年4月間，以股票於臺灣證券交易所上市之國巨股份有限公司董事長兼總經理為首之收購團隊，與美國私募股權投資管理公司Kohlberg Kravis Roberts & Co. L.P.合資申請公開收購國巨股份有限公司乙案，可謂近年來國際私募股權業者於我國從事融資收購企業之經典案例。
故本文乃藉由上開案例，自私募股權融資收購基本概念及相關議題之研究出發。著重於收購、融資及資產證券化、反避稅等相關法制問題之探討，並進行比較法之研究。其後進行法規涵攝至「遨睿投資股份有限公司公開收購國巨股份有限公司」案例之適法性分析。末提出結論與建議，在結論部份認為應即時建構、調整私募股權融資收購行為相關法制，使其於消極面能調和社會分配問題，勿因一昧求取個人極大利益，致使社會付出巨大損害，在積極面能創造財富，即使個人財富累積之餘，亦能創造社會財富，以確保我國金融及資本市場交易之安全與公平，並以之防範我國避免成為監理套利區域；建議部份除就收購、融資及資產證券化法制提出各別性法制規範調整建議外，亦建議制定包括私募股權融資收購行為在內之整體性投資交易法制規範，俾使私募股權業者與一般投資人利於遵循。
Private Equity Leveraged Buyouts emerged in the U.S. in the end of 1970s. Its development over nearly half century has witnessed it from being “The New Kings of Capitalism” to the current situation where it is now in face of changing. In addition to bringing dynamics in funds, financial operation skills, globalized resource, and vision to finance, capital and enterprise, PE-LBO also make thin capitalization, privatized, equity integrated, job cuts, tax avoidance, etc. This has great impact on the finance and capital market, the minority shareholders' and labors' interest of the enterprise, and erosion of tax base, which draws attention. Our country is no exception of being affected by“cashflow tsunami” by international private equity leveraged buyouts, either.
The announced public tender offer for Yageo Corporation whose stock is listed on Taiwan Stock Exchange Corporation jointly by the purchase team led by the president who concurrently holds the position of general manager of Yageo Corporation in April, 2011, and Kohlberg Kravis Roberts & Co. L.P. is one of the classic example of international private equity operator carrying out leveraged buyouts in our country in recent years.
Therefore, this article is based on the above example to start with the basic concept and relevant issue of private equity leveraged buyouts. It focuses on the Acquisition, financing, securitization and anti-tax-avoidance, carry out discussion and comparative law study. It also carry out the analysis on whether “Orion Investment Co., Ltd. announced public tender offer for Yageo Corporation” is legally appropriate. The conclusion and suggestion have been proposed in the end. The relevant regulations to private equity leveraged buyouts should be established timely and amended. This can passively reconcile the problem of social distribution and will not cause huge damage socially due to pursue of maximized individual interest. Positively, this can create fortune, meaning we can create social fortune while accumulating personal fortune to ensure the safety and equality of the financial and capital market in our country and avoid our country being regulatory arbitrage. In addition to the adjustment in the regulations regarding Acquisition, financing, and securitization, this article also suggests to establish the complete regulation of investment and trading which private equity operators and the general investor can obey regarding private equity leveraged buyouts. |
