私募股權基金在亞洲與中國發展之研究

機構典藏 > College of International Affairs > Graduate Institute of China Studies > Thesis > Item 987654321/30150

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Title:	私募股權基金在亞洲與中國發展之研究
Other Titles:	A study of the development of private equity in Asia and China
Authors:	林盈岑;Lin, Ying-tsern
Contributors:	淡江大學中國大陸研究所碩士班郭建中;Guo, Jiann-jong
Keywords:	私募股權基金;凱雷集團;主權基金;中國投資公司;黑石集團;Private Equity;Sovereign Wealth Fund;China Investment Corp.;The Blackstone Group
Date:	2009
Issue Date:	2010-01-10 23:24:32 (UTC+8)
Abstract:	私募股權基金以其不必公開的私募特性，利用集合國際財務工程專家和當地稅務律師的專業配合下，在時間最短、資訊最不透明、稅賦成本最低的狀況下，讓私募基金的股東從各種融資併購案中，獲得可觀的收益。而2006年國際知名的私募股權基金-凱雷集團宣布有意收購國內上市公司日月光之股權後，引發我國社會各界注目及討論，也因此產生樂觀與憂心兩派的看法。由於目前部分私募基金投資策略相當不透明，國際社會已開始擔憂某些國家主權基金（如中國投資公司）可能藉由私募股權基金的形式，轉化成一種對外積極擴張的力量，逐步強化其對世界金市場的影響力。英國和德國正以探索方式打量私募股權基金，德國政府於2008年底時宣布將制定一個監管私募股權基金的制度。而香港前財政司司長梁錦松出任黑石集團高級董事兼大中華區主席，已顯示中國已在計劃或安排運用私募基金在全球進行投資之企圖，而根據中國投資公司董事長樓繼偉對外表示，中國國家主權基金也不排除透過私募基金到台灣併購企業。中國的國家主權基金-中國投資公司第一筆就投資全球第二大私募基金黑石基金（取得Blackstone近10％的股權）。因此亞洲私募股權基金與中國私募股權基金將如何發展，非常值得再進一步研究與探討的。本研究主要聚焦於三部分：第一，探討私募股權基金的全球發展過程、各國相關的金融法規（如美國、英國、日本與韓國）；第二，分析私募股權基金在亞洲及中國目前的發展情況，特別是中國政府未來將如何運用及相關政策走向；第三，研究私募股權基金實際操作模式及影響，對於可能引發之相關問題，提出我國政府可採行之因應對策及運作機制。 Private Equity has no need to open their private properties. By using a cooperation work from a collection of international financial experts and local tax lawyers with their professions, in the shortest time, the most opaque information, lowest-cost tax situation, the shareholders of Private Equity from a variety of the cases of financing mergers and acquisitions, would access to handsome gains. 2006 internationally renowned Private Equity - The Carlyle Group announced its intention to buy domestic shares of ASE listed companies, rise domestic social attention and discussion from all walks of life, but also optimism and anxiety resulting in two views. As part of the investment strategy of Private Equity rather opaque, the international community has begun to worry about part of Sovereign Wealth Funds (e.g. China Investment Corp.) may form Private Equity, and turning them into a positive expansion of the external forces, and gradually strengthen its world''s market influence. U.K. is taking a curious manner to the Private Equity so does Germany. The Premier of Germany announced that its government is going to formulate a regulatory regime on Private Equity by the end of 2008. China has already bought a 10% share of The Blackstone Group, and set up its own Private Equity at the central and provincial level and had also declared that its government would employ Private Equity as a means to invest globally, including Taiwan. Then it will be very important for scholars to study the development of Private Equity in Asia and the merge of the Private Equity in China as well. What will be the Taiwanese government’s standing position and regulatory economic policies? Will it be like the regulatory system in South Korea or the one with liberal approach in U.S.A.? In this research, we would like to focus on three key issues. First, this research will focus on the development of the Private Equity globally, and in the historical process and what are the administrative regulations adopted by different nations e.g. U.S.A., U.K., Japan and South Korea to deal with it. Second, this research will mainly study the development of Private Equity in the Asia region especially in China, and to analyse the Chinese policies on the Private Equity and how the Chinese government employ it to search financial opportunity for its national interests. Finally, this research would like to evaluate its impacts on Taiwan’s capital market and suggest what policies the government would adopt to make a best use of it for our economic development.
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