本研究將介紹何謂私募股權基金及其常用的財務槓桿操作手法：融資收購(Leverage buyout ; LBO)，並藉由最近個案:以萬泰銀行為例，藉以瞭解私募股權基金的運作模式及其可能面臨的風險，最後使台灣對私募股權基金有進一步之瞭解，並期望能對未來私募股權基金的參與者及後續研究能有所幫助。 According to the statistics of Thomson Financial, the 322 America PE (Private Equity) had been collected over twenty one point five billion US dollars capitals in 2006, also that had been increased about 33% and made a new record while that compared to last year.
When we focus on Taiwan market, the PE bring capitals to this market joining some Merger & Acquisition (M&A) cases continually. These activities of PE have been attracted some relational parties’ attention. By astonishing funds, unbelievable political-business relationships and excellent professional from these PE, they have lead a trend in global investment markets, also they have been changed the corporation financing sorts thoroughly.
This paper will introduce what the PE is and what the common use of financial lever operation means the PE use : Leverage Buyout (LBO). By one latest case study, Cosmos Bank (Taiwan), to realize the PE’s business mode and the risks they may face. Finally, this paper could let people in Taiwan have understanding the private equity funds further, and expecting of any help for participant and researchers of PE in the future.