指導教授：湯明哲臺灣大學：國際企業學研究所劉蒲駿Liu, Pu-ChunPu-ChunLiu2014-11-282018-06-292014-11-282018-06-292014http://ntur.lib.ntu.edu.tw//handle/246246/2626532004年後全球興起所謂第六波併購浪潮，主角為私募股權基金。台灣在如此環境下，亦接連產生多宗投資併購交易案。為探索此現象及其原因和影響，本文選取了凱雷集團，分別採用業者本身及投資標的兩種不同角度，企圖解釋私募股權基金在台灣之併購策略。研究發現，不同產業經營模式的差異使得研究個案對象產生不同併購策略。凱雷集團透過其專業研究團隊、良好政商關係與危機入市的操作，三種策略方針來進行台灣併購投資案；並對不同目標產業進行公司經營權的投資轉換。本文最後亦針對私募選擇產業因素、私募經營模式、私募產業爭議三項議題進行探討。The Private Equity Fund industry leads a boom of investments as a major player in the sixth merger waves since 2004. Under such circumstances, multiple merger and acquisition cases took place in Taiwan. To explore the impacts and driving forces behind this phenomenon, this thesis selects one influential private equity company, namely, The Carlyle Group, to explain acquisition strategy from both PE fund itself and corporate firm perspectives independently. The results show that, different acquisition strategies result from distinct targeted industries and business models. The Carlyle Group takes advantage of their professional research teams, excellent relationships among political connections and right timing, namely, make acquisitions when markets are down and transfer their ownership frequently. This article also discuss three private equity issue in the last, including their industry choices, business models and major controversy.第一章、緒論........................................................ 1 第一節、研究動機................................................ 1 第二節、研究目的................................................ 3 第三節、研究範圍................................................ 4 第四節、研究方法................................................ 5 第五節、研究流程與架構.......................................... 6 第二章、文獻探討....................................................7 第一節、名詞定義................................................7 第二節、併購浪潮...............................................12 第三節、動機理論...............................................15 第三章、私募股權基金發展現況.......................................23 第一節、緣起與定義.............................................23 第二節、類型...................................................29 第三節、操作模式...............................................37 第四節、標的篩選...............................................44 第五節、台灣私募案例...........................................49 第四章、個案與分析.................................................53 第一節、凱雷集團...............................................53 第二節、議題探討...............................................64 第五章、結論.......................................................67 第一節、研究結論...............................................67 第二節、研究限制與建議.........................................68 參考文獻...........................................................691051756 bytesapplication/pdf論文使用權限：不同意授權私募股權基金併購浪潮動機理論凱雷集團thesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/262653/1/ntu-103-R01724085-1.pdf