台灣有價證券私募制度與企業轉型之個案研究

• Main Authors: 張泰榕, Chang, Tai Jung
• Language: 中文
• Published: 國立政治大學
• Subjects: 私募; 私募對象; 企業轉型; 個案研究; Private placement system; private placee; business tansformation
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0097932216%22.

近年來台灣之公開發行公司，無論是獲利公司面臨成長瓶頸有轉型需求；或是虧損公司面臨財務困難或經營困難有資金需求，紛紛採用有價證券私募制度募集資金。本研究首先探討企業運用有價證券私募制度進行轉型之策略考量，發現企業辦理有價證券私募考量之因素與其動機有密切之關係，動機主要來自發行成本較低與時效性較快、降低資訊不對稱之影響、發行條件容易撮合、企業面臨財務困難或經營困難、藉以進行併購或策略聯盟、企業股價績效不佳以及經營權相對穩固等原因。而私募對象之選擇為私募成敗之關鍵，包括應募人身分、目的及其資金來源與能否配合企業需求皆為辦理私募公司需審慎評估之因素。本論文係以個案公司為例，探討個案公司在面臨諸多挑戰時，如何透過有價證券私募制度選擇與評估私募對象，以及如何運用私募制度取得之資金來達到轉型的目的。而因辦理私募引進私募對象後對股權結構、經營權、組織結構及人事變化影響甚鉅，對企業本身未來發展與其利害關係人亦影響甚大，更顯評估與選擇私募對象之重要性。 本研究發現，透過有價證券私募制度募集之資金及引進新投資人所帶來之附加價值確實可為企業帶來脫胎換骨之轉型契機，善加運用有價證券私募制度所帶來之新資源，可以讓岌岌可危的企業挽救危機，也可以讓營運出現瓶頸之公司得以找出新的營運方向而出現轉機。私募重要資訊主要係由發行公司內部人所掌握，本研究在保障股東權益方面有下列幾項建議可供參考： 一、 私募引進策略投資人應強制要求先公布已洽定之應募人再定價 二、 私募協商之條件或承諾事項屬重大影響股東權益者應強制公開資訊以保障股東權益 三、 經營權實質異動不以全體董事變動是否達二分之一做為主管機關檢視標準將更為有效 四、 若係獲利公司辦理私募引進策略投資人應於私募預計效益顯現且達「公開發行公司辦理私募有價證券應注意事項」所定之補辦公開發行獲利條件時即可提早准許其解除三年閉鎖期間限制並放寬其獲利條件比較基期 === The public companies in Taiwan, either profit companies confronting the bottleneck of growth or loss companies facing the financial deficit or operating dilemma, recently conduct private placement of securities in droves for fundraising. The research revealed that a company conducted private placement for business transformation would consider the fact in connection with its incentive as follows: lower issue cost and quick time effectiveness, reducing the information asymmetric, easy to negotiate the term sheet, confronting financial deficit or operating dilemma, M&A or alliance intention, lower stock price performance and seeking stable right of management. The key success factor of private placement is choosing the right private placee. We need to carefully evaluate the status, purpose, fund source of the private placee. The research use the case company to see how the company conduct its business transformation through the private placement system. The fund raising from the private placement and value-added by the strategy investor could bring a company being reborn through the moment of business transformation. The research also brought up some suggestion to protect the right of shareholders.