Information Disclosure As an Economic Regulations Instrument: Examine U.S, EU, UK, Germany and Taiwan’s Major Rules or Regulations Governing Private Equity Industry

• Main Authors: Yao-Wen Li, 林耀文
• Other Authors: Yao-Hsiang Chen
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/49065957807363761247

碩士 === 國立臺北大學 === 公共行政暨政策學系 === 97 === Private equity industry thrives in capital market since 2001 U.S. Federal Reserve Board’s easy monetary policy, and Global private equity market expand its scale within six consecutive years. It has seen to be the best time for private equity industry; however, private equity firms suffer severely criticisms from investors, labor unionists, media and politicians. They are asking private equity fund to disclose detail information about their transactions or fund performance on the sunshine, and urge governmental authority to improve their transparency under the new legislation. This study review economic regulatory theory regarding “information asymmetry problems” in private equity market and according to UK, EU and United States regulatory structure, those countries or organization all emphasize the importance of governmental regulation and industry self-regulation. Although there are no rules direct aimed at private equity fund, there are several regulations or Directives that influence on private equity industry. In fact, the industry has adopted self-imposed codes of conduct to improve private equity market transparency, and FSA and SEC now prefer market discipline of risk-taking rather than government regulation. Taiwan’s private equity industry is not highly development as United States and UK, and Taiwan’s industry self regulation tradition is not well established as above countries; therefore, this thesis recommend that Taiwan foreign investment committee take advantage of its discretion to approve good investment that improve enterprise internationalization, competition and so forth.