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題名 私募股權基金投資中小企業之引流效應 ─ 以台灣及美國為例
The Spillover Effects of Private Equity Investment in Small and Medium Enterprises: A Comparative Study of Taiwan and the United States
作者 林妤儒
Lin, Yu-Ju
貢獻者 江彌修
林妤儒
Lin, Yu-Ju
關鍵詞 私募股權基金
中小企業
引流效應
國際資本流動理論
金融深化理論
產業升級
區域發展
Private Equity Fund
SMEs
The Spillover Effects
International Capital Flow Theory
Financial Deepening Theory
Industrial Upgrading
Regional Development
日期 2025
上傳時間 1-Sep-2025 15:31:07 (UTC+8)
摘要 隨著全球經濟結構轉型與地緣政治風險升高，中小企業所面臨的經營挑戰日益嚴峻，特別在資源與資本取得有限的情況下，對外部資源與策略支持的需求愈加迫切。私募股權基金因其具備資金挹注、專業治理與策略導入之特性，逐漸在中小企業發展中扮演關鍵角色，不僅有助於突破傳統融資限制，更能強化企業經營效率與創新能力，進而提升其國際競爭力。本研究旨在探討私募股權基金對中小企業投資所產生之引流效應，並以台灣與美國為比較對象，分析其在資金、技術、人才與制度等面向的具體影響。私募股權基金因其資金鎖定、長期投資、主動管理與價值創造導向等特性，被認為對資本市場與實體經濟具有深遠的引流作用。本文從國際資本流動理論、金融深化理論、產業升級與區域發展理論，以及制度與治理相關理論等多面向理論基礎出發，建構分析架構。本文之研究方法採用文獻回顧法、質性案例分析與比較研究法，針對美國與台灣之四個代表性中小企業投資案例，包括KKR投資美國CHI Overhead Doors與臺灣李長榮化工、Carlyle投資美國Beats Electronics，以及GIC與KDDI投資臺灣KKBOX，進行深入分析。結果顯示，PE基金介入不僅提供資金支援，更在公司治理、技術導入、市場拓展與產業鏈整合方面產生實質引流效應。相較於美國成熟的資本市場與較高的退出機制靈活度，台灣中小企業雖具創新潛力，但在制度成熟度與投資環境方面仍具挑戰。綜合分析顯示，私募股權基金對中小企業之投資具有潛在正面效益，惟其成效需倚賴完善之制度設計與企業內部轉型準備。本文亦對政策制定者、基金業者與中小企業提出具體建議，以提升私募資金對台灣中小企業之支持效能，促進國內資本市場與產業升級之良性循環。
As global economic structures continue to transform and geopolitical risks intensify, small and medium-sized enterprises (SMEs) are facing increasingly severe challenges. Particularly under constraints in accessing resources and capital, the need for external support and strategic partnerships has become more urgent. Private equity (PE) funds, characterized by capital infusion, professional governance, and strategic guidance, have emerged as key players in the development of SMEs. They not only help overcome traditional financing barriers but also enhance operational efficiency and innovation capacity, thereby strengthening international competitiveness.This study aims to explore the spillover effect generated by private equity investments in SMEs, using Taiwan and the United States as comparative cases. Given their characteristics—such as capital lock-up, long-term investment, active management, and value creation—PE funds are considered to exert significant spillover effects on both capital markets and the real economy. This research builds its analytical framework upon multiple theoretical foundations, including international capital flow theory, financial deepening theory, industrial upgrading and regional development theory, and institutional and governance-related theories.The study adopts literature review, qualitative case analysis, and comparative research methods. Four representative SME investment cases are analyzed in depth: KKR’s investments in CHI Overhead Doors and LCY Chemical Corp., Carlyle’s investment in Beats Electronics, and GIC and KDDI’s investment in KKBOX. The findings indicate that PE fund participation not only provides capital support but also contributes significantly to corporate governance, technology introduction, market expansion, and industrial integration. Compared to the U.S., which benefits from a mature capital market and flexible exit mechanisms, Taiwanese SMEs still face challenges in institutional maturity and investment environment.The comprehensive analysis shows that PE investment in SMEs has potential positive effects. However, its effectiveness depends on sound institutional frameworks and internal transformation readiness within the enterprises. This study concludes with specific policy recommendations for policymakers, fund managers, and SMEs, aimed at enhancing the effectiveness of PE capital in supporting Taiwanese SMEs and fostering a virtuous cycle of capital market development and industrial upgrading.
參考文獻 中文文獻 王宏瑞(2013)。淺談美國信用保證制度。集保結算所雙月刊，211期，33。 行政院(2023)。發產字第1121000069A號。國家發展委員會。 劉于甄(2024)。私募股權基金併購交易模式之研究。國立臺北大學法律學系碩士論文。 黃于軒(2013)。論私募股權基金之金融監理-以投資策略可能引發之風險為探討中心。國立臺灣大學法律學系碩士論文。 楊子江(2007)。私募股權基金與創業投資。中央銀行季刊。第二十九卷，第二期。 王文宇(2009)。日無私照-論私募股權基金之蛻變。臺灣法學。第一二八期。 林旻樺(2023)。私募股權影響力投資之社會報酬。國立政治大學財務管理學系碩士論文。 許純琪(2004)。我國私募基金之介紹與討論。萬國法律。第一三九期，16。 葉淑玲(2008)。私募股權投資之營運績效與發展趨勢。證券暨期貨月刊。第二十六卷，第七期。 李榮謙、林曉伶 (2007)。〈私募股權基金與對沖基金所衍生的金融風險〉，《存款保險資訊季刊》，第 20卷第 1 期，2007 年 3 月，頁 66。 項家麟 (2024)。勤業眾信發布《台灣私募股權基金白皮書》揭四大議題。經濟日報。 黃晶晶、廖幸嫺、盧世勳、李岱青、陳琬如、徐婉容(譯) (2008)。支持貨幣穩定與永續成長之金融深化。第 43 屆 SEACEN 總裁年會圓桌討論會議背景資料。 藍君瑜 (2008)。金融深化對外人直接投資之影響-跨國追蹤資料分析。國立成功大學經濟研究所碩士論文。 英文文獻 Beattie, A. (2023). Corporate Kleptocracy at RJR Nabisco, Investopedia. Bainbridge, S. (2003). Mergers and Acquisitions. 14. Combs, K. (2014). Corporate Finance Review; New York Vol. 18, Iss.: 12-18. Cooke, P., Uranga, M.G., & Etxebarria, G. (1997). Regional Innovation Systems: Institutional and Organizational Dimensions. Research Policy, 26(4-5),475-491. Coase, R. H. (1960). The Problem of Social Cost. Journal of Law and Economics,3,1-44. Dunning, J. H. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business Studies, 19 (1): 1-31. EY (2024). Private equity US market insights and trends. Fenn, G.W., Liang, N., & Prowse, S. (1995). The Economics of the Private Equity Market. 19. Galan, J. I., & Gonzalez-Benito, J. (2001). Determinant factors of foreign direct investment: Some empirical evidence. European Business Review, 13 (5): 269-278. Gereffi, G. (2017). Global value chains in a post-Washington Consensus world. In Global Value Chains and Global Production Networks (pp. 9-37). Routledge. Gottfried, M. (2020), Silver Lake Makes Big Tech Bets While Its Rivals Sit Coronavirus Out. The Wall Street Journal. Guevarra, J.& Bharucha, N. H. (2025). US private equity AUM hits $3.128 trillion in 2024.S&P Global. Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure. Journal of Financial Economics,3(4),350-360. Melton, M (2025). New York Tech Leaders are Trying to unseat San Francisco for the Future of the Industry. Business Insider. Jul.11.2025. Meyer, T.& Mathonet, P.Y. (2006), Beyond the J Curve: Managing a Portfolio of Venture Capital and Private Equity Funds. 9, 2nd ed. North, D. C. (1990). Institutions, Institution Change and Economic Performance. Cambridge University Press. ISBN:9780521397346. Private Equity International (2008). Special Report: RJR Nabiso 20TH Anniversary, Private Equity International. Penrose, E. (1959). The Theory of the Growth of the Firm. New York, NY: Oxford University Press. Porter, M.E. (1998). Clusters and the New Economics of Competition. Harvard Business Review. Ropes & Gray (2025). U.S. Private Equity Market Recap – March 2025. Sahlman, W. A. (1990). The structure and governance of venture-capital organizations. Journal of Financial Economics. Volume 27, Issue 2,473-521. Shaw, E.S. (1973). Financial Deepening in Economic Development. London Oxford University Press. P.149. Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3),355-374. Sullivan, P. H. (2000). Value-Driven Intellectual Capital: How to Convert Intangible Corporate Asset into Market Value. John Wiley & Sons. Subramaniam, M. & Youndt, M. A. (2005). The Influence of Intellectual Capital on the types of Innovative Capabilities. Academy of Management Journal, 48(3), 450-463. Veblen T. (1899). The theory of the Leisure Class: An Economic Study in the Evolution of Institutions. New York: Macmillan. Wernerfelt, B. (1984). A Resource-Based View of the Firm, Strategic Management Journal, 5(2), 171-180. Williamson, O. E. (1985). The Economic Institutions of capitalism: Firms, Markets, Relational Contracting. New York: Free Press. Wu, K. (2024). Seven & i's reported offer and the biggest management buyouts to date. Yamazaki, M., & Yamaguchi, T. (2022). Toshiba selects Bain, CVC, Brookfield, Japan funds for second round – sources.
描述 碩士
國立政治大學
國際金融碩士學位學程
112ZB1066
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112ZB1066
資料類型 thesis
dc.contributor.advisor 江彌修zh_TW
dc.contributor.author (Authors) 林妤儒zh_TW
dc.contributor.author (Authors) Lin, Yu-Juen_US
dc.creator (作者) 林妤儒zh_TW
dc.creator (作者) Lin, Yu-Juen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Sep-2025 15:31:07 (UTC+8)-
dc.date.available 1-Sep-2025 15:31:07 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2025 15:31:07 (UTC+8)-
dc.identifier (Other Identifiers) G0112ZB1066en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/159181-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際金融碩士學位學程zh_TW
dc.description (描述) 112ZB1066zh_TW
dc.description.abstract (摘要) 隨著全球經濟結構轉型與地緣政治風險升高，中小企業所面臨的經營挑戰日益嚴峻，特別在資源與資本取得有限的情況下，對外部資源與策略支持的需求愈加迫切。私募股權基金因其具備資金挹注、專業治理與策略導入之特性，逐漸在中小企業發展中扮演關鍵角色，不僅有助於突破傳統融資限制，更能強化企業經營效率與創新能力，進而提升其國際競爭力。本研究旨在探討私募股權基金對中小企業投資所產生之引流效應，並以台灣與美國為比較對象，分析其在資金、技術、人才與制度等面向的具體影響。私募股權基金因其資金鎖定、長期投資、主動管理與價值創造導向等特性，被認為對資本市場與實體經濟具有深遠的引流作用。本文從國際資本流動理論、金融深化理論、產業升級與區域發展理論，以及制度與治理相關理論等多面向理論基礎出發，建構分析架構。本文之研究方法採用文獻回顧法、質性案例分析與比較研究法，針對美國與台灣之四個代表性中小企業投資案例，包括KKR投資美國CHI Overhead Doors與臺灣李長榮化工、Carlyle投資美國Beats Electronics，以及GIC與KDDI投資臺灣KKBOX，進行深入分析。結果顯示，PE基金介入不僅提供資金支援，更在公司治理、技術導入、市場拓展與產業鏈整合方面產生實質引流效應。相較於美國成熟的資本市場與較高的退出機制靈活度，台灣中小企業雖具創新潛力，但在制度成熟度與投資環境方面仍具挑戰。綜合分析顯示，私募股權基金對中小企業之投資具有潛在正面效益，惟其成效需倚賴完善之制度設計與企業內部轉型準備。本文亦對政策制定者、基金業者與中小企業提出具體建議，以提升私募資金對台灣中小企業之支持效能，促進國內資本市場與產業升級之良性循環。zh_TW
dc.description.abstract (摘要) As global economic structures continue to transform and geopolitical risks intensify, small and medium-sized enterprises (SMEs) are facing increasingly severe challenges. Particularly under constraints in accessing resources and capital, the need for external support and strategic partnerships has become more urgent. Private equity (PE) funds, characterized by capital infusion, professional governance, and strategic guidance, have emerged as key players in the development of SMEs. They not only help overcome traditional financing barriers but also enhance operational efficiency and innovation capacity, thereby strengthening international competitiveness.This study aims to explore the spillover effect generated by private equity investments in SMEs, using Taiwan and the United States as comparative cases. Given their characteristics—such as capital lock-up, long-term investment, active management, and value creation—PE funds are considered to exert significant spillover effects on both capital markets and the real economy. This research builds its analytical framework upon multiple theoretical foundations, including international capital flow theory, financial deepening theory, industrial upgrading and regional development theory, and institutional and governance-related theories.The study adopts literature review, qualitative case analysis, and comparative research methods. Four representative SME investment cases are analyzed in depth: KKR’s investments in CHI Overhead Doors and LCY Chemical Corp., Carlyle’s investment in Beats Electronics, and GIC and KDDI’s investment in KKBOX. The findings indicate that PE fund participation not only provides capital support but also contributes significantly to corporate governance, technology introduction, market expansion, and industrial integration. Compared to the U.S., which benefits from a mature capital market and flexible exit mechanisms, Taiwanese SMEs still face challenges in institutional maturity and investment environment.The comprehensive analysis shows that PE investment in SMEs has potential positive effects. However, its effectiveness depends on sound institutional frameworks and internal transformation readiness within the enterprises. This study concludes with specific policy recommendations for policymakers, fund managers, and SMEs, aimed at enhancing the effectiveness of PE capital in supporting Taiwanese SMEs and fostering a virtuous cycle of capital market development and industrial upgrading.en_US
dc.description.tableofcontents 謝辭 I 摘要 II ABSTRACT III 目錄 V 圖目錄 VII 表目錄 VIII 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 2 第三節 研究範圍與方法 2 第四節 研究架構 3 第二章 私募股權基金之概述 4 第一節 私募股權基金之定義與運作模式 4 第二節 美國私募股權基金之現況 12 第三節 臺灣私募股權基金之現況 13 第三章 私募股權基金投資中小企業之引流效應 16 第一節 國際資本流動與私募股權基金之角色 16 第二節 私募股權基金對企業成長與創新之引流效應 24 第三節 產業升級及區域發展 29 第四節 制度與治理 36 第四章 美國與台灣之案例分析與比較 41 第一節 美國案例分析 42 第二節 台灣案例分析 47 第三節 美國與台灣之比較分析與討論 53 第五章 結論與建議 63 第一節 結論 63 第二節 建議 64 第三節 研究限制 66 參考文獻 68zh_TW
dc.format.extent 2221457 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112ZB1066en_US
dc.subject (關鍵詞) 私募股權基金zh_TW
dc.subject (關鍵詞) 中小企業zh_TW
dc.subject (關鍵詞) 引流效應zh_TW
dc.subject (關鍵詞) 國際資本流動理論zh_TW
dc.subject (關鍵詞) 金融深化理論zh_TW
dc.subject (關鍵詞) 產業升級zh_TW
dc.subject (關鍵詞) 區域發展zh_TW
dc.subject (關鍵詞) Private Equity Funden_US
dc.subject (關鍵詞) SMEsen_US
dc.subject (關鍵詞) The Spillover Effectsen_US
dc.subject (關鍵詞) International Capital Flow Theoryen_US
dc.subject (關鍵詞) Financial Deepening Theoryen_US
dc.subject (關鍵詞) Industrial Upgradingen_US
dc.subject (關鍵詞) Regional Developmenten_US
dc.title (題名) 私募股權基金投資中小企業之引流效應 ─ 以台灣及美國為例zh_TW
dc.title (題名) The Spillover Effects of Private Equity Investment in Small and Medium Enterprises: A Comparative Study of Taiwan and the United Statesen_US
dc.type (資料類型) thesisen_US
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