本研究以2019年1月30日KKR收購台灣李長榮化工公司(榮化1704-TW)，讓榮化下市為例，研究了槓桿收購中的私募股權基金創造的價值。我們闡述了私募股權基金如何通過增加投資組合公司的內含價值來產生高回報。儘管先前的研究表明，主要通過股東和管理者之間利益的協調，效率的提高可以產生回報，但有關確切的機制和渠道的文獻仍然不全面。我們將先前研究的發現應用於KKR對榮化的槓桿收購的案例研究，確認其併購時企業價值評估的合理性。在台灣私募股權市場的背景下，本研究通過總結著名收購的具體例子，以文獻做出了貢獻。
此外，它還討論了私募基金善用於實施營運改進和創造價值的方式所使用的工具。藉由有效率運用或減少資本支出、槓桿收購的債務壓力反成進步動力、掌控董事會發揮監督管理作用、激勵原管理階層改善營運狀況及拓展業務增長銷售並增加現金流等方式作為國內中小企業提升營運管理的參考。

In this study, on January 30, 2019, KKR acquired Taiwan's Li ChangYong Chemical Corporation (LCY Chemical Corp.: 1704-TW) and let LCY Chemical Corp. go out of the market as an example to study the value created by private equity funds in leveraged acquisitions. We explained how private equity funds can generate high returns by increasing the embedded value of portfolio companies. Although previous studies have shown that, mainly through the coordination of interests between shareholders and managers, the increase in efficiency can generate returns, but the literature on the exact mechanisms and channels is still incomplete. We applied the findings of the previous research to the case study of KKR's leveraged acquisition of LCY Chemical Corp. and tested it. For the company and private equity funds, both parties of the transaction considered very satisfied. In the context of the Taiwanese private equity market, this study contributed to the literature by summarizing specific examples of successful acquisitions.
In addition, it has an in-depth understanding of the tools used by private equity funds to implement operational improvements and create value. Through efficient use or reduction of capital expenditures, debt pressure from leveraged buyouts has turned into a driving force for progress, controlling the board of directors to play a supervisory and management role, encouraging the original management to improve operating conditions, expand business, increase sales and increase cash flow, etc., as references for operation management to small and medium enterprises in Taiwan.

目錄
摘要 I
ABSTRACT II
誌 謝 III
目錄 IV
圖目錄 VI
表目錄 VII
第一章 緒論 8
1.1 研究背景、動機與重要性 8
1.2 研究目的 10
1.3 論文結構 10
第二章 文獻回顧 12
2.1 企業價值評估 12
2.2 私募股權基金產業概述 22
2.2.1 私募股權基金產業定義 22
2.2.2 私募股權基金產業發展 23
2.2.3 私募股權基金產業在台灣的發展 24
2.2.4 私募股權基金公司商業模式的吸引力 26
第三章 私募股權基金KKR集團與個案公司簡介 29
3.1 私募股權基金KKR集團 29
3.1.1 私募股權基金KKR的亞洲投資策略 29
3.1.2 私募股權基金KKR的亞洲投資成果 30
3.2 李長榮化工集團 31
3.2.1 李長榮化工集團歷史大事記 31
3.2.2 李長榮化工集團公司組織架構 33
第四章 個案問題討論 35
4.1 李長榮化工股份有限公司為何要出售？ 35
4.2 李長榮化工股份有限公司的企業價值計算 35
4.3 私募股權基金對收購企業的價值創造 41
4.3.1 企業瘦身，有效率運用或減少資本支出 41
4.3.2 槓桿收購的債務壓力反成進步動力 42
4.3.3 掌控董事會發揮監督管理作用 43
4.3.4 激勵原管理階層改善營運狀況 43
4.3.5 精簡組織提升營運績效 44
4.3.6 拓展業務增長銷售並增加現金流 45
4.3.7 提高營運效率 45
4.3.8 金融援助將公司提升到另一個等級 47
第五章 結論與建議 48
5.1 結論 48
5.1.1 李長榮化工的企業評價與KKR收購價格評估 48
5.1.2 私募股權基金改善收購公司的作法 49
5.2 建議 50
參考文獻 52

一、中文部分：
論文：
1. 王麗娟 (民99)。「私募基金於保險業購併個案研究」。國立交通大學管理學院碩士在職專班財務金融組碩士論文。
2. 陳奉珊 (民86)。「企業評價模型有效性之實證研究」。國立政治大學財務管理學系研究所碩士論文。
3. 鄔洪勇 (民83)。「企業評價關鍵因素之研究」。東海大學企業管理研究所碩士論文。
4. 張凱智 (民88)。「新上市公司股票現金流量法評價模型實證研究」。國立成功大學會計學系碩士論文。
5. 蕭文峯 (民101)。「企業評價分析-以化工產業為例」。國立中興大學高階經理人碩士在職專班碩士論文。
書籍：
1. 林哲群 (民106)。財務管理輕鬆上手。新竹市：清大出版社。
2. 黃日燦 (民106)。私募股權基金剖析：從國際到台灣本土。台北市：台灣併購與私募股權協會。
3. 葉銀華 (民97)。實踐公司治理。台北市：聯經出版社。

二、英文部分：
期刊雜誌：
Bowman, E. H. and C. E. Helfat. (2001), “Does Corporate Strategy Matter?” Strategic Management Journal, Vol. 22, no. 1, pp. 1-23.

Bruining, H., Boselie, P., Wright, M., and N. Bacon. (2005), “The Impact of Business Ownership Change on Employee Relations: Buy–Outs in the UK and the Netherlands,” The International Journal of Human Resource Management, Vol. 16, no. 3, pp. 345-365.

Campbell, A., Goold, M., and M. Alexander. (1995), “The Value of the Parent Company,” California Management Review, Vol. 38, no. 1, pp. 79-97.

Chandler, A. D. (1991), “The Functions of the HQ Unit in the Multi-business Firm,” Strategic Management Journal, Vol. 12, no. S2, pp. 31-50.

Cumming, D., Siegel, D. S., and M. Wright. (2007), “Private equity, leveraged buyouts and governance,” Journal of Corporal Finance, Vol. 13, no. 4, pp. 439-460.

DeAngelo, H., DeAngelo, L., and E. M. Rice. (1984), “Going Private: Minority Freezeouts and Stockholder Wealth,” The Journal of Law & Economics, Vol. 27, no. 2, pp. 367-401.

Easterwood, J. C., Seth, A., and R. F. Singer. (1989), “The Impact of Leveraged Buyouts on Strategic Direction,” California Management Review, Vol. 32, no.1, pp. 30-43.

Fisher, L. M. (2004), “The Wealth Effects of Sale and Leaseback: New Evidence,” Real Estate Economics, Vol. 32, no. 4, pp. 619-643.

Goold, M., Campbell, A., and M. Alexander. (1998), “Corporate strategy and parenting theory,” Long Range Planning, Vol. 31, no. 2, pp. 308-314.

Hannus, S. (2015), “Value Creation in Private Equity: A Case Study of Outperforming Buyouts in the Nordic Countries”, Dissertation, Tampere University of Technology, Publication Vol. 1328, pp. 1-180.

Hickman, K. and G. H. Petry. (1990), “A Comparison of Stock Price Predictions Using Court Accepted Formulas, Divided Discount, and P/E Models,” Financial Management, Vol. 19, pp. 76-87.

Holthausen, R. W. and D. F. Larcker. (1996), “The Financial Performance of Reverse Leveraged Buyouts,” Journal of Financial Economics, Vol. 42, no. 3, pp. 293-332.

Jensen, M. C. (1989), “Eclipse of the Public Corporation,” Harvard Business Review, September-October, pp. 1-30.

Kaplan, S. N. (1989), “The Effects of Management Buyouts on Operating Performance and Value,” Journal of Financial Economics, Vol. 24, no. 2, pp. 217-254.

Kaplan, S. N. and R. S. Ruback. (1995), “The Valuation of Cash Flow Forecasts: An Empirical Analysis,” The Journal of Finance, Vol. 50, no. 4, pp. 1059-1093.

Kaplan, S. N. and A. Schoar. (2005), “Private Equity Performance: Returns, Persistence, and Capital Flow,” The Journal of Finance, Vol. 60, no. 4, pp. 1791-1823.

Kaplan, S. N. and P. Strömberg. (2008), “Leveraged Buyouts and Private Equity,” Journal of Economic Perspectives, vol. 22, no. 4, pp.1-27.

Kaiser, K. and C. Westarp. (2010), “Value Creation in the Private Equity and Venture Capital Industry,” Working paper in: The INSEAD Working Paper Series, pp.1-66.

Lazear, E. P. (2004), “Output-Based Pay: Incentives, Retention or Sorting?” Accounting for Worker Well-Being (Research in Labor Economics), Vol. 23, 1–25.

Lerner, J., Sørensen, M., and P. Strömberg. (2011), “Private Equity and Long–Run Investment: The Case of Innovation,” The Journal of Finance, Vol. 66, no. 2, pp. 445-477.

Lintner, J. (1965), “The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets,” The Review of Economics and Statistics, vol. 47, no. 1, pp. 13-37.

Ljungqvist, A., and M. Richardson. (2003), “The Cash Flow, Return and Risk Characteristics of Private Equity,” NBER Working Paper, pp. 9454.

Magowan, P. A. (1989), “The Case for LBOs: The Safeway Experience,” California Management Review, Vol. 32, no. 1, pp. 9-18.

Markowitz, H. (1952), “Portfolio Selection,” The Journal of Finance, Vol. 7, no. 1, pp. 77-91.

Mossin, J. (1966), “Equilibrium in a Capital Asset Market,” Econometrica, Vol. 34, no. 4, pp. 763-783.

Muscarella, C. J. and M. R. Vetsuypens. (1990), “Efficiency and Organizational Structure: A Study of Reverse LBOs,” The Journal of Finance, Vol. 45, no. 5, pp. 1389-1413.

Nikoskelainen, E. and M. Wright. (2007), “The Impact of Corporate Governance Mechanisms on Value Increase in Leveraged Buyouts,” Journal of Corporate Finance, Vol.13, no. 4, pp. 511-537.

Peck, S. W. (2004), “The Carrot versus the Stick: The Role of Incentive Compensation and Debt Obligations in the Success of LBOs,” American Business Review, Vol. 22, no. 2, pp. 1-12.

Sharpe, W. F. (1964), “Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk,” The Journal of Finance, Vol. 19, no. 3, pp. 425-442.

Smith, A. J. (1990), “Corporate Ownership Structure and Performance: The Case of Management Buyouts,” Journal of Financial Economics, Vol.27, no. 1, pp. 143-164.

Wright, M., Hoskisson, R. E., and L. W. Busenitz. (2001), “Firm Rebirth: Buyouts as Facilitators of Strategic Growth and Entrepreneurship,” Academy of Management Executive, Vol. 15, no. 1, pp. 111-125.

Zahra, S. A. (1995), “Corporate Entrepreneurship and Financial Performance: the Case of Management Leveraged Buyouts,” Journal of Business Venturing, Vol. 10, no. 3, pp. 225-247.

書籍：
Cendrowski, H., Petro, L. W., Martin, J. P., and A. A. Wadecki. (2012), “Private Equity: History, Governance and Operations,” 2nd edition, John Wiley & Sons, Inc, USA.

Copeland, T., Coller, T., and J. Murrin. (1990), “Valuation: Measuring and Managing the Value of Companies,” 7th edition, John Wiley & Sons, Inc, USA.

Damodaran, A. (2012), “Investment Valuation: Tools and Techniques for Determining the Value of Any Asset,” 3rd edition, John Wiley & Sons, Inc, USA.

Grossman, S. J. and O. D. Hart. (1982), “Corporate Financial Structure and Managerial Incentives,” Chapter in NBER book, The Economics of Information and Uncertainty, pp.107-140.
Electronic copy available at: http://www.nber.org/chapters/c4434.

Rosenbaum, J. and J. Pearl. (2009): “Investment Banking”, John Wiley & Sons, Inc, USA.

研討會論文：
Balz, Y. and T. Müller-Gastell. (2017), “How Do Successful LBOs in Germany Create Value? A Case Study on the Buyout of WMF by KKR” MIF Program, HEC Paris, pp. 1-116.
Electronic copy available at: http://www.vernimmen.com/ftp/Research_paper2017_Y_Balz_T_Muller_Gastell.pdf

Jensen, M. C. (2007), “The Economic Case for Private Equity (and Some Concerns),” Keynote presented at Harvard Business School Centennial Conference on Private Equity, New York City, Feb. 13, 2007.
Electronic copy available at: http://ssrn.com/abstract=963530

網路資源：
KKR Annual Report 2019 Form 10-K
Retrieved from
https://ir.kkr.com/static-files/0d7d5a49-9e6d-4d92-bb8a-9490184f76e7

KKR - Asia Pacific: A Critically Important Region
Retrieved from
https://www.kkr.com/global-perspectives/kkr-blog/asia-pacific-critically-important-region

KKR - KKR Wins Multiple Awards in Asia and Beyond
Retrieved from
https://www.kkr.com/global-perspectives/kkr-blog/kkr-wins-multiple-awards-asia-and-beyond

McKinsey & Company - McKinsey Global Private Market Review 2020
Retrieved from
https://www.mckinsey.com/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/mckinseys%20private%20markets%20annual%20review/mckinsey-global-private-markets-review-2020-v4.ashx