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題名：私募股權基金之交易架構:醫院系統融資收購之應用
作者：魏資文
作者(外文)：Tzu-Wen Wei
校院名稱：臺灣大學
系所名稱：商學研究所
指導教授：江炯聰
學位類別：博士
出版日期：2011
主題關鍵詞：私募股權基金；交易架構；價值創造；融資收購；醫院系統；個案研究；private equity；deal structuring；value creation；leveraged buyout；hospital systems；case study
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自1980年代以來，私募股權基金之動向倍受矚目。尤其在2008年之次貸危機後，私募股權基金更扮演著復甦經濟之重要角色。歷年學者多對於該產業之變化以及部分價值創造的機制進行探討，但大多數文獻顯示，目前尚無有關私募股權基金對於標的公司之交易架構及價值創造的整合性分析，同時也缺乏深入的實證研究。有鑒於此完整探討之必要性，並為橋接學術與實務之斷層，本論文以文獻歸納及個案研究的方式試圖探討:「私募股權基金如何並利用何種機制，在收購到退場之各階段期間設計交易架構，並同時考量各合作對象利益?」之議題。
本文首先以平台(platform)之觀點，分析私募股權基金之屬性及運作模式。並發現私募股權基金管理公司實際上創造一交易平台，並集結所有使用者包括標的公司、貸款銀行、其他投資機構法人、以及顧問公司等至此平台進行交易並形成網絡效應(network effects)。本研究藉由Evans 及Schamelensee (2007)的平台策略方式，探討出私募股權基金須執行三項重要活動來完成一成功交易：價值創造(value creation)、交易規劃(deal design)，以及契約設計(covenant design)。在價值創造方面，本研究比較並歸納Loos (2006)及Berg與Gottschalg (2005)之建議，同時訪問國際著名之私募股權基金高階主管，以貼近實務操作及個案研究的角度，將交易分為投資(investment)、持有(holding)，及退場(divestment)等三階段，並發展出一整合性之分析框架。而在交易規劃方面，本文參考Brunner (2004)以及Levin (2006)之著作，針對稅務以及債務兩方面，整理並比較各種交易模式對於買賣雙方之優缺點。以稅務方面來說，投資方主要考慮稅盾效果，而被投資方重視降低所得稅賦，本研究提出買賣雙方應會以反向三角併購(reverse triangular merger )交易模式為優先選擇之結論，而後續的個案研究亦證實大部分私募基金公司多以此交易模式為主。有關契約設計方面，本文分別討論私募股權基金管理公司、被投資公司與團隊，以及貸款銀行之間所簽訂的契約及其規範。文中提及股權投資協議、績效獎勵計畫，以及貸款合約等。Dewatripont 及 Tirole (1994)曾建議貸款契約中財務條件之規範，可降低經理人代理成本之問題。由於Jasper (1982)提及貸款銀行應重視貸款人之獲利狀況、產生現金流量之能力，以及營運風險，本文整理此相關論述，並作為個案研究之基礎。
本研究第二部份則以上述之整合性分析架構，以創新方式研究實際個案。私募股權基金活動當中，包括創投(venture capital)、融資收購(leveraged buyout)、管理收購(management buyout)，以及併購(merger and acquisition)等。其中融資收購以其交易市場成長快速及善用財務工程及價值創造技能而著名。Jensen (1989)認為融資收購之組織架構將成為未來之主流企業型態。因此，本研究以融資收購之案例為主。作者以截至2006年以前最大的收購案Hospital Corporation of America (HCA)作為主要研究個案，並以2004年之另兩大連鎖醫院: IASIS以及Vanguard之收購為輔助個案。本研究在分析並比較此三大收購案例中有許多發現。研究結果顯示，私募股權基金在收購階段主要運用財務工程使負債最佳化;在持有階段利用增加營運績效的機制來提升價值;而在退場階段則以著重於估值計算來創造最大價值。私募基金在收購階段積極地增加負債，並於持有階段之初期快速地降低貸款。而私募基金在設計績效獎勵計劃時，更特別強調公司現金流量的表現。另外，私募股權基金主要係從創業家精神而非降低代理人成本之角度來設計交易架構並創造價值。
最後本文探討台灣醫療產業之各種商業模式，同時對照國際醫療產業之財務創新案例。本研究整合平台技術、財務、會計、企業管理、法律，以及策略等學術基礎，並以公開資訊完成嚴謹的個案分析。本研究衍生出許多管理意涵，並期望藉由私募股權基金之交易架構:醫院系統融資收購之應用之研究，企圖協助台灣醫界了解國際財務策略及價值創造機制，並共同為台灣醫療產業闢出國際之路。
Private equity (PE) has received much attention since the mid-1980s and plays an important role in the present economic recovery after the subprime crisis. Most researchers have focused on the trend of the PE industry and partial value creation analyses, and there has been a lack of a comprehensive framework of deal structuring and in-depth empirical studies. To bridge the gap, this article uses an induction approach for literature and case study methods to answer the following question: How do buyout firms structure a deal through what mechanisms for each counter party at three major stages from acquisition to holding and to divestment?
First, this research uses principles of platform to analyze characteristics and operation models of private equity. It is found that a private equity company creates a transaction platform. A PE company attracts users including target companies, lending loans, other institutional investors, and consulting firms to join this platform and form network effects. Based on the concepts of platform strategy suggested by Evans and Schamelensee (2007), a PE firm has to perform three key activities, including value creation, deal design, and covenant design, to complete a deal successfully. In terms of value creation, this study compares suggestions from Loos (2006) and Berg and Gottschalg (2005) and interviews with executives at international leading PE firms. From the perspectives of case study and practical operation, this author develops an integrative analytical framework based on the investment, holding, and divestment stages.
Regarding deal design, this study reviews studies of Brunner (2004) and Levin (2006) and compares pros and cons for both buyers and sellers in terms of issues of taxes and liabilities. As for taxes, buyers will consider tax shields mainly and sellers will emphasis on reduction of income taxes. This study concludes that the reverse triangular merger is the best choice for buyout transactions from the perspectives of both sides. The case studies also confirm this conclusion. As for covenant design, this research discusses agreements among PE firms, the target company and its management teams, and lending banks. The contracts include purchase agreements with term sheets, management and employee agreements, and loan agreements. The presence of covenants in financial contracts is motivated by their ability to mitigate agency problems (Dewatripont & Tirole, 1994). Jasper (1982) suggested that loan lenders were most concerned about borrowers’ earning power, cash flow generation, and business risks. This study summarizes Jasper’s suggestions as the analytical basis for case study.
The second part of this study applies the comprehensive framework developed above to perform case studies in an innovative way. PE activities include venture capital, leveraged buyout, management buyout and merger and acquisition. Among them, the leveraged buyout seizes growing market and is deemed as good at perform financial engineering and value creation skills in particular. Jensen (1989) suggested that the leveraged buyout organization would eventually become the dominant corporate organizational form. This study focuses on cases of leveraged buyout. This research investigates the world’s largest buyout deal as of 2006—the acquisition of the Hospital Corporation of America (HCA) as the main case and address the unique deal structuring mechanisms in the hospital industry. The auxiliary cases are IASIS and Vanguard, which are also first-tier hospital chains in the United States. This research analyzes and compares these three cases and has several findings. It is found that PE firms apply financial engineering mainly to optimize leverage at the acquisition stage, enhance operating effectiveness to maximize EBITDA at the holding stage, and increase market valuation through their professional networks at the divestment stage. It is worth noting that PE firms increase leverage dramatically at the first stage and deleverage quickly at the second stage. In designing incentive programs for the management team, PE firms put special emphasis on cash generation. The results also show that PE firms utilize more value-creation vehicles from the entrepreneurship than agency costs perspective.
Finally, this study explores business models of the medical industry in Taiwan and cases of financial innovation in the world wide. This study bases on several different academic angles (i.e., platform, finance, accounting, general management, law, strategy) and utilizes public information to perform a rigorous case analysis. This research has several managerial implications. Through the study of “Deal Structuring of Private Equity: Its Application in the LBO of Hospital Systems,” this author hopes to assist people of the medical industry in Taiwan to understand international financial strategies and mechanisms of value creation and lead Taiwan’s medical industry to the international together.
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