中文摘要
全球私募股權基金市場在過去十年總共歷經三次重大變革；第一次的重大事件是在2008年的全球金融風暴，本論文主要參考美國及中國大陸對私募股權基金的管制，再反思台灣目前的現有法律規制。
本文認為台灣相對亞洲其他各國私募股權基金的活動相對不活躍，因此可能導致外國欲進入台灣的資金少了一種注資管道。近年來，台灣企業積極布局大陸市場，本著同文同種的優勢，再加上台灣培育出的優秀人才及較先進的技術，台灣無疑是國際私募股權基金在進入中國市場時的最佳夥伴，本著上述幾項優勢，國際私募股權基金在過去十年，開始對於台灣企業進行注資，期待藉此進入中國這個全球最具潛力的市場。然而，私募股權基金進入台灣市場受到台灣法律的種種約束，本文認為，也許可以試著鬆綁法規，採事前登記及要求資訊透明化保護即可，不需要太多的嚴格審定，以更開放私募股權基金的金融活動。

ABSTRACT
“Because of this reform, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts -- period.”
Barack Obama1
After the global financial crisis which led to calls for changes in financial changes in the Unites States and elsewhere. In 2009, the U.S. President Barack Obama proposed a plan of a ‘sweeping overhaul of the United States financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression.’2
The U.S. Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 Act3 (hereinafter, the Dodd-Frank Act)4, trying to prevent the financial crisis in 2008.5 The main purpose of this Dodd-Frank Act is to limit highly risk-taking activities by banks and financial institutions.6There is one particular section which has the potential to change the relationship between private equity funds and financial institutions: section 619, also known as the “Volcker Rule.”7 It prohibits “banking entities” 8from acquiring or retaining “any equity, partnership, or other ownership interest in or sponsoring a hedge fund or a private equity fund” 9 after July 21, 2015.10
Under the Dodd-Frank Act, the term “private equity fund”11 includes any entity that would be classified as an investment company under the Investment Company Act of 1940,but for the specific exceptions found in sections 3(c)(1) and 3(c)(7) of that statute.”
Private equity has skyrocketed to be a major player in the global economic. However, private equity funds somehow manage to avoid public securities regulations and also to avoid investor suits successfully.12 Therefore, some risks and regulations related to private equity should be taken into serious considerations.
There are two big private equity related incidents in Taiwan. Back in 2007 the Carlyle Group LP failed to make a deal with Advanced Semiconductor Engineering Inc.,13which would have be the biggest takeover of a Taiwanese company ever. Then, in 2011, the U.S. private equity firm Kohlberg Kravis Roberts tried to bid for YAGEO Corp - despite a majority of minority shareholders accepting the deal. This time Taiwan’s Investment Commission rejected this plan for the concerns about leverage and the protection of minority shareholders.14 Under the condition that there were more than 60% shareholder approve that plan.15 Although both of those plans fail to succeed, many issues related to private equity funds still worth discussing.
This paper comparatively examines the risks and regulations of private equity funds mainly in the United States, the People’s Republic of China and in Taiwan (the Republic of China). In the end of this paper, based on the research results, we provide policy suggestions and regulation recommendations for the regulators.
Key

BIBLIOGRAPHY
Andrew Sheng＆Wang Yao, Private Equity in China: Injecting Equity into Entrepreneurial
Growth, Fung Global Institute
Andrew Sheng＆Wang Yao, Private Equity in China: Injecting Equity into Entrepreneurial
Growth, Fung Global Institute, December 2013, available at
http://www.fungglobalinstitute.org/sites/default/files/u1913/IB_PrivateEquity_ONLINE_Dec%2
024.pdf.
Andrew Sheng＆Wang Yao, Private Equity in China: Injecting Equity into Entrepreneurial
Growth, Fung Global Institute, December 2013, available at
http://www.fungglobalinstitute.org/sites/default/files/u1913/IB_PrivateEquity_ONLINE_Dec%2
024.pdf.
Armour, John and Hansmann, Henry and Kraakman, Reinier, Agency Problems, Legal Strategies,
and Enforcement (July 20, 2009). Oxford Legal Studies Research Paper
Appelbaum, Eileen, and Rosemary Batt. PRIVATE EQUITY AT WORK: WHEN WALL STREET
MANAGES MAIN STREET, Russell Sage Foundation (May 1, 2014).
A survey of private equity: The New Kings of Capitalism, Economist, Nov. 25, 2004, available at
http://www.economist.com/node/3398496.
American Chamber of Commerce in Taipei, 2013 Taiwan White Paper.
Allen Lee, KKR and partner announce bid for Yageo, Asian Venture Capital Journal, April 2011,
available at http://www.avcj.com/avcj/news/2040862/kkr-partner-announce-bid-yageo.
Anita Davis, KKR’s Yageo offer reflects Taiwan's strength, Asian Venture Capital Journal, April
2011, available at http://www.avcj.com/avcj/official-record/2042959/kkr-s-yageo-offer-reflectstaiwans-
strength.
87
Anita Davis, Taiwanese regulators block KKR-led takeover bid for Yageo, Asian Venture Capital
Journal, June 2011, available at http://www.avcj.com/avcj/news/2080741/taiwanese-regulatorsblock-
kkr-led-takeover-bid-yageo.
Anita Davis, Taiwanese regulators block KKR-led takeover bid for Yageo, Asian Venture Capital
Journal, June 2011, available at http://www.avcj.com/avcj/news/2080741/taiwanese-regulatorsblock-
kkr-led-takeover-bid-yageo.
Anita Davis, Does Taiwan still like buyouts?, Asian Venture Capital Journal, June 2011,
available at http://www.avcj.com/avcj/analysis/2082400/taiwan-buyouts
Amber Chung, FSC Warns on Private Equity Funds, Taipei Times, May 07, 2007, available at
http://www.taipeitimes.com/News/biz/archives/2007/05/07/2003359885.
Anita Davis, AIG to sell Nan Shan to Taiwan's Ruen Chen, Asian Venture Capital Journal, Jan
2011, available at http://www.avcj.com/avcj/news/1936810/aig-sell-nan-shan-taiwans-ruen-chen.
Anne-Sylvaine Chassany, Private equity keeps $789bn of powder dry(2013), available at
http://www.ft.com/cms/s/0/c6b67414-5691-11e3-8cca-00144feabdc0.html#axzz2xzGsMyKC
Andrew Oringer, A plan asset is a financial asset used to generate gains to fund a retirement plan,
"Happily Ever After?–Investment Funds that Live with ERISA, for Better and for Worse."ERISA
FIDUCIARY LAW-SECOND EDITION, S. Serota, F. Brodie, eds., BNA Books (2011).
Allen, Franklin, Jun Qian, and Meijun Qian. "Law, finance, and economic growth in
China." Journal of financial economics 77.1 (2005): 57-116.
Barry Eichengreen and Donald Mathieson, ‘Hedge Funds: What Do We Rally Know?’
International Monetary Fund, Economic Issues No 19 (September 1999) available at
http://www.imf.org/external/pubs/ft/issues/issues19/index.htm.
Barack Obama, President United States, Remarks by the President on 21st Century Financial
RegulatoryReform, June 17, 2009.
88
Bor-Ru Sheu, Case Study of Private Equity Investment on Corporate Turnaround of a Taiwan
Company, (2011).
Bowden, Andrew, J. "Spreading Sunshine in Private Equity." Private Fund Compliance Forum
2014. New York, New York. 20 May 2014. Speech.
Cecil R. Dipchand et al., THE CHINESE FINANCIAL SYSTEM 147 (1994)
Carpenter, David H., and M. Maureen Murphy. "The Volcker Rule: A Legal Analysis." (2014);
see also Kini, S. M., LEE, P. L., & LyonS, G. J. (2014). THE FINAL VOLCKER RULE: THE
PROPRIETARY TRADING PROVISIONS. Banking Law Journal.
Carpenter, David H., and M. Maureen Murphy. "The Volcker Rule: A Legal Analysis." (2014).
Cabinet Approves Limited Partnership Bill, available at
http://www.mantraco.com.tw/news/070813c.htm.
Crystal Hsu, Ruen Chen files documents for Nan Shan bid approval, Taipei Times, May 2011,
available at http://www.taipeitimes.com/News/biz/archives/2011/07/05/2003507417.
Chiu, Yu-Tzu. "Carlyle Group's Taiwan Gambit." Spectrum, IEEE 44.2 (2007)
Carlyle's ASE Bid Under Scrutiny, Wall Street Journal, Nov. 29, 2006, available at
http://online.wsj.com/news/articles/SB116475694139735014.
Cecil R. Dipchand et al., THE CHINESE FINANCIAL SYSTEM 147 (1994)
China to Attract More Foreign Investment Next Year, CHINA ONLINE (DEC. 7, 2001)
89
Demaria, Cyril. Introduction to Private Equity: Venture, Growth, LBO and Turn-Around Capital.
John Wiley & Sons, 2013.
Darek Klonowski, PRIVATE EQUITY IN EMERGING MARKETS: THE NEW FRONTIERS OF
INTERNATIONAL FINANCE, 2012.
Demaria, Cyril.Introduction to Private Equity: Venture, Growth, LBO and Turn-Around Capital.
John Wiley & Sons, 2013. At 4
Don Shapiro, Taiwan Economy: Near-term Uptick, Longer-term Challenges, March 2013,
available at http://www.brookings.edu/research/opinions/2013/03/11-taiwan-economy-shapiro.
Dave Kansas, Wall Street Journal Complete Money and Investing Guidebook 171 (Crown
Publishing Group, 2005.
Eddy Wymeersch, The Regulation Of Private Equity, Hedge Funds and State Funds .24 (2010),
http://ssrn.com/abstract=1685202
Emerging Markets Private Equity Association and Coller Capital, Private Equity Investors
Favour China, Brazil – Survey(2009), available at
http://www.reuters.com/article/2012/04/13/emerging-private-equity-embargoedidUSL6E8FC3C420120413
Eccleston, Richard, and Felicity Gray. "Foreign Accounts Tax Compliance Act and American
Leadership in the Campaign against International Tax Evasion: Revolution or False Dawn?."
Global Policy (2014).
Fraser-Sampson, Guy. PRIVATE EQUITY AS AN ASSET CLASS. John Wiley & Sons, 2011.
Financial Stability Oversight Council, U.S. Dept. of Treasury, Study & Recommendations on
90
Prohibitions on Proprietary Trading & Certain Relationships with Hedge Funds & Private Equity
Funds 52-55 (2011)
Gill North and Ross Buckley, "The Dodd–Frank Wall Street Reform and Consumer Protection
Act: Unresolved Issues of Regulatory Culture and Mindset" (December 2013).University of New
South Wales Faculty of Law Research Series 2013.Working Paper 84.
http://law.bepress.com/unswwps-flrps13/84
Guy Fraser-Sampson, PRIVATE EQUITY AS AN ASSET CLASS, John Wiley ＆Sons, Ltd.,2007.
Grant Fleming, Institution Investment in Private Equity, PRIVATE EQUITY: FUND TYPES, RISKS
RETURNS, AND REGULATION 9, 9-10(Douglas J. Cumming ed.,2010)
George W. Fenn, Nellie Liang ＆ Stepgen Prowse, THE ECONOMICS OF THE PRIVATE
EQUITY MARKET 19(1995), HTTP://WWW.FEDERALRESERVE.GOV/PUBS/STAFFSTUDIES/1990-
99/SS168.PDF
Geoff Yates ＆ Mike Hinchliffe, A PRACTICAL GUIDE TO PRIVATE EQUITY
Gill North and Ross Buckley, "The Dodd–Frank Wall Street Reform and Consumer Protection
Act: Unresolved Issues of Regulatory Culture and Mindset" (December 2013). University of New
South Wales Faculty of Law Research Series 2013. Working Paper 84.
Guy Fraser-Sampson, Private Equity as an Asset Class, John Wiley ＆Sons, Ltd.,2007
Groh, Alexander Peter. "Private Equity Growth in International and Emerging Markets."
Available at SSRN 2437451 (2014).
Hung, Chun-jung. "Research on Private Equity Fund to M&A Domestic Commercial Banks in
Taiwan." (2008).
91
Hull, Matthew, and Frank McGroarty. "Do emerging markets become more efficient as they
develop? Long memory persistence in equity indices."Emerging Markets Review 18 (2014): 45-
61.
Ho, C. T., and H. C. Teng. "Likelihood of acquisition by private equity fund in semiconductor
packaging industry." Industrial Engineering and Engineering Management, 2008. IEEM 2008.
IEEE International Conference on. IEEE, 2008.
Isabella Steger, Taiwan's Proposed New Rules Seen Making M&A Easier, Wall St. J., Dec.18,
2013, available at
http://online.wsj.com/news/articles/SB10001424052702304866904579265642284968378
Joshua Aizenman, Jake Kendall, "The internationalization of venture capital", Journal of
Economic Studies.
Keith R. Fevurly, THE HANDBOOK OF PROFESSIONALLY MANAGED ASSETS: A DEFINITIVE GUIDE
TO PROFITING FROM POOLED INVESTMENTS, APRESS
K. Matthew Wong, Securities Regulations in China and Their Corporate Finance Implications
on State Enterprise Reform, 65 FORDHAM L. REV.
Lee, Jesse. "President Obama on Final Passage of Wall Street Reform: An End to Bailouts, a
Beginning for Accountability." The White House. The White House
Paul A. Volcker, Prohibitions and Restrictions on Proprietary Trading and Certain Interests in,
and Relationships with, Hedge Funds and Private Equity Funds, Feb. 13, 2012, available at
http://www.sec.gov/comments/s7-41-11/s74111-182.pdf.
MARTIN, JAMES P., LOUIS W. PETRO, AND ADAM A. WADECKI. PRIVATE EQUITY: HISTORY,
92
GOVERNANCE, AND OPERATIONS. VOL. 738. JOHN WILEY & SONS, 2012.
Nuccio, Mark V., Bartholomew C. Galvin, Jeanna T. Simeone, and Richard Loewy. "United
States: Volcker Rule Final Regulations: available at
http://www.mondaq.com/unitedstates/x/281474/Fund%2BManagement%2BREITs/Volcker%2B
Rule%2BFinal%2BRegulations%2BThe%2BEffect%2BOn%2BPrivate%2BFund%2BSponsors
%2BAnd%2BInvestor
Ordower, Henry. "The Regulation of Private Equity, Hedge Funds, and State Funds." American
Journal of Comparative Law 58 (2010)
Stowell, David. Investment Banks, Hedge Funds, and Private Equity. Academic Press, 2012.
Steven E. Hurdle, A Proposed legislative Solution for Pirvate Equity Fund Disclosures
(University of California, Working Paper Series, November 2004), available at
Http://ssrn.com/abstract=625441
Tim Burroughs, Cautious optimism in Taiwan, Asian Venture Capital Journal, December 2013.
William E. Brock, Vance D. Coffman, et al., Reports 2007 June 22 Private Equity Commentary,
available at http://www.us-taiwan.org/reports/2007_june22_private_equity_commentary.pdf.
Wu, Hsiu-sheng. "Impact of Legal Constraints on Corporate Value and Responsive Measures of
the Corporate World: Taking for Example Merger of Advanced Semiconductor Engineering Inc.
by Carlyle." (2007).
Yale Law, Economics & Public Policy Research Paper No. 388; Harvard Law and Economics
Research Paper Series No. 644 ; ECGI - Law Working Paper No. 135/2009.
ZHU Ye, An Analysis of the Legal Regulation of Private Fund, Finance and Trade Research ,2005