2012 MAPECT Brochure by Sunny Pan

CONTENTS

A MAPECT WELCOME: 黃齊元, 理事長 C.Y. HUANG, CHAIRMAN OF MAPECT 02 LOOKING FORWARD: 楊正秋, 秘書長 TERESA YANG, SECRETARY GENERAL OF MAPECT 03 MAPECT: ABOUT THE COUNCIL 協會簡介 05 MAPECT EVENTS 協會活動 12 MAPECT M&A AWARDS 評選指標 / AWARDS CRITERIA 16 THE MAPECT PERSPECTIVE: 台灣併購與私募股權的未來發展 THE FUTURE OF M&A IN TAIWAN 黃齊元 / C.Y. HUANG

台灣併購與私募股權協會 TAIWAN MERGERS & ACQUISITIONS A N D P R I VAT E E Q U I T Y C O U N C I L 台北市松山區復興北路 3 6 9 號 4 樓之 2 4F-2, 369 Fu-Hsin North Road, Taipei, Taiwan 105 TEL: (+886) 2.2717.6892 / www.mapect.com 理事長 / CHAIRMAN / 黃齊元副理事長 / VICE-CHAIRMEN / 黃日燦 / 王伯鑫楊文鈞 / 黃偉祥 / 黃顯華 / 王金來秘書長 / SECRETARY GENERAL / 楊正秋 EDITORIAL & LAYOUT / Samuel Lee

黃日燦 / JACK J.T. HUANG

20 THE MAPECT BOARD OF DIRECTORS 理監事會 21 THE MAPECT FAMILY: 協會成員 / THE MEMBER LIST 24 JOINING MAPECT 入會辦法

A MAPECT WELCOME A Message from the Chairman It has been two years since the formation of Tai-

台灣併購與私募股權協會已經成立兩年了，由

wan Mergers & Acquisitions and Private Equity Council

於會員及外界的大力支持，在過去兩年得以有大幅

(“MAPECT”). As a new organization, we have made signifi-

的成長，不僅會員數成長到 110人，更在台灣、中國

cant growth and achievements, not only through partici-

大陸和香港舉辦及參與了許多活動，引起廣大的關

pating and organizing various events in the greater China

注，也打響了協會的品牌並發揮了深遠的影響力。

region, but also in establishing MAPECT’s brand and image.

去年，我們成功地舉辦第一屆「 2011台灣併購

Last year, we successfully held the “2011 Taiwan M&A

金鑫獎」，透過八個月的作業，選出了五件「年度

Awards” ceremony, electing five M&A Deals of the Year and

最佳併購獎」及六件特別獎，引起廣泛的評論。台

six Special Category Awards from a variety of industries and

灣正處在歷史的轉捩點，有許多企業需要轉型、整

corporations. As Taiwan is at a critical juncture of economic

合以及全球布局，併購獎的設立不僅對於前瞻的企

transformation, the M&A Awards have set a new bench-

業予以肯定，對於其它企業也樹立了學習的標竿。

mark in the industry for other companies to follow.

雖然協會有非常好的成績，但我們覺得仍有許

Despite our achievements, we believe that there

多需要改進的地方，包括社會大眾甚至政府機構對

are still a myriad aspects on which MAPECT can improve,

於私募股權基金仍然不夠了解，以及台灣政策法規

including the further advancement of the public’s under-

還有許多限制，阻礙了併購的順利進行。

standing of private equity, as well as the modification of

展望未來，協會將持續堅定的推動法規鬆綁，

existing regulations to facilitate domestic and cross-border

強化外資對台灣的信心，協助台灣企業「走出去」

M&A transactions.

，並促進海峽兩岸相互投資交流，努力創造下一個

With your strong support, MAPECT will relentlessly

台灣的新世紀。

pursue more regulatory modifications, enhance foreign investors’ confidence in Taiwan, strengthen Cross-Strait mutual investments, and assist more Taiwan enterprises to go abroad. Our ultimate goal is to facilitate the creation of a new golden era for Taiwan. C.Y. HUANG, CHAIRMAN 黃齊元

理事長

MAPECT | A MAPECT WELCOME

LOOKING FORWARD

A Message from the Secretary General 2011 marked not only the centennial of the Republic

西元 2011年 – 中華民國創國 100年，也是台灣

of China, but also the year with the most number of com-

併購實例發生最多的一年，台灣併購與私募股權協

pleted M&A transactions. And since our founding in 2009,

會在所有會員單位的支持下，我們首度舉辦台灣併

MAPECT has actively engaged in the research, promotion,

購金鑫獎評選活動，總共頒發五個年度最佳併購獎

and advocacy of M&A and PE in Taiwan. The creation of

及六個特別獎項給得獎企業代表，以表揚此等對併

the MAPECT M&A Awards, therefore, continues our mis-

購實務創造典範之企業，並鼓勵台灣企業的併購活

sion towards creating a better investment environment for

動能朝更高指標及成功之路邁進。

both domestic and foreign investors. We look to utilize the

推廣及教育國內併購與私募股權投資領域之

Awards as a method to encourage Taiwanese companies to

管理、學術/法理研究、促進業務交流及產業發展

engage in more socially responsible and innovative transac-

是 MAPECT成立的宗旨，也是協會努力完成的目標

tions.

方向，未來我們將持續接受會員的委託及監督，致 Moreover, MAPECT continues to strive for greater

力於會務及業務的推展，架構兩岸產業交流平台，

public awareness of M&A and PE. Through our numerous

並與國際間同業資訊互動，收集及整理相關資訊以

events, we have engaged in both academic and legal re-

期提供會員最即時的知識分享及服務。更期待所有

search, the promotion of intra-industry exchanges, and

對併購實務及私募股權投資有興趣之同好，都能加

greater dialogue with government representatives. Ulti-

入我們的行列，共同戮力建構台灣完善的併購及私

mately, MAPECT looks to further emphasize its role in pro-

募股權投資的環境，讓國際投資人願在台灣駐足；

moting investments in Taiwan, establish a Cross-Strait eco-

積極鼓勵台灣企業把握發展優勢，伺機走向全球佈

nomic exchange platform, act as a reliable source for the

局。相信在大家同心協力下，必能創造一番佳績!

latest industry news and trends, and provide our members with the best services and opportunities.

再次感謝大家的支持鼓勵，讓我們一起攜手同行吧!

I would also like to take this opportunity to thank you for your support and participation. Through cooperation, we will surely be able to accomplish our goal of linking Cross-Strait capital to promote global integration. TERESA YANG, SECRETARY GENERAL 楊正秋

LOOKING FORWARD | MAPECT

秘書長

MAPECT:

About the Council 台灣併購與私募股權協會（ MAPECT，以下稱本

同時擬將與其他相關金融組織合作，為國內產業量身

會）於 2009年 9月 29日成立，總部位於台北市，為一

設計或辦理各式的教育訓練，以培育國內併購與私募

依法設立之社會團體。協會成員皆為從事併購業務

股權投資領域的專業人才。

或私募股權投資之業界翹楚，包含台灣金控、日盛金控、中華開發金控、永豐金控、國內外投資銀行、

Taiwan Mergers & Acquisitions and Private Equity

證券業、基金管理公司等金融相關機構、律師、會計

Council (“MAPECT”) is a non-profit organization estab-

師、鑑價公司、學者、工研院、資策會和其他產學研

lished in Taipei on September 29th, 2009 by more than 90

單位、上市櫃公司及企業、臺灣證券交易所、財團法

industry professionals who recognized that Taiwan need-

人中華民國證券櫃檯買賣中心等跨領域之專家所組

ed a dedicated organization solely devoted towards pro-

成。

moting M&A and private equity. MAPECT is an exclusive 本會成立宗旨主要為協助建構台灣完善之併購

high-level advocacy platform dedicated towards promot-

與私募股權投資環境，作為民間與政府、台灣與世界

ing Cross-Strait investment activities by enhancing better

的溝通橋樑，積極推廣併購與私募股權投資的新觀

industry-government relations, building an optimized regu-

念，每年向主管機關提出政策建言，並廣泛地和大陸

latory framework for M&A and private equity deal-making,

及全球的關聯組織進行交流合作。

and leveraging resources provided by major private equity

過去二年來，本會成功搭建了兩岸「海峽投

firms in Taiwan, Hong Kong, and China. Our members in-

資」的橋樑，促使兩岸友好機構間多次重要的實質交

clude the Taiwan Stock Exchange, KKR, The Carlyle Group,

流；並舉辦「台灣併購金鑫獎」活動，以表彰台灣企

Credit Agricole, Citigroup, Deloitte & Touche, and other

業在投資併購領域的努力與成就，同時藉著活動舉辦

many highly respected financial and private equity firms,

及討論的媒體報導，廣泛向國內大眾宣導併購和私募

as well as legal services and accounting firms.

股權投資活動對未來台灣產業發展之具體化觀念，改

MAPECT’s mission is to facilitate Cross-Strait M&A

善國內大眾對於私募股權基金只是為企業大股東套利

and private equity activities and to offer its unique services

工具的負面形象，也獲得主管機關對於企業引入私募

to the global market. Our mandate to serve our clients as

股權基金的友善回應。

an intermediary between the industry, government, and

展望未來，本會將持續藉由舉行論壇活動建立兩岸交流互動平臺，廣納各界精英意見，促進產業投

general public is why MAPECT is able to advance our members’ interests as an effective advocacy platform.

資交流，並將積極提出政策白皮書向政府建言遊說，

MAPECT | ABOUT THE COUNCIL

促進會員交流活動 / MEMB ER S 舉辦各項活動進而促進知識交流及商機合作機會。包括小型研討會、 MAPECT

Salon，年度大型活動如 MAPECT兩岸併購與私募股權論壇

等。並與國內外各大組織合作舉辦活動，以增進會員間的交流。 Members have many opportunities to network with and learn from fellow M&A and private equity players through MAPECT’s various events. Our monthly MAPECT Salon, Cross-Strait M&A and PE forums, and cooperative events with international financial associations are examples of events exclusive to our members that promote and exchange of ideas and business opportunities.

參與產業政策制定 / GOVER NMENT POL IC Y 關注業界動態與其發展，代表業界向政府機構提出各項專業建言，以維護會員社會與商業權益，並推動行業標準及政策之制定。 Government policy is an area where MAPECT strives to exert influence through active lobbying efforts. MAPECT acts as a delegate for the M&A and PE

The main objectives of the Council To undertake public policy activities and maintain a continuous dialogue with policy institutions and regulatory bodies in Taiwan and Greater China To develop professional standards and best practices guidelines across the industry

standards for the industry through government rules and regulations.

To hold regular networking events with leading practitioners and industry participants from Greater China

建構跨區交流平台 / A CR OSS-STR AIT PL AT F OR M

To conduct industry research on M&A and PE activities

industry by raising ideas and proposing changes that protect our members’ lawful rights. Through these efforts, MAPECT strives to put forth the best business

安排海外觀摩考察團活動，並與中國大陸及國際同業組織合辦產業交流、商機媒合、業務溝通等活動，以建構跨地區、跨領域之業界交流平台。 A Cross-Strait platform is one of MAPECT’s primary objectives, achieved through our many channels and established relationships in Mainland China. MAPECT regularly arranges Cross-Strait meetings within the M&A and PE industry to foster a mutually beneficial and cooperative relationship.

提升產業之能見度 / MAR K ET ING 由會員發表產業研究心得，透過協會網站及報章媒體向一般大眾傳輸併購與私募股權產業認知，並提升協會知名度。 Marketing the M&A and PE industry in Taiwan through media channels is MAPECT’s way of building a positive relationship between our members and the general public. We publish coverage about our members through our website and other news outlets, thus elevating MAPECT and our members’ reputations within the business community.

ABOUT THE COUNCIL | MAPECT

To promote and cultivate better cooperative relationships with the public

MAPECT EVENTS

a brief overview of past events 自 2009年成立至今， MAPECT秉持「戰略合作、資本連結、攜手兩岸、邁向全球」宗旨，戮力扮演政府與民間、台灣與世界的溝通橋樑，建構國內完善的併購與私募股權投資環境，把握 ECFA投資契機，以「深耕台灣、佈局全球」為策略，讓「台灣走向世界」，「世界走向台灣」。我們未來將繼續舉辦各項活動來充實協會服務宗旨並完成使命。 Since MAPECT’s founding in 2009, our organization has actively pursued its ultimate goal of linking Cross-Strait capital to promote global integration. MAPECT has done so by acting as the intermediary between not only the government and the general public, but also Taiwan and the global economy. Moreover, MAPECT has aimed to strengthen Taiwan’s investment environment, particularly for M&A and PE activity, as well as to capture the benefits that Taiwan can derive from the signing of ECFA. With the strategy of solidifing Taiwan’s position in the global economy, we aim to first develop Taiwan’s domestic industries and establish the financial and regulatory linkages that will facilitate Taiwan’s continued development. The following is a brief overview of the Council’s annual events:

海峽兩岸併購與私募股權論壇 / MAPECT CR OSS- ST R AIT M& A AND PE SUMMIT MAPECT邀約協會會員及國內外資本市場的專業人士齊聚一堂與談討論，廣納兩岸三地財金 / 經貿發展之意見，藉由論壇內容引述，強調台灣產業投資的優勢，兩岸投融資平台的建構，以及如何掌握海西發展機遇，創造資本市場合作商機。 MAPECT annually hosts the MAPECT Cross-Strait M&A and PE Summit to which we have invited our members and government officials to engage in active discussions with their Chinese counterparts regarding the trends and problems associated with the economic developments of the Greater China Area. Through this event, we aim to find new opportunities for Taiwan to understand and strengthen its comparative advantage in order to expand globally and move up the value chain.

學術暨實務研討會 / MAPECT M&A AND PE AC ADEMIC SY MPOSIUM 藉由研討會將推廣併購與私募股權投資的觀念落實於國內學術研究及專業人才培育上，推動海內外業界參與，不只提供學術界與實務界有互動的機會，亦加強台灣產業競爭力，建立實質合作交流網絡，進而發展合作契機。 The MAPECT M&A and PE Academic Symposium offers the opportunity to develop a greater understanding of M&A and PE through both an academic and a business perspective. The event aims to facilitate greater academic research, ex-

MAPECT | MAPECT EVENTS

MAPECT EVENTS (continued) pand overall understanding of Taiwan’s M&A, PE, and investment environment, and create a training forum for students to prepare for professional development. Ultimately, through the Academic Symposium, MAPECT looks to promote Taiwan’s future competitiveness.

「台灣併購金鑫獎」頒獎典禮 / MAPECT M& A AWAR DS 本會秉持推展及架構國內完善的併購與私募股權投資平台，為表彰台灣企業在投資併購業務的努力及成就，特舉辦首屆「 2011台灣併購金鑫獎」，期盼促成台灣經濟與產業的整合轉型與投資契機，朝向更高指標及成功之路邁進，替台灣併購交易史立下新的里程碑。 The MAPECT M&A Awards provides the forum for our organization to acknowledge achievements in Taiwan’s M&A dealmaking each year. As the promotion of M&A activity is one of the principal goals of MAPECT, the event adds a new dimension of encouragement by awarding those who have actively engaged in M&A transactions that not only yield social and economic benefits, but also contribute to the continued growth and development of Taiwan’s industries.

THE MAPECT SALON SERIES 不定期舉辦聯誼會 - MAPECT SALON的主題性活動，由理事、監事及會員們輪流擔任主持人，邀約各專業領域專家就不同時事議題，匯集與會者不同角度的交流結論及論述記錄刊登於協會網站，以提供協會運作方向及政府相關政策之參考。 Every month MAPECT hosts an event specifically geared towards its members and their needs as part of the MAPECT Salon series. The MAPECT Salons are variegated in nature with some delving into specific issues with great detail and others being casual networking events for our members. Past MAPECT Salons have included a case study of Nan Shan Insurance, an analysis of China’s domestic goals and RMB funds, and an informative session on China’s Twelfth Five-Year Plan.

考察活動 / M APECT IN CHINA 由黃齊元理事長及三位副理事長－黃日燦律師、利明獻董事長、王伯鑫董事總經理暨 20多位元會員單位代表親赴北京考察，並參加「 2010中國股權投資基金發展論壇」，與同業們互動交流，並交換投資成果心得。 MAPECT frequently collaborates with Chinese organizations and participates in events in China, such as the the 2010 China Private Equity Development Forum in Beijing and the 2010 China International Fair for Investment and Trade in Xiamen. For the latter event, MAPECT co-hosted the “Capital Forum 2010,” which marked the first time that a Taiwanese organization was invited to participate as a co-sponsor. With the theme, “Focus on China, Enjoying Capital Growth,” the event highlighted the new emphasis that has been placed on China-Taiwan relations following the signing of ECFA.

教育訓練 / M A PECT M&A AND PE TR A IN IN G PR OGR AM 與大學財金系所合辦教育訓練，聘請產官學界重量級講師授課，就併購實務之前、中、後期面向，安排企業併購實務訓練課程，培養台灣私募股權基金與併購領域的專業人才。 MAPECT co-hosted the MAPECT M&A and PE Training Program with several university Finance Departments. The event featured lecturers with professional, academic, and governmental backgrounds. Topics discussed include the dealmaking process and the trends of Taiwan’s M&A and PE activities.

MAPECT EVENTS | MAPECT

MAPECT M&A AND PRIVATE EQUITY SUMMIT 海峽兩岸併購與私募股權高峰論壇

MAPECT | MAPECT EVENTS

MAPECT CROSS-STRAIT M&A AND PRIVATE EQUITY SUMMIT 海峽兩岸併購與私募股權高峰論壇

MAPECT EVENTS | MAPECT

MAPECT ACADEMIC SYMPOSIUM 併購與私募股權學術研討會 MAPECT IN CHINA 考察團參訪活動

MAPECT | MAPECT EVENTS

MAPECT IN CHINA 考察團參訪活動 THE MAPECT SALON SERIES MAPECT M&A AND PE TRAINING PROGRAM 教育訓練 10

MAPECT EVENTS | MAPECT

MAPECT | MAPECT EVENTS

D E A L O F T H E YE A R AWA R D M O S T IN N O VAT IVE M &A D E A L AWA R D CR O S S -S T R A IT M &A D E A L AWA R D M O S T IN F L U E N T IA L M &A D E A L AWA R D M &A S O CIA L R E S PO N S IB IL IT Y D E A L AWAR D M &A A CH IE VE M E N T D E A L AWA R D E XE CU T IVE CO M M IT T E E AWA R D

評選指標 /AWARD CRITERIA

年度最具代表性併購獎

DEAL OF THE YEAR AWARD 主要評定併購案對經濟發展之正向性(如：促進就業、產業轉型及升級等)、併購進行所使用之財務/金融工具設計是否具特別之處、案件之執行是否涉及政策法律修改或跨越國籍、對各方利益關係人 (stakeholder)之權益是否兼顧。 There are five factors in determining the Deal of the Year Award: 1) the transaction’s implication on Taiwan’s economy and whether or not there is a net positive benefit, 2) the use of innovative financial instruments in the transaction’s deal structure, 3) the transaction’s degree of difficulty, 4) the transaction’s implications on the stakeholders involved, and 5) the size of the transaction.

指標項目 1 對社會經濟活動是否有其重要性 Positive benefits for Taiwan’s economy 2 案件之交易架構設計是否有特別之處 An outstanding use of financial instruments 3 案件執行之複雜度 The transaction’s degree of difficulty 4 是否已同時兼顧各利益關係人之權益 Positive implications for the stakeholders 5 成交規模大小 The size of the transaction

比重 30% 20% 20% 20% 10%

最佳創意併購獎 MOST INNOVATIVE M&A DEAL AWARD 主要評定併購案在財務和金融架構的創新，即併購案中交易架構的設計 (deal structure)是否與眾不同，包含併購案是否會對產業造成影響或讓業界群起效尤之影響力及開創性，以及企業併購之後是否能引發「創新商業模式」。 There are four main criteria considered for the Most Innovative M&A Award: 1) an innovative use of financial instruments, 2) the transaction’s deal structure, 3) the transaction’s implication and influence on the overall development of the industry, and 4) the transaction’s overall implication on the industry as a whole.

MAPECT M&A AWARDS | MAPECT

指標項目 1 財務/金融結構創新 The use of innovative financial instruments 2 商業模式創新 An innovative deal structure 3 開創性及對產業發展之影響力 Overall influence on the industry’s development 4 社會影響力 Overall influence on the industry as a whole

比重 30% 20% 20% 20%

最佳海峽併購獎

指標項目

CROSS-STRAIT M&A DEAL AWARD

1 比較綜效 / 價值創造 The use of innovative financial instruments 2 兩岸或雙方企業之利益平衡 Equitable distibution of benefits between parties 3 併購結構創新 An innovative business structure 4 社會關注及影響 Overall social influence and public awareness

主要評定企業進行跨海峽併購首要考量「價值之創造」及「交易後之比較綜效」；以及其所引起之社會關注、雙方企業之利益是否平衡。 Four principal criteria are considered for the CrossStrait M&A Deal Award: 1) the transaction’s overall effects on operational efficacy and value, 2) the social attention placed on the transaction, 3) the transaction’s innovative deal structure, and 4) the transaction’s parity.

比重 30% 20% 20% 20%

最具影響力獎 MOST INFLUENTIAL M&A AWARD 主要評定併購案對總體環境的影響力，同時也考量併購交易是否為社會樹立良好典範 (best

practice)，

以及併購交易案件之前瞻性、團隊領導力的影響、可否提供後續案例之遵循等重點。 There are four main criteria considered for the Most Influential M&A Award: 1) the transaction’s influence domestically, 2) the transaction’s influence internationally, 3) whether those involved in the transactions engaged in the best practices, and 4) the leadership behind the execution of the transaction.

比重

指標項目 1 產業影響力 Influence on the industry 2 國際影響力 International influence 3 最佳典範 A exemplary model for dealmaking 4 前瞻性和領導力 Overall leadership behind the transaction

25% 25% 25% 25%

最佳企業社會責任獎 M&A CORPORATE SOCIAL RESPONSIBILITY DEAL AWARD 主要評定併購案對於大眾的回饋，包含社區利益、消費者權益等立場，以及可否持續發展、是否合乎道德等面向，並以各方利益相關人 (stakeholders)之利益平衡為評選重點。 Four main criteria are considered for the M&A Corporate Social Responsibility Deal Award: 1) the transaction results in an equitable distribution of benefits, 2) the sustainability of development, 3) corporate social responsibility, and 4) business ethics.

比重

指標項目 1 利益平衡 An equitable distribution of benefits 2 永續發展 Sustainable development 3 社會責任 Corporate social responsibility 4 商業倫理 Business ethics

25% 25% 25% 25%

卓越成就獎 M&A OUTSTANDING ACHIEVEMENT DEAL AWARD 本獎項頒予對於國內整體併購環境發展有貢獻(如︰促成相關法令或政策之突破性修正)之企業或企業主，表彰其所創造之良好併購典範。(＊由於此獎項欲表揚對國內併購推廣創造良好典範之企業或企業主，因此參選案例將不限於本活動所規定於每年 6月至隔年 6月期間所完成之併購案。 ) The M&A Outstanding Achievement Deal Award is given to a transaction that has significantly contributed to the development of Taiwan’s economy, industries, and investment environment. Given the nature of this award, the transaction is permitted to have been dated outside the annual timeframe.

MAPECT | MAPECT M&A AWARDS

THE 2011 MAPECT M&A AWARDS 台灣併購金鑫獎開創產業鑫版圖

MAPECT M&A AWARDS | MAPECT

MAPECT | MAPECT M&A AWARDS

THE MAPECT PERSPECTIVE

台灣併購與私募股權的未來發展摘錄自黃齊元理事長演講及文章

The Future Developments in Taiwan M&A and PE Activity 兩岸 ECFA簽訂後許多台灣產業都有打造「中國

近來已越來越多有遠見的台灣企業走出去搭上這股

平台」和「全球平台」的需求，而透過 M&A是最容

「併購」熱潮，例如：宏達電為強化未來手機品牌

易達成目標的手段。同時，併購的過程必須從傳統

的策略而收購海外技術公司及美國手機潮牌等、台

水平整合，走向跨國垂直式產業鏈重組，合作夥伴

橡斥資1.6億美元，力退歐美強敵，成功收購全球

則除了本土企業外，更可包括外資企業、大陸企業

兩大石化巨人共同擁有的子公司 Dexco，獲得先進技

和私募股權基金。

術專利，並將協同外資進軍中國市場、以及冠捷科

台灣的投資價值不僅只於投資台灣市場，

技從代工者升級為品牌經營者，以其和飛利浦多年

更重要的是投資台灣的 know-how。因此，台灣政府

累積之合作關係，成功收購飛利浦電視品牌為進軍

和民間都應該學習包裝自己，向外資和陸資推廣行

大陸佈局。若由外資機構投資台灣的目的及考量來

銷台灣價值，尋求在「中國市場」和「海外市場」

看，台灣市場較小，自非為投資重點所在。外資所

上共同成為策略夥伴。再者，台灣的產業 know-how

重視乃是將台灣視為大中華營運據點或是亞太營運

應被發展成為：商業模式、品牌及技術模版，使其

據點，充分利用台灣企業在人才、技術和管理上的

可以複製輸出。不僅限於「台灣市場」的發展，更

優勢以及多樣國際化與專業化佈局能力。越來越多

可以在海外以不同的型式發揚光大，創造更高價

外資將台灣作為進軍大中華的跳板，無論在生產及

值。

市場開發端皆有所獲。台灣是一個非常適合中小型、成長型及高科技

對中國大陸而言，台灣憑著地理和歷史的因

企業的集資中心，這恰好是私募股權投資基金在台

素，有著不同於其他國家的戰略角色，從經濟面而

灣發展的利基。台灣最具吸引力之處是擁有非常完

言，台灣是中國和世界的橋梁，有著東西方文化融

整的高科技產業鏈，以及產業上中下游群聚優點。

合優點，是外資眼中作為進軍大中華的最佳踏腳

兩岸三地在大中華趨勢環境中有著無窮機會；未來

石。不過台灣雖然擁有優秀的高科技產業發展優勢

香港可以是經濟金融中心，台灣與大陸則可成為

及先決條件，但也不必畫地自限，應隨著世界金融

研發、生產、製造、行銷中心，投資契機無限。因

及經濟局勢的轉變而進行轉型整合。未來透過併

此，台灣不論是作為投資對象或是融資平台，都有

購以及私募股權基金投資台灣，都將是促進台灣產

其無比的優勢。

業投資的最佳手段。而且其投資過程絕對是雙向進

再由世界的投資併購趨勢來看，國際間透過

行，不僅要讓台灣走向世界，也讓世界走進台灣。

產業間的整合，包含：合併、收購、合資、策略聯

應把握人才、文化、知識及服務領域的優勢，穩固

盟、參股等手段不斷的讓企業以不同型式成長，除

現有的高科技產業發展的先機之外，更要融合及加

了品牌的深化還有通路的擴展；通路的擴展，包括

入創新創意概念，讓產業升級改造及成功轉型，進

中國的通路以及世界的通路，更甚而是新市場的開

而洞燭國際金融、產業的發展趨勢，方能作出全球

發。這是世界的發展趨勢，台灣自不能置身事外，

佈局新氣象。

THE MAPECT PERSPECTIVE | MAPECT

黃齊元 / C.Y. HUANG Following ECFA, several of Taiwan’s industries have

actively acquired foreign companies in order to strengthen

been able to access not only China’s market, but also the

its own branding and market share abroad. TSRC acquired

global market. In particular, M&A has been the easiest

U.S.-based Dexco Polymers to become one of the top five

method of creating this linkage. And while in the past, Tai-

synthetic rubbers producers in the world. And TPV Technol-

wan M&A transactions have been more frequently horizon-

ogy and Royal Philips Electronics agreed to a joint venture

tal integrations, the current trend is to engage in vertical

in which Philips will transfer its television business to a new

integration with domestic and foreign companies, as well

jointly owned company. These examples illustrate Taiwan-

as large global PE firms.

ese companies using M&A to access advanced technology

The value of investing in Taiwan stems from gaining

patents and greater market share, particularly in China.

accessibility to not only Taiwan’s market, but also Taiwan’s

On the other hand, when foreign companies enter

“know-how.” Thus, Taiwan’s government, as well as the

Taiwan, they wish to take advantage of Taiwan’s geographic

population, should learn how to take advantage of this by

location, as well as its strength in human resources, tech-

promoting its value to Chinese and foreign investors and by

nology, and management skills. More foreign investors uti-

looking for opportunities to act as cooperative partners on

lize Taiwan as a springboard into Greater China. Thus, Tai-

the global level. This will allow Taiwan companies to move

wan should build towards a more strategic and active role

up the value chain by developing domestically, as well as

as an economic bridge between China and the world.

expanding globally.

M&A and PE will continue to be an important method

Taiwan offers a particularly strong investment en-

for two primary reasons. First foreign companies will be

vironment for PE firms. This is attributed to the fact that

able to invest in domestic industries and add value, wheth-

Taiwan’s economy is built upon SMEs and high-tech com-

er through new technologies, more efficient business pro-

panies that are highly developed and vertically integrated.

cesses, or inflow of capital. Second, Taiwan companies will

Thus, on a more macro scale, the China-Hong Kong-Taiwan

be able to connect to the rest of the world. We must, there-

trifecta offers limitless opportunities. While Hong Kong will

fore, take advantage of Taiwan’s talent, culture, knowledge,

remain the financial center, China and Taiwan will be cen-

and strength in services to upgrade and transform our ex-

ters for R&D, production, manufacturing, and distribution.

isting industries, establish a more innovative business men-

Furthermore, with increasingly more Taiwan compa-

tality, and redefine Taiwan’s position vis-à-vis the global

nies expanding abroad via M&A transactions, Taiwan can no

economic system.

long pursue economically isolationist policies. In fact, last year Taiwan witnessed several examples of Taiwanese companies engaging in M&A abroad. Cellphone maker, HTC has

MAPECT | THE MAPECT PERSPECTIVE

THE MAPECT PERSPECTIVE

台灣併購與私募股權的未來發展摘錄自黃副理事長日燦專訪 The Future Developments in Taiwan M&A and PE Activity 兩岸經濟協議（ ECFA）簽署後，不斷提升台

帶來的「價值」。其實併購除應審慎評估法令架構

灣的國際能見度，讓台灣企業有機會躍升成為「全

及併購對象外，更重要的是須衡量併購的「價值」

球企業」，而「併購」則是企業快速成長為全球企

，並將後續需投入之經營成本納入計算後，才來合

業的捷徑。過去十年來，兩岸關係受限於政策及法

理談併購的「價格」。因此併購時應檢視雙方合作

令，彼此互動仍不完全順暢，未來將讓台灣企業扮

後所能產生價值為何，再依此價值來評估合理價

演著大陸與全球市場連結的「橋樑角色」。

格，避免本末倒置、因小失大。

2011年歐美債問題引發全球經濟趨緩，全球

可以預見台灣企業要邁向全球企業佈局，唯有

市場埋藏許多不確定性，造成投資、消費都趨於保

透過併購、合資等方式，才能快速成長，企業全球

守。未來二、三年應將處於低迷情勢，如果要拯救

化的過程，如同「跑長程馬拉松，而非百米短跑衝

產業發展，政府產業政策必須有前瞻性和決斷力，

刺」；台灣企業不能「悶著頭」看自己或大陸，必

在產業走下坡還沒「病入膏肓」前，就必須以政策

須關注全球發展與脈動。企業若欲透過併購成為全

工具進行整併，才易有成效。同時，政府的財經政

球企業，一定要訂定併購計畫，並思考萬一併購案

策不明確，或因政黨輪替所造成政策不延續，都是

失敗的退場機制或其他適當的替代方案。

產業發展的阻礙。政府希望企業能夠全球化，但卻

在此前題之下，台灣政府當前最重要的工作，

規定產業不可出走到大陸、不可在台灣下市轉到國

就是將法規鬆綁，改善投資環境，讓世界走進台

外上市；或者只引進受歡迎的外資，不歡迎的外資

灣，台灣走向世界，對不同類型的投資者，如：陸

便不予進駐等，此皆為台灣十年來經濟無法長足發

資和私募股權基金應釋出善意，讓其積極促進台商

展的重要原因。在併購政策上，政府必須要「依法

的轉型升級、產業整合和全球布局。

行政」，不應有模糊、不確定標準。依據觀察，未來幾年景氣低迷，卻也正是各行各業進行企業併購「危機入市」的好時機。但是逢低點危機入市，也會產生風險，表面便宜的企業，內部可能存在債務等問題，價格雖便宜但相對風險亦高。併購基本上是「你丟我撿、各取所需」，企業除必須評估風險外，最重要就是要清楚自身的需求，確認藉由併購取得技術和市場，使能脫胎換骨、讓企業更具競爭力。因此必須先確定併購的產業發展態勢，才能夠加速補強弱點。台灣企業的併購經驗相當豐富，但在進行併購過程中，往往還是過於在意併購的「價格」，卻不夠關注併購後所能

THE MAPECT PERSPECTIVE | MAPECT

黃日燦 /JACK J.T. HUANG The post-ECFA era has been defined by not only a

Other examples include their often-restrictive policies re-

rise in Taiwan’s international visibility and economic im-

garding foreign capital inflows into Taiwan. These policies

portance, allowing Taiwan’s industries the opportunity to

are the principal reasons why the Taiwanese economy has

become “global players,” but also the awareness that M&A

yet to develop drastically over the past decade. And with

is the fastest method for Taiwan’s industries to accomplish

regards to M&A, the government must be consistent and

this expansionary task. In the past ten years, government

transparent in their interpretation of Taiwan’s regulations

policies and laws have shaped and strained Cross-Strait re-

and law.

lations; however in the years to come, Taiwan’s industries

While the future economic outlook appears grim,

have the chance to act as a bridge, economically connect-

there are still several opportunities for M&A transactions

ing China with the rest of the world.

to occur, particularly with companies being able to ac-

The financial crisis in the United States and the Eu-

quire others for a comparatively lower price. However, this

ropean debt crisis have triggered a global economic down-

comes with greater risks as well. Therefore, when compa-

turn, causing great uncertainty and, the subsequent, con-

nies engage in M&A, they must realize their intrinisic need.

servative investment and consumption practices. And with

In other words, companies must consider not just the

global recession increasingly more likely in the next two

transaction price, but also why a certain transaction would

or three years, if the government wishes to help Taiwan’s

be beneficial to them.

industries it must focus its attention on its industry devel-

As a result, there are three aspects that one must con-

opment policies, making them more forward looking and

sider. First, companies that are looking engage in an M&A

efficient. Ultimately, government policies are paramount

deal risk overseeing the gap between the target’s perceived

to the future development of Taiwan’s industries, other-

value and the transaction price. Second, Taiwan must not

wise Taiwan’s economy risks falling “terminally ill” from the

marginalize itself by focusing solely on China; Taiwanese

global economic slowdown. At the same time, because of

companies should look to expand globally. And third, Tai-

the drastically different economic policies of Taiwan’s two

wan’s government must facilitate a liberalization of Tai-

major political parties, Taiwan’s economic policies remain

wan’s investment environment. Prohibitive regulations not

unclear. These are the obstacles that Taiwan’s industries

only deter foreign investments into Taiwan, but also isolate

face as they develop. While government officials consis-

the island from the regional and global economy. In order

tently stress the importance of globalization for Taiwan’s

for Taiwan to develop and to establish its place in the Asia

industries, they then impose regulations, such as those pro-

Pacific, the government must implement policies that will

hibiting Taiwanese companies from going to China or those

offer Taiwan’s industries greater opportunities to develop

preventing companies to delist in Taiwan to list elsewhere.

and access the global marketplace.

MAPECT | THE MAPECT PERSPECTIVE

VICE CHAIRMEN

CHAIRMEN

理事長

黃齊元 C.Y. HUANG

副理事長

總裁/President & CEO 藍濤亞洲有限公司 FCC Partners (Taipei) Inc.

王伯鑫

楊文鈞

JIM WANG

PAUL YANG

董事長/Chairman 東亞證券(股)公司 BEA Wealth Mgmt Ltd.

總經理/President 中華開發工業銀行(股)公司 China Development Industrial Bank

黃日燦 JACK J.T. HUANG 主持律師/Partner 眾達國際法律事務所 Jones Day

黃偉祥

黃顯華

SIMON HUANG

JERRY HUANG

董事長暨總裁/ Chairman and President 大聯大投資控股(股)公司 WPG Holdings Ltd.

董事長/Chairperson 福邦綜合證券(股)公司 Grand Fortune Securities Co. Ltd.

胡定吾

蔡玉玲

EXECUTIVE DIRECTORS 王金來 JAMES WANG

常務理事

董事長/Chairman 安永財務管理諮詢服務(股)公司 Ernst & Young Mgmt Consulting Inc.

BENNY T. HU

JACLYN Y.L. TSAI

董事長/Chairman 生華創業投資(股)公司 CDIB BioScience Ventures

主持律師/Senior Partner 理慈國際科技法律事務所 Lee, Tsai, & Partners Attorneys-at-Law

EXECUTIVE SUPERVISORS 管國霖

程淑芬

VICTOR KUAN

SOPHIA CHENG

董事長/Chairman 花旗(台灣)商業銀行(股)公司 Citibank Taiwan Ltd.

資深執行副總經理/ Senior Executive Vice President 日盛金融控股(股)公司 Jihsun Financial Holdings Co. Ltd.

常務監事

蔡松棋 EDWARD TSAI 執行董事暨主辦會計師/ Board Member 安侯建業聯合會計師事務所 KPMG

THE MAPECT 張秀蓮

林秀玲

SUSAN S. CHANG

SHERRY S. L. LIN

董事長/Chairperson 台灣金融控股(股)公司 Taiwan Financial Holdings

資深顧問/Senior Counselor 理律法律事務所 Lee and Li, Attorneys-at-Law

20 THE BOARD OF DIRECTORS | MAPECT

BOARD OF DIRECTORS

THE MAPECT FAMILY

團體會員 | GROUP MEMBERS 藍濤亞洲有限公司 / FCC PARTNERS (TAIPEI), INC.: 黃齊元 / 總裁寶來金融集團 /POLARIS SECURITY: 葉明峯 / 副總裁勤業眾信財務諮詢顧問 ( 股 ) 公司 /DELOIT TE & TOUCHE: 陳威宇 / 總經理

張日炎/董事

創新工業技術移轉 ( 股 ) 公司 /INDUSTRIAL TECHNOLOGY INVESTMENT CORP.: 陳麗玲 / 協理眾達國際法律事務所 /JONES DAY: 黃日燦 / 主持律師理慈國際科技法律事務所 /LEE, TSAI, & PARTNERS AT TORNEYS-AT-LAW: 蔡玉玲 / 主持律師理律法律事務所 /LEE AND LI, AT TORNEYS-AT-LAW: 劉瑞霖 / 資深顧問

葉雪暉/資深顧問

陳民強/合夥人

康和綜合證券 ( 股 ) 公司 /CONCORD SECURITIES CO., LTD: 鄭大宇 / 副董事長常在國際法律事務所 /TSAR & TSAI LAW FIRM: 莊月清 / 資深顧問

程守真/合夥人

林嘉慧/合夥人

財團法人中華民國證券櫃檯買賣中心 /GRETAI SECURITIES MARKET: 朱竹元 / 副總經理美商摩根大通銀行 ( 股 ) 公司台北分公司 /JPMORGAN CHASE BANK, TAIPEI BRANCH: 錢國維 / 台灣區總裁美國評值有限公司 /AMERICAN APPRAISAL TAIWAN LTD.: 曾榮新 / 總經理施羅德證券投資信託 ( 股 ) 公司 /SCHRODER INVESTMENT MANAGEMENT (TAIWAN) LTD.: 巫慧燕 / 總裁花旗 ( 台灣 ) 商業銀行 ( 股 ) 公司 /CITIBANK TAIWAN LTD.: 管國霖 / 董事長法商東方匯理銀行/CREDIT AGRICOLE CIB: 田尚禮/台灣區總經理

簡展穎/董事總經理

宏鑑法律事務所/CHEN & LIN AT TORNEYS-AT-LAW: 陳哲宏/合夥律師

王傳芬/合夥律師

何明君/董事總經理李映怡/合夥律師

永豐金融控股(股)公司/SINOPAC HOLDINGS: 張晉源 / 策略長台灣證券交易所/TAIWAN STOCK EXCHANGE CORP.: 林火燈 / 副總經理元富證券(股)公司/MASTERLINK SECURITIES CORP.: 陳俊宏 / 董事長元大創業投資(股)公司/YUANTA VENTURE CAPITAL CO., LTD.: 郭明正 / 總經理中華開發工業銀行(股)公司/CHINA DEVELOPMENT INDUSTRIAL BANK: 楊文鈞 / 總經理

MAPECT | THE MAPECT FAMILY

中華開發金融控股(股)公司/CHINA DEVELOPMENT FINANCIAL HOLDING CORP.: 劉紹樑 / 資深副總經理中華投資(股)公司/CHUNGHWA INVESTMENT:

謝劍平/董事長

普華國際財務顧問(股)公司/PwC FINANCIAL ADVISORY SERVICES CO., LTD.: 劉國佑 / 執行董事安永財務管理諮詢服務(股)公司/ERNST & YOUNG MGMT. CONSULTING INC: 王金來/董事長

徐士堅/執行副總

KOHLBERG KRAVIS ROBERTS ASIA LTD.: J u l i a n J u u l W o l h a r d t / 董事聯宇投資基金有限公司/UNITAS CAPITAL: 曹宸綱 / 合夥人中國信託商業銀行/CHINATRUST COMMERCIAL BANK: 沈仁德 / 產金處處長台灣金融控股(股)公司/TAIWAN FINANCIAL HOLDINGS: 張秀蓮 / 董事長安佰深私募股權投資集團/APAX PARTNERS (HK) LTD.: 張曦軻 / 全球合夥人兼大中華區總裁資鼎中小企業開發(股)公司/TRINITY INVESTMENT CORP.: 郭立柱 / 總經理殷庫資本有限公司/AIF CAPITAL LTD.: 李家輝 / 董事總經理大聯大投資控股(股)公司/WPG HOLDINGS LTD.: 黃偉祥 / 董事長暨總裁緯創資通(股)公司/WISTRON CORP.: 林進財 / 總財務長台昇國際(股)公司/SAMSON INTERNATIONAL ENTERPRISES LTD.: 郭山輝 / 董事長資本國際公司/CAPITAL INTERNATIONAL , INC .: 賀相民 / 合夥人華淵鑑價(股)公司/WAU YUAN PROPERTY APPRAISAL CO.: 陳聯興 / 總經理財團法人資訊工業策進會/INSTITUTE FOR INFORMATION INDUSTRY: 王可言 / 技術長

李之均/處長

安信商務法律事務所/PCL TRANSASIA LAW OFFICES: 林麗珍 / 所長成大智財科技(股)公司/CENTER INTELLEC TUAL PROPERTY TECHNOLOGY CO., LTD.: 郭添源 / 董事長財團法人台灣金融研訓院/TAIWAN ACADEMY OF BANKING AND FINANCE: 許振明 / 院長凱雷投資集團/THE CARLYLE GROUP: 李艷梅 / 亞太區企業傳訊董事

殷尚龍/董事總經理

神基科技(股)公司/GETAC TECHNOLOGY CORP.: 蔡豐賜 / 董事冠捷科技集團/TPV TECHNOLOGY GROUP: 宣建生 / 總裁國泰金融控股(股)公司/CATHAY FINANCIAL HOLDINGS: 李長庚 / 總經理奧睿律師事務所/ORRICK, HERRINGTON & SUTCLIFFE: 陸繼鏘 / 合夥人 / 律師胡立生/合夥人/奧睿全球私募股權業務聯席負責人/律師

徐作青/合夥人/律師

個人會員 | IN D I V I D U A L M E M B E RS 王伯元/董事長: 怡和創業投資集團 / PACIFIC VENTURE PARTNERS 內片純一/董事總經理: 香港商集富亞洲有限公司台灣分公司 / JAFCO INVESTMENT (HK) LTD. TAIWAN BRANCH 江世津/總經理: 大和國泰證券 ( 股 ) 公司投資銀行部 / DAIWA SECURITIES SMBC-CATHAY CO., LTD. 江進元/總經理:永豐餘投資 ( 股 ) 公司 / YUEN FOONG YU INVESTMENT CO., LTD. 吳必然/資深顧問:協合國際法律事務所 / LCS & PARTNERS 張溢修/合夥律師: 協合國際法律事務所 / LCS & PARTNERS 吳清邁/總經理: 富蘭克林鄧普頓達弼股權投資管理 ( 上海 ) 有限公司 / FRANKLIN TEMPLETON INVESTMENTS 汪士邁/資深顧問: 國際通商法律事務所 / BAKER & MCKENZIE 林宇晨/董事長: 匯盈國際資產管理 ( 股 ) 公司 / AGENDA INTERNATIONAL INVESTMENT CORP. LLC 林秀玲/資深顧問: 理律法律事務所 / LEE AND LI ATTORNEYS-AT-LAW 趙美璇/資深顧問: 理律法律事務所 / LEE AND LI ATTORNEYS-AT-LAW 洪榮利/董事長: 利湧管理顧問 ( 股 ) 公司

THE MAPECT FAMILY | MAPECT

張漢明/資深顧問: 先創資本財務顧問公司 / ADVANCED CAPITAL FINANCIAL ADVISORY LTD. 楊子江/董事長: 匯宏顧問 ( 股 ) 公司 / YANGTZE ASSOCIATES 劉承愚/律師: 益思科技法律事務所 / INFOSHARE TECH LAW OFFICE 劉承慶/律師: 益思科技法律事務所 / INFOSHARE TECH LAW OFFICE 劉容西/董事長: 全福國際投資有限公司 / CHELMSFORD INTERNATIONAL LTD. 蔡子國/董事長: 高孚實業 ( 股 ) 公司 / KAOFU VENTURES & INVESTMENT CORP. 謝煜中/執行長: 利易財務顧問 ( 股 ) 公司 (CAPITAL 168)/ K+CAPITAL, LLC 饒孟友/副董事長: 椰子林企業 ( 股 ) 公司蔡松棋/執行董事暨主辦會計師: 安侯建業聯合會計師事務所 / KPMG 鄭敦謙/總經理:弘鼎創業投資 ( 股 ) 公司 / UMC CAPITAL 林麥升/董事長: 金橋科技 ( 股 ) 公司 / GOLDEN BRIDGE ELECTECH INC. 胡世芳/總經理: 瑞陞國際資產管理 ( 股 ) 公司 / PINE STREET ASSET MANAGEMENT CORP. 黃小茜/執行長: 財團法人黃氏慈善公益事業基金會黃顯華/董事長: 福邦綜合證券 ( 股 ) 公司 / GRAND FORTUNE SECURITIES CO., LTD. 汪怡岳/董事總經理: 大和證券量子基金 / DAIWA QUANTUM CAPITAL 黃心懋/製片人(執行董事): 影市堂 ( 股 ) 公司 /FILM MALL CO., LTD. 黃心怡/業務副總經理: 遠東國際商業銀行 / FAR EASTERN INTERNATIONAL BANK 齊萊平/董事總經理: 上海鈦勝股權投資管理有限公司 / SHANGHAI TICON INVESTMENT MGMT. CO., LTD. 王伯鑫/董事長: 東亞證券 ( 股 ) 公司 / BEA WEALTH MGMT. SERVICES (TAIWAN) LTD. 王照宇/律師: 太平洋崇光百貨 ( 股 ) 公司 / YANGMING PARTNERS 程淑芬/資深執行副總經理: 日盛金融控股 ( 股 ) 公司 / JIHSUN FINANCIAL HOLDING CO., LTD. 呂文賢/總經理: 永灃環境管理顧問 ( 股 ) 公司 / ENVIRONMENTAL RESOURCES MGMT. TAIWAN CO., LTD. 范芳彰/副董事長: 東鉅企業 ( 股 ) 公司 / TUNG GREAT ENTERPRISES CO., LTD. 陳蘭會/總經理: 碁石智庫 ( 股 ) 公司 / KEYSTONE INTELLIGENCE INC. 沈宇庭/執行長: 沈宇庭兩岸私募基金投資俱樂部李承宗/副總裁: 霸菱亞洲投資基金 / BARING ASIA PRIVATE EQUITY FUND L.P. 林嵩烈/副董事長: 將捷 ( 股 ) 公司 / FABULOUS INTERNATIONAL HOLDING 胡定吾/董事長: 生華創業投資 ( 股 ) 公司 / CDIB BIOSCIENCE VENTURES 蔡鴻青/執行董事/台灣區企業融資部主管: 法國巴黎銀行台北分行 / BNP PARIBAS TAIPEI BRANCH 戴佰生/總裁: ASIA VENTURE INVESTMENT PARTNERS 劉奕成/董事長: 悠遊卡 ( 股 ) 公司 / EASYCARD CORPORATION 郭冠群/副董事長: 花旗集團亞洲區環球銀行曾垂紀

學者會員 | S CH O L A R M E M B E R S 王凱立/教授: 東海大學財金系/TUNGHAI UNIVERSITY 林建甫/教授/副院長: 台灣大學經濟系(台灣大學人文社會高等研究院)/NATIONAL TAIWAN UNIVERSITY 鄭昌錞/助理教授: 銘傳大學財務金融系/MING CHUNG UNIVERSITY 葉鳴朗/助理教授: 中華大學企管系/CHUNG HUA UNIVERSITY 王全三/助理教授: 國立台灣大學管理學院會計系/NATIONAL TAIWAN UNIVERSITY COLLEGE OF MANAGEMENT 何小台/教授: 國立政治大學/NATIONAL CHENGCHI UNIVERSITY

MAPECT | THE MAPECT FAMILY

入會辦法 / JOINING MAPECT 會員資格個人會員：凡贊同本會宗旨，年滿二十歲、對產業併購實務與私募股權投資業務有興趣者、實際擔任或參與行為者，填具入會申請書，經本會理事會通過，並繳納會費後，為個人會員。團體會員：凡贊同本會宗旨之機構或團體，填具入會申請書，經本會理事會通過，並繳納會費後，為團體會員。團體會員依常年會費繳費多寡推派代表一至三人，以行使其會員權利。永久會員：凡符合下列條件之一者，經本會理事會通過，得列為永久會員，不必繳納常年會費。一）個人會員一次繳交會費新台幣參拾萬元。二）團體會員一次繳交會費新台幣壹佰萬元者，得推派至多三位會員代表。榮譽會員：凡對併購與私募股權投資業務有顯著成就及卓越貢獻之專家或學者，由理事長提名，經理事會通過，聘為本會榮譽會員。贊助會員：凡贊同本會宗旨及會務活動，並予以實質經費及資源贊助本會推廣會務者，經本會理事會通過，為本會贊助會員。學者會員：凡贊同本會宗旨，專任大專院校教職、對產業併購實務與私募股權投資業務精通研究且有興趣者，填具學者入會申請書，經本會理事會通過，並繳納常年會費後，為本會學者會員。 WHY JOIN MAPECT? The Taiwan Mergers & Acquisitions and Private Equity Council (MAPECT) is a non-profit organization that is dedicated towards promoting Cross-Strait investment activities by enhancing better industry-government relations, building an optimized regulatory framework for M&A and private equity deal-making, and leveraging resources provided by major private equity firms in Taiwan, Hong Kong, and China. We currently have a network of over 90 members that come from highly regarded companies in the M&A and PE industry, as well as law and accounting firms.

24 JOINING MAPECT | MAPECT

TYPES OF MEMBERSHIPS: Individual Member: A person who participates or holds interest in the M&A or PE industry can join MAPECT as an Individual Member. Admission procedures include filing out an application form, receiving approval from the Board of Directors, and paying membership dues. Group Member: An organization that actively sponsors and endorses MAPECT’s mission statement can join as a Group Member. Admission procedures include filing out an application form, receiving the approval from the Board of Directors, and paying membership dues. Annual membership dues depend on the number of included individual memberships (up to three). Permanent Member: Permanent membership requires one of the following and approval from the Board of Directors. Honorary Member: An industry expert with remarkable achievements and contributions to the M&A or PE business can become an Honorary Member after nomination by the Chairman and approval by the Board of Directors. Sponsor Member: A person or an organization that provides funding or resources can become a Sponsor Member after the approval from the Board of Directors. Scholar Member: A professor who teaches full-time in an university and conducts research or shows interest in the M&A or PE industry. Admission procedures include filing out an application form, receiving approval from the Board of Directors, and paying membership dues. 會員型態

入會費

常年會費

備註

個人會員

新台幣壹萬元

新台幣參萬元

入會費僅於入會

團體會員

新台幣伍萬元

學者會員永久會員

會員代表一人：新台幣伍萬元

時繳交，常年會

會員代表二人：新台幣捌萬元

費則為每年年初

會員代表三人：新台幣壹拾萬元

繳交

常年會費新台幣伍仟元整個人會員－新台幣參拾萬元團體會員－新台幣壹佰萬元

MEMBERSHIP TYPE

INITIATION FEE

ANNUAL DUES

Individual Member

NT$ 10,000

NT$ 30,000

Group Member

NT$ 50,000

Scholar Member

n/a

NT$ 5,000

Permanent Member

NT$ 300,000

n/a

Permanent Group

NT$ 1,000,000

n/a

1 Representative: 2 Representatives: 3 Representatives:

NT$ 50,000 NT$ 80,000 NT$100,000

繳款方式請匯款至以下銀行帳戶：(匯款後請來電確認) 銀行：第一銀行民權分行帳號：147-10-122322 戶名：台灣併購與私募股權協會

FOR MORE INFORMATION PLEASE CONTACT SUNNY PAN Phone: +886 2 2717 6892 ext.13 E-mail: sunny@mapect.com

MAPECT | JOINING MAPECT

台北市松山區復興北路369號4樓之2 4F-2, 369 Fu-Hsin North Road, Taipei, Taiwan 105 TEL: (+886) 2 2717 6892 / www.mapect.com