本研究以介紹私募股權基金為開始，就併購的定義、類型、法律規定，及私募對調整企業的著眼點和公司管理，進行文獻的探討，進而利用實際企業的個案研究，針對企業結合私募股權基金後的經營績效，以企業五管的角度，分析個案的改善情況，另外，其他企業私募收購案例下市後的近況，是以作出結論與建議，提供本論文的參考價值。
本論文的研究結論對於企業結合私募股基金改善經營績效的部份，從企業併購的前後，績效分析中得致以下結果：
(1).生產績效提昇:利用較低附加價值工序的委外加工，保有本身生產的製造優勢及庫存材料降低，提高生產在製品良率。
(2).銷售績效提昇:藉由私募股權基金的包裝，與全球客戶接軌，增加銷售的機會創造營收成長。
(3).人事費用精簡:以部門整合、優退制度、派遣人力的運用，並配合工序的施行外包，減少人員的成本，提高效率。
(4).研發數量增加:增加企業核心競爭力，並以其為競爭優勢，提供完整的客製化服務。
(5).財務績效改善:藉由企業下市，活用自有資產，減資等財務運作，重新創造股東權益。

The purpose of this study is to summarize and conclude the pros and cons when Corporation revitalizes its business by using Private Equity funds in Taiwan. With practical buyout event of the company Primax Electronics Limited works with Private Equity Funds Merrill Lynch, H&Q Asia Pacific and Apple Holdings on 2007, it takes 3 years from privatization to re-initial public offering (IPO). The analysis is performed and the advantage gained is collected onto this paper. By observation, the research starts from the scenario introductions of each party in the buyout activity, furthermore to analyze outcomes and leverages. Nevertheless, collect the update of other similar cases happened in Taiwan as additions, summarized and made the outcome as the dedication to share for reference.
In the study, the methodology on Private Equity fund’s operation is acceptable by Taiwanese market but how corporation and PE executed M&A on such an activity. The obligation of minor shareholder should be well protected to avoid any unfair before corporation saves itself first.
The conclusion of this thesis has been summarized as below.
1.Out sourcing low added value process to gain low material stock and better yield.
2.By having the chance via PE funds, penetrate the barrier to go with global customers for business expansion.
3.Consolidate function limited department, outsourcing the process to save employee number. Save cost on personnel for efficiency improvement.
4.Keep the core technologies of corporate, increase IP and customize the software for customers.
5.Financial performance improvement, the ROE, stock value…etc. increase from privatization to re-IPO.

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