家族辦公室操盤手策略大揭祕 歐美豪門私人帳房瘋台灣的三個理由

2021-02-17 作者: 洪綾襄 財訊(原文連結)

▲美國商會成員陳歷世建議台灣資本市場更重視家族辦公室的角色與功能。(圖/潘重安攝)

5年前我離開賣方(sell side),幫一個歐洲的家族辦公室(Family Office)操盤時,還沒意識到這對台灣的重要性;直到貿易戰爆發,我開始認為台灣企業的上層控股治理一定要走向專業化、規模化,不能再只為單一家族股東服務。」住在台灣20幾年,現為美國商會私募基金委員會成員陳歷世(Chris Cottorone)看到目前處於全球供應鏈重要位置的台灣公司面臨各種挑戰與應變,亟須引進家族辦公室制度協助轉型,因此積極向經濟部、國發會建言,大力推動家族辦公室在台落地的機會。

看好亞洲崛起 新富受重視

風行於歐美巨富豪門的「家族辦公室」業務,目的在於協助富豪凝聚家族財富,並依其需求打造客製化的財富管理策略與擬定傳承計畫,以利順利交班。在亞洲新富崛起後,香港、新加坡即相當風行,台灣則是直到近來企業世代交替步入高峰,才逐漸受到重視。

萬方家族辦公室執行董事陳文信指出,一般成立家族辦公室的家族財富淨資產約兩億美元,如香港藝人梅艷芳過世前,即成立家族信託管理遺產。

其實台灣的中信、富邦、國巨等大型企業的大股東家族也有自己的家族辦公室,由專人處理隱私度高、龐雜又涉及大量專業的家族事務,除了財務端的私人銀行、投資銀行操作,也有稅務會計師、經貿法務律師打理海內外資產、維繫家族關係,不過絕大多數中小企業,仍以自家控股公司為主,自行操作。

扭轉二劣勢 鎖定中小企業

外界看家族辦公室總覺得神祕,其實投資理念與退休基金概念類似,以保全資產為主,因此是以投資全球上市櫃公司股票、ETF(交易所交易基金)、債券、結構型商品等穩健但流動性高的標的,年化報酬率5%以上即可滿足期待,也有以私募基金投資新創或特定產業,或是如橋水(Bridgewater)創辦人達里奧(Ray Dalio)在新加坡設立的家族辦公室,就是以對沖基金打理家族財富,可見形態日趨蓬勃多元。

陳歷世觀察,過去外資對台灣資本市場卻步,其實也與台灣家族辦公室業務遲未推展息息相關。

首先,台灣產業9成為中小企業,7成為家族企業,金融業更是幾乎長期由特定家族掌握,彼此競爭,也都熟識,甚至有親戚關係。「他們認為買親友的公司很丟臉,所以併購成功機率很低;但如果沒有併購,很難吸引大型基金,對外資的吸引力當然不高。」陳歷世指出,若是透過家族辦公室來處理投資架構,就能透過隱藏「家名」的形式進行專業談判。

其次,台灣中央銀行肩負穩定新台幣波動與繳庫任務,因而對外資投資有諸多限制,包括:外資放在定存、貨幣市場工具及公債的總額,不得超過匯入資金的30%;公司債雖可不計入該範圍,但總額也不能超過3成,「這等於我就算花30元買公司債,也必須先匯入100元,剩下70元要另外找地方放,等於讓我的資金暴露於風險中,自然不會成為外資首選。」陳歷世認為,這也是為什麼台灣資金氾濫,但去年仍有世紀鋼、豐藝、新唐3家新發行的公司債未全數拍出的主因。

提供投資人關係服務的專顧資本(ICA)創辦人楊千毅觀察,台灣有3類中小企業很需要外資,其一為2代接班人接手的企業,因對資本市場態度較創始人開放,故也較歡迎外資投資;其二為有募資需求的產業,如注重研發及技術的生技製藥;第3為股東結構較單一,或股票流動性較低的公司,對外資需求較大。

只是目前台灣資本市場從募資端到投資端,仍有多處斷點,因此對外資而言,即使《國安法》上路,香港市場情緒波動,但仍能賺錢,因此全年資金仍為淨流入;台灣社會穩定,卻很難賺錢。「所以我們要讓台灣變成能賺錢、更能吸引外資的市場。」怎麼做?陳歷世與陳文信提出要強化台灣3大優勢。

強化3大優勢 力攻成長性

首先,是與鄰近市場的比價優勢。陳歷世認為,他偏好投資台灣,就是認為台灣科技實力堅強,評價合理的成長型科技股仍相當具有魅力,高股利反而是其次。「美國不會再和中國合作,而日韓結構和台灣很不一樣,以大型財閥為主,雖然也有投資機會,只是我還沒找到切入點。」陳歷世講得直白。

數字會說話,去年第4季外資回流新興市場,台灣當季資金淨流入規模為全球第4,僅次於中國、印度和日本。楊千毅分析,在其投資人調查中發現,能在疫情後復甦期內快速調整經營模式的產業創新者,對偏好成長型類股的中小型外資特別具吸引力,例如積極實踐低碳轉型的正隆,或攜手發展電動車的裕隆與鴻海。

其次,好的長期外資可協助台灣企業再升級,特別是有耐心、無野心的家族辦公室資金。陳歷世認為,台達電、巨大等都在東南亞歐美擴廠,向銀行借款利息很低,但仍有資金需求,家族辦公室有機會助力。

第3,則是中階新富的服務商機。陳文信觀察,很多台灣的中小企業家族是中階富人,但沒有獲得足夠好的服務,聯合家族辦公室可以提供成本更低、隱私度更高的服務,包括如何安排海內外控股架構、稅務和信託保管銀行。

他建議台灣可參考新加坡去年引進的可變資本公司(VCC)和更優惠的移民方案,成為企業的亞洲營運中心,並吸引更多中高階家族資金投資台灣。

陳歷世坦言,目前台灣資本市場工具不足、胃納量有限,如果要留住錢,只有不動產和股票而已,除了持續開放,更須把層次做深,而不是延續開發中國家思維,用弱台幣削價競爭出口優勢。「台灣要思考的是下一代需要什麼樣的經濟模式」,他深自期許。

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