2005年，「主權財富基金」(Sovereign Wealth Funds)的概念興起與亞洲「私募權益基金」(Private Equity Funds )交易金額成長率達到新一波高峰。成立於1974年的淡馬錫控股私人有限公司，屬於「主權財富私募權益基金」(Sovereign Wealth Private Equity Funds)，2005年的總資產相當於新加坡一年的國內生產毛額。淡馬錫控股(私人)有限公司董事長丹那•巴南指出淡馬錫控股(私人)有限公司在2000年就已經有海外投資行為。學者提出「動態能力」(Dynamic Capabilities)的概念，意指組織除了不斷的辨識外在環境的變化外，必須自我提升組織的能力。本研究之目的為從動態能力觀點探索淡馬錫控股私人有限公司在2000-2005年間的海外投資行為。本研究透過文獻分析法與個案研究法的使用，除了發現淡馬錫控股(私人)有限公司除了擁有催化產業形成、產業發展與產業更新能力外，並從一個知名的「機構投資者」(Institutional Investor)轉型為「虛擬產業互動平台」(Virtual Creative Interactive Platform)之過程。 The concept of “Sovereign Wealth Funds” emerged and the growth rate of Asian “Private Equity Funds” transaction amount attained to a new peak in 2005. The total asset of Temasek Holdings (Private) Ltd., which is a “sovereign wealth private equity funds”, and was established in 1974, in 2005, was approximately equivalent to Singapore's annual gross domestic product. Mr. S Dhanamalan, the board chairman of Temasek Holdings Private Ltd. pointed out, Temasek Holdings Private Ltd. has already launched foreign investment in 2000. The signification of Dynamic Capabilities notion presented by scholar is, in addition to the capabilities of the organization to constantly identify the changes of external environment, the ability to self-improve. The present study sought to explore the foreign investment behavior of Temasek Holdings Private Ltd. during 2000-2005 from the perspective of dynamic capabilities. Using document analysis and the case study methods, this study found that Temasek Holdings Private Ltd. not only has the ability to catalyze industry emergence, industry development, and industry reformation, but also transformed from a famous institutional investor into a “virtual industry interactive platform”.
