Title

中國大陸企業海外發行決策之個案研究- 以AAC公司為例

Translated Titles

Decision-making of global-offering in the China MNC - Case Study on AAC Acoustic Technologies Holdings Inc.

DOI

10.6846/TKU.2006.00387

Authors

孔令國

Key Words

全球發行 ; 跨國上市 ; 多國籍企業 ; global-offering ; cross-listing ; MNC

PublicationName

淡江大學管理科學研究所企業經營碩士在職專班學位論文

Volume or Term/Year and Month of Publication

2006年

Academic Degree Category

碩士

Advisor

林景春

Content Language

英文

Chinese Abstract

本研究個案為AAC Acoustic Technologies Holdings Inc. 簡稱AAC; 於香港交易所的股票代號為 2018.hk,是中國大陸一家主要從事生產及銷售聲學相關產品業務之集團企業,於1993年由潘政民先生所創立。該公司所生產之產品主要應用於MP3播放器、手機、以及其他消費性電子產品。 為了成為世界主要聲學相關產品製造商,AAC將充分發揮其競爭優勢,並執行以下策略: 1.強化聲學與流程技術; 2.擴大產品組合; 3.強化AAC現有的客戶關係,並吸引新的OEM客戶; 4.吸引並留任AAC的技術工程師與經驗豐富的人員; 5.發揮AAC的核心聲學技術以進入新市場並擴展客戶基礎; 6.藉由改善AAC的管理方法與系統,以強化市場競爭力與產品效率性。 最後,AAC決定以全球發行的融資決策以落實上述策略。然而,執行全球發行的過程中,AAC亦將面臨個別風險、產業風險、政治風險、以及發行風險,這些不確定因素將可能影響公司的財務與業務條件,進而影響公司的股價。

English Abstract

The case analyzed in this paper, AAC Acoustic Technologies Holdings Inc. (AAC; the code on HKEx is 2018.hk), is one of the PRC leading manufacturers focused on the design and production of miniature acoustic components, which are used in mobile phone handsets, MP3 players and other consumer handheld devices. They were founded in 1993 by Mr. Pan. To become one of the world’s leading miniature acoustic component manufacturers, AAC will leverage their competitive strengths and implement the following strategies: 1. maintain and enhance acoustic and process technologies. 2. broaden product portfolio. 3. strengthen AAC’s relationships with current customers and attract new OEM customers. 4. attract and retain AAC’s skilled engineers and experienced personnel. 5. leverage AAC’s core acoustic technologies to enter new markets and expand customer base. 6. strengthen their market competitiveness and production efficiency by improving AAC’s management methods and systems. Therefore, AAC decided to fulfill the strategy of global-offering to achieve the their main goal. However, some risks imply in the process of global-offering, which will influence the AAC’s operations and financial conditions, henceforth deteriorate the Share price.

Topic Category 管理學院 > 管理科學研究所企業經營碩士在職專班
社會科學 > 管理學
Reference
  1. Ashbaugh, Hollis, 1997, Non-U.S. Firms’ Accounting Standard Choices in Accessing Foreign Markets, working paper, University of Iowa.
    連結:
  2. Bancel, Franck, and Usha R. Mittoo, 2001, European Managerial Prceptions of the Net Benefits of Foreign Stock Listings, European Financial Management 7(2), 213-236.
    連結:
  3. Biddle, Gary C. and Shahrokh M. Saudagaran, 1989, The Effects of FinancialDisclosure Levels on Firms’ Choices among Alternative Foreign StockExchange Listings, Jtheirnal of International Financial Management and Accounting 1, 55-87.
    連結:
  4. Blass, Asher and Yishay Yafeh, 2000, Vagabond Shoes Longing to Stray: Why Foreign Firms List in the United States, Jtheirnal of Banking and Finance, 25(3), 555-572.
    連結:
  5. Bolton, Patrick and Ernst-Ludwig von Thadden, 1998, Blocks, Liquidity, and Corporate Control, Jtheirnal of Finance 53, 1-25.
    連結:
  6. Brennan, Michael J. and H. Henry Cao, 1997, International Portfolio Investment Flows, Jtheirnal of Finance 52, 1851-1880.
    連結:
  7. Chemmanur, Thomas J., and Paolo Fulghieri, 1999, A Theory of the Going-Public Decision, Review of Financial Studies 12(2), 249-279.
    連結:
  8. Chowdry, Bhagwan, and Vikram Nanda, 1991, Multimarket Trading and Market Liquidity, Review of Financial Studies 4(3), 483-511.
    連結:
  9. Domowitz, Ian, Jack Glen and Ananth Madhavan, 1998, International Cross-Listing and Order Flow Migration: Evidence from an Emerging Market, Jtheirnal of Finance 53, 2001-27.
    連結:
  10. Foerster, Stephen R. and G. Andrew Karolyi, 2000, Multimarket Trading and Liquidity: A Transactions Data Analysis of Canada-U.S. Interlistings, Jtheirnal of Financial and Quantitative Analysis 35, 499-528.
    連結:
  11. Foerster, Stephen R. and G. Andrew Karolyi, 1999, The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States, Jtheirnal of Finance 54, 981-1013.
    連結:
  12. Fuerst, Oren, 1998, A Theoretical Analysis of the Investor Protection Regulations Argument for Global Listing of Stocks, Yale School of Management, unpublished manuscript.
    連結:
  13. Gehrig, Thomas, 1993, An Information Based Explanation of the Domestic Bias in International Equity Investment, Scandinavian Jtheirnal of Economics, 97-109.
    連結:
  14. Huddart, Steven, John S. Hughes, and Markus Brunnermeier, 1999, Disclosure Requirements and Stock Exchange Listing Choice in an International Context, Jtheirnal of Accounting and Economics 26(1-3), 237-269.
    連結:
  15. Jorion, Philippe, and William Goetzmann, 1999, Global Stock Markets in the Twentieth Century, Jtheirnal of Finance 54, 953-980.
    連結:
  16. Kadlec, Gregory B., and John J. McConnell, 1994, The Effect of Market Segmentation and Illiquidity on Asset Prices: Evidence from Exchange Listings, Jtheirnal of Finance 49, 611-636.
    連結:
  17. Karolyi, G. Andrew, 1998, Why Do Companies List Shares Abroad? A Survey of the Evidence and its Managerial Implications, Financial Markets, Institutions & Instruments 7, New York University Salomon Center.
    連結:
  18. Kilka, Michael and Martin Weber, 1997, Home Bias in International Stock Return Expectation, unpublished manuscript, University of Mannheim.
    連結:
  19. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny, 1998, Law and Finance, Jtheirnal of Political Economy 106, 1113-1155.
    連結:
  20. Madhavan, Ananth, 1995, Consolidation, Fragmentation, and the Disclosure of Trading Information, Review of Financial Studies 8(3), 579-603.
    連結:
  21. Martin, Philippe and Hélène Rey, 2000, Financial Integration and Asset Returns, European Economic Review, 44(7), 1327-1350.
    連結:
  22. Mello, Antonio S. and John E. Parsons, 1998, Going Public and the Ownership Structure of the Firm, Jtheirnal of Financial Economics 49(1), 79-109.
    連結:
  23. Merton, Robert C., 1987, A Simple Model of Capital Market Equilibrium with Incomplete Information, Jtheirnal of Finance 42, 483-510.
    連結:
  24. Mikkelson, Wayne H., M. Megan Partch and Ken Shah, 1997, Ownership and Operating Performance of Companies that Go Public, Jtheirnal of Financial Economics 44, 281-308.
    連結:
  25. Miller, Darius, 1999, The Market Reaction to International Cross-listings: Evidence from Depository Receipts, Jtheirnal of Financial Economics 51, 103-123.
    連結:
  26. Noronha, Gregory M., Atulya Sarin, and Shahrokh M. Saudagaran, 1996, Testing for Micro-Structure Effects of International Dual Listings Using Intraday Data, Jtheirnal of Banking and Finance, 20, 965-983.
    連結:
  27. Pagano, Marco, 1989. Trading Volume and Asset Liquidity, Quarterly Jtheirnal of Economics 104(2), 255-274.
    連結:
  28. Pagano, Marco, 1993. The Flotation of Companies on the Stock Market: A Coordination Failure Model, European economic Review 37, 1101-1125.
    連結:
  29. Pagano, Marco, Fabio Panetta, and Luigi Zingales, 1998, Why Do Companies Go Public? An Empirical Analysis, Jtheirnal of Finance 53, 27-64.
    連結:
  30. Pagano, Marco, and Ailsa A. Röell, 1998, The Choice of Stock Ownership Structure: Agency Costs, Monitoring and the Decision to Go Public, Quarterly Jtheirnal of Economics 113, 187-225.
    連結:
  31. Pagano, Marco, Otto Randl, Ailsa A. Röell, and Josef Zechner, 2001, What Makes Stock Exchanges Succeed? Evidence from Stock Listing Decisions, European Economic Review 45(4-6), 770-782.
    連結:
  32. Pagano M., Röell A. A.; and Zechner J., 2002,” The Geography of Equity Listing: Why Do Companies List Abroad?” The Jtheirnal of Finance 57, 2651-2694.
    連結:
  33. Portes, Richard and Hélène Rey, 1999, The Determinants of Cross-Border Equity Flows, CEPR Discussion Paper no. 2225, September.
    連結:
  34. Reese, William A., Jr. and Michael S. Weisbach, 2001, Protection of Minority Shareholder Interests, Cross-listing in the United States, and Subsequent Equity Offerings, working paper, University of Illinois.
    連結:
  35. Robert K. Yin, 2003, Case Study Research:Design and Methods, Sage Publications.
    連結:
  36. Röell, Ailsa A., 1996, The Decision to Go Public - an Overview, European Economic Review, 40, 1071-1081.
    連結:
  37. Rydqvist, Kristian and Kenneth Högholm, 1995, Going Public in the 1980’s: Evidence from Sweden, European Financial Management, 1, 287-316.
    連結:
  38. Saudagaran, Shahrokh M., 1988. An Empirical Study of Selected Factors Influencing the Decision to List on Foreign Stock Exchanges, Jtheirnal of International Business Studies, 101-127.
    連結:
  39. Saudagaran, Shahrokh M. and Gary C. Biddle, 1992, Financial Disclosure Levels and Foreign Stock Exchange Listing Decisions, Jtheirnal of International Financial Management and Accounting 4, 106-147.
    連結:
  40. Stoughton, Neal M., K.P. Wong and Josef Zechner, 2001, IPO’s and Product Quality, Jtheirnal of Business 74, 375-408.
    連結:
  41. Stulz, René M., 1999, Globalization of Equity Markets and the Cost of Capital, Jtheirnal of Applied Corporate Finance, Fall, 8-25.
    連結:
  42. Subrahmanyam, Avanidhar and Sheridan Titman, 1999, The Going-Public Decision and the Development of Financial Markets, Jtheirnal of Finance 54, 1045-1082.
    連結:
  43. Teoh, Siew-Hong, Ivo Welch and T.J. Wong, 1998a, Earnings Management and the Post-Issue Underperformance in Seasoned Equity Offerings, Jtheirnal of Financial Economics, 50(1), 63-99.
    連結:
  44. Teoh, Siew-Hong, Ivo Welch and T.J. Wong, 1998b, Earnings Management and Long-Run Market Performance of Initial Public Offerings, Jtheirnal of Finance 53(6), 1935-1974.
    連結:
  45. Baker, H. Kent, John R. Nofsinger and Daniel G. Weaver, 1999, International Cross- Listing and Visibility, NYSE Working paper no. 99-01, Jtheirnal of Financial and Quantitative Analysis.
  46. Cantale, Salvatore, 1996, The Choice of a Foreign Market as a Signal, INSEAD working paper.
  47. Chemmanur, Thomas J., and Paolo Fulghieri, 1998, Choosing an Exchange to List Equity: A Theory of Dual Listing, Listing Requirements, and Competition among Exchanges, INSEAD, unpublished manuscript.
  48. Decker, William E., 1994, The Attractions of the U.S. Securities Markets to Foreign Issuers and the Alternative Methods of Accessing the U.S. Markets: From the Issuer's Perspective, Fordham International Law Jtheirnal 17, S10-S24.
  49. Fanto, James A. and Roberta S. Karmel, 1997. A Report on the Attitudes of Foreign Companies Regarding a U.S. Listing, NYSE Working Paper 97-01, Stanford Jtheirnal of Law, Business and Finance.
  50. Foerster, Stephen R. and G. Andrew Karolyi, 1998, The Long-Run Performance of Global Equity Offerings, Jtheirnal of International Financial Markets, Institutions and Money 8, 393-412.
  51. Lombardo, Davide, and Marco Pagano, 1999, Law and Equity Markets: A Simple Model, Università di Salerno, CSEF Working Paper no. 25, and CEPR Discussion Paper no. 2276, November, Convergence and diversity of corporate governance regimes and capital markets (Oxford University Press).
  52. Planell, Sergio B., 1995, Determinantes y Efectos de la Salida a Bolsa en España: Un Analisi Empirico, working paper, Centro de Estudios Monetarios y Financieros.
  53. Pulatkonak, Melek and George Sofianos, 1999, The Distribution of Global Trading in NYSE-Listed Non-US Stocks, NYSE Working Paper 99-03.
  54. Smith, Katherine and George Sofianos, 1997, The Impact of an NYSE Listing on the Global Trading of Non-US Stocks, NYSE working paper 97-02.
  55. Tesar, Linda and Ingrid Werner, 1995, Home Bias and High Turnover, Jtheirnal of International Money and Finance 15, 467-92.
  56. “Listing in Hong Kong”, 2005, HKEx, http://www.hkex.com.hk/issuer/listhk/HKEx-Booklet(E).pdf