兩岸證券市場國際化之政策思維及執行模式比較研究

A Comparison Study on Securities Markets Internationalization Policy Formation and Implementation Model between Taiwan and Mainland China

林泉源(Chuang-Yuang Lin) ； 李宏達(Hung-Ta Lee)

《遠景基金會季刊》 8卷2期 (2007/04) Pp. 81-130

https://doi.org/10.7063/PQ.200704.0081

摘要

兩岸證券市場近年來均積極進行國際化，並已獲致初步成果。然而政策思考模式及實際作法則頗有差異。本文認為，其相同處在於擴大市場規模，考慮對匯率衝擊，並以符合世界貿易組織規範為目的。但在實際作法上，臺灣係經由間接投資而直接投資，先法人再自然人之方式進行；中國大陸則以A股及B股區分國內市場，推動企業至海外上市，開放雙向間接投資及允許外資收購本國企業等方式進行。差異在於臺灣係由市場推動，以有序規則緩慢開放；中國大陸則由政策拉動，以迅捷作法取得優勢。而香港更成為近年來兩岸共同選擇之海外上市地點，臺資企業在此籌資，以規避對中國大陸投資上限，並作為進入中國大陸之跳板；而中國大陸企業則在進行股份改制後，經由香港上市籌資，並作為與國際接軌之門戶。

關鍵字

B股 ； 國際化 ； 境外專業投資機構 ； 證券市場 ； 世界貿易組織

並列摘要

In recent years, apparent progress was seen in Taiwan and China's efforts to internationalize their local securities markets. Though the policy process may appear similar as witnessed in both sides' intent to expand the scale of their securities markets, to stabilize their foreign exchange rates, and to comply with regulations set by the World Trade Organization, implementations are nonetheless executed differently. Taiwan takes on a steadier approach, one that has moved on from indirect to direct investments and from institutional to retail investors. On the other hand, China distinguishes its markets with A and B shares, encourages local corporations to be publicly listed in foreign markets, opens up both domestic and overseas markets via indirect investments, and promotes merger and acquisition activities. The pace of internationalization differs in that Taiwan liberalizes and deregulates its markets slowly but surely, with appropriate regulatory governances while China opens up its market hastily and speedily to optimize any possible advantages. Hong Kong's stock market has recently become a priority for both Taiwan and China's corporations to go public. With the 40% investment cap set by Taiwan's government for enterprises planning to invest in China, Taiwan's companies raise their capital in Hong Kong in a bid to penetrate China's markets. Chinese companies likewise list in Hong Kong, revamp their structures and use Hong Kong as a gateway to access the whole world.

並列關鍵字

B Shares ； Internationalization ； QFII ； Securities Market ； WTO

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