兩岸四地資本市場競爭力之比較─資本市場國際化指標之建構與應用

本研究主要目的是希望藉由資本市場國際化評估指標的建構，加以衡量台灣資本市場國際化程度；同時，透過此評估指標與鄰近資本市場進行比較，分析台灣資本市場國際化程度不足的原因，並據此探討政策可行之方向。最後結論指出，目前台灣資本市場的發展正面臨瓶頸。特別是從本研究所建構出的資本市場國際化綜合指標來看，近年來台灣資本市場競爭力正逐漸被中國大陸趕上，無形中也透露資本市場優勢流失的跡象。因此，在推動資本市場國際化之際，主管機關除需配合政策及市場需要，積極推動相關IPO簡化流程與資金投資的流動性外，還應利用既有優勢，例如上市櫃掛牌成本低、市場交易活絡、在兩岸市場中具有吸引對大中華市場有興趣的外資之能力，以及優秀的金融人才與技術等，進一步落實兩岸的開放舉措，才能有效提升台灣資本市場的競爭力。

關鍵字

資本市場國際化；主成分分析；競爭力

並列摘要

The main purpose of the research project is to establish an index measuring the internationalization of capital markets so as to apply the index in measuring the level of internationalization in Taiwan's capital markets. In addition, the authors would also like to apply the index in the adjacent countries' capital markets and compare it with Taiwan to find out why the capital markets in Taiwan are not internationalized enough. In the conclusion, the author has concluded that the capital markets in Taiwan are facing bottlenecks in their developments. This is especially true if we look at the overall indicators that are designed by the author to measure the level of globalization in capital markets in this paper. In recent years, Mainland China is gradually outpacing Taiwan in terms of the competitiveness of capital markets. This has revealed the fact that Taiwan is losing its edge in capital markets. The competent government agencies must coordinate policies, strive to meet the needs of the markets, streamline the IPO process and ensure the liquidity capital markets. In addition, the competent government agencies should make use of their own advantages, such as the relatively low cost in pushing for the listing of companies in TAIEX /OTC, dynamism in stock markets, the ability to attract foreign investors who are interested in the greater Chinese markets, great pools of financial talents, and so on, to fully implement the government's opening policies toward Mainland China in order to effectively elevate the competitiveness of Taiwan's capital markets.