台商選擇台灣或香港股票上市之研究

Research of Taiwanese Enterprise's View in Deciding a Listing between Taiwan and Hong Kong Stock Markets

廖鴻輝(Hung-Huei Liao)

指導教授 ： 楊朝成

國立臺灣大學/管理學院/財務金融組/碩士(2007年)

https://doi.org/10.6342/NTU.2007.10181

摘要

台灣自1987年以來，隨著外匯管制放寬，新台幣大幅升值，及開放證券商設立後，證券市場快速成長，空前繁榮，形成國人投資股票的熱潮，股票成交量值均屢創新高，直至2002年以後國內投資環境惡化，乃形成國內企業外移的一股推力，再加上中國當局採取經濟開放政策，歡迎台商赴中國投資，而導致中國市場對台商形成一股致命的吸引力。

而台商在大陸銀行體系融資一直是一個問題，原本寄望台灣的母公司資金援助，卻受到台灣法令大陸投資40%上限而無法解決，遂有到香港上市從資本市場直接籌資的解決方案，原本不是很受歡迎，然而在2004年1月中國與香港簽訂更緊密的經貿關係的CFPA協定生效後，帶動大陸內地企業利用香港資本市場邁向國際化，使香港成為全世界最具有中國投資特色的市場，吸引國際資金湧入，其成交量及本益比逐漸提升亦擴大了其市場規模，乃吸引了更多台商前往掛牌，最有名的是鴻海集團的富士康，從此台灣的上市熱潮衰退，而彼岸的香港則是大排長龍等者上市。

本研究係採比較研究法針對：
(一)2005年及2006年台灣新上市櫃公司掛牌的市場表現與在香港掛牌的41家台商進行本益比，市場流動性(日均量)比較。
(二)台灣與香港兩地證券市場規模比較。
(三)台灣與香港IPO制度法規比較。

其次訪談兩家在香港上市之台商進行個案研究瞭解其前往香港上市之原因及考慮因素以做為實證，期望從比較中能為台灣資本市場找出扭轉劣勢的因應之道。

最後提出研究結論及建議供政府單位及有興趣前往香港掛牌的企業參考。

關鍵字

台商 ； 初次上市 ； 初次上市現金增資 ； 可轉換公司債 ； 本益比(市盈比) ； 日均量 ； 證券交易所 ； 資本市場 ； 證券市場 ； 台灣存託憑證

並列摘要

Taiwan stock market developed significantly since 1987 in a stellar bullrun fueled by loosened foreign exchange control, steeply-appreciated local currency, and opening for new securities firms. Investors participated in the market in an aggressive way, leading to consecutive waves of record-setting in stock trading turnover. But the rampant bullishness faded away after 2002 due to deteriorated investment environment which resulted into an outbound investment. China market allured Taiwanese businessmen the most by their opening doors in domestic market and favorable policies toward Taiwanese.

Taiwan businessmen have long been irked in seeking financial loans in mainland China. Taiwan’s still-existing laws restricting the parent companies to pour money in China under a ratio of 40% against their equity further adds to their woes. To solve the quandary, they have planned to raise needed capital by listing their companies’ stocks in Hong Kong, albeit not so enthusiastically in the beginning. The sentiment turned stronger in 2004 when China inked a firmer economic tie with Hong Kong under the CEPA Act, driving China enterprises to launch rounds of IPOs there to improve their international images. With rising trading as well as PE ratio, Hong Kong has emerged as a market marked by more China plays and a coffer luring global money. Taiwan businessmen also rode the trend to flock toward the bourse, with the most prominent IPO example, Foxconn, a subsidiary of Taiwan Hon Hai Precision Industry. As Taiwan firms have piled in the IPOs tide in Hong Kong, Taiwan stock market then lost its luster.

The research mainly adopts a comparative basis focused on the following issues:
1.Comparison of PE ratios and liquidity (daily trading volume) between the newly-listed firms in Taiwan and 41 Taiwanese firms in Hong Kong during 2005 and 2006.
2.Market scale between Taiwan and Hong Kong.
3.Listing requirements between Taiwan and Hong Kong stock exchanges.

The research also includes the interview with two Taiwanese firms to gain their reasons for listing in Hong Kong. Their empirical evidence is hoped to find out ways to revive Taiwan stock market. The conclusion is also aimed at providing clues and reference for Taiwan government and local companies interested at making inroads in Hong Kong bourse.

並列關鍵字

Taiwanese Firm ； Initial Public Offer ； Sequential Public Offer ； Convertible Bond ； PE ratio ； Daily trading volume ； Stock Exchange ； Capital Market ； Stock Market ； Taiwan Deposit Receipt (TDR)

參考文獻

11.資本市場在我國產業發展之角色，經濟前瞻，中華經濟研究院，民國94年1月。

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