台商及外國企業願意與不願意來台上市原因之探究

The Reasons for Foreign and Taiwan Enterprises Doing IPO in Taiwan

洪筱婷(Hsiao-Ting Hung)

指導教授 ： 沈中華

國立臺灣大學/管理學院/商學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.10396

摘要

在全球化趨勢下，台商紛紛到海外及世界各地發展，而當企業發展到一定程度有籌措資金的需求，則有可能以第一上市之方式籌措資金，至於在何處進行第一上市，每家企業所考量的因素皆不同。由許多文獻及學者研究，企業在海外上市動機，從公司利害關係人角度，可歸納出降低投資風險、籌措資金較有彈性、降低籌措資金成本等財務面動機，利於開拓海外市場及免費宣傳等行銷面動機，人事、營運、策略面動機，也有股東及董事訴求之動機等。而在企業海外上市地點選擇，也主要著眼於外國證券市場與本國證券市場的差異之處，特別是證券市場的特性、規模、流動性、本益比等市場因素，以及市場當地上市財務規定等。

為了吸引海外事業來台上市，提升台灣證券市場國際化程度和規模，行政院在2008年開放海外事業來台第一上市，且金管會也在2009年降低海外科技事業來台上市門檻，截至2010年4月13日，總計有53家外國企業在台灣申報輔導上市。本研究先分析台灣總體經濟與產業優勢，再比較台灣與亞洲主要資本市場差異與了解台商海外上市現況與趨勢，最後用實地訪談的方式，分別了解外國企業有意願和無意願來台第一上市背後之原因，以及在台灣上市所面臨之困難。
實地訪談後發現，外國企業願意來台上市的原因可歸因為:(1)光宗耀祖、落葉歸根的情感因素(2)台灣資本市場籌資成本低廉(3)台灣上市相對在大陸上市容易(4)台商企業在香港上市後股價不佳(5)台股近年表現較港股好(6)高科技產業在台灣具有群聚效應，適合電子科技類股上市(7)尋找接班人需求。而無意願來台第一上市的原因也可歸因為: (1) 本身為跨國集團企業，母公司在台灣已經第一上市(2)在台灣並無任何營運活動，台灣投資人對其公司並不熟悉(3)公司規模上未達到台灣上市標準(4)為家族企業為避免股權分散。

對於外國企業來台上市所面臨之困難，早期未經投審會同意即赴大陸投資之台商，回台上市需受投審會懲罰，大陸台商在回來上市時經由股權重整可能會被大陸當局追稅，陸籍股東和員工股票除須以投資專戶名義以外也僅准賣出股份而不能從事其他證券買賣交易，變相限制了流動性。美國公司若想來台第一上市，也將面臨員工認股權限制及需架構重整而可能產生不確定的稅負問題等。

關鍵字

台商 ； 第一上市 ； 外國企業 ； 證券市場 ； 來台

並列摘要

The article is about finding out the reasons and difficulties for Taiwan and foreign companies doing IPO in Taiwan. After the regulation has been reformed in 2008, it is allowed for foreign issuers to do IPO in Taiwan. Moreover, to attract more foreign issuers doing IPO in Taiwan, the Financial Supervisory Committee has even lowered the listing standards for foreign technology companies. Until April 13, 2010, there has been 53 foreign companies having signed a consultancy contract with the underwriters in preparation for listing application.
After interviewing with three underwriters, we have got the reasons for why foreign companies do IPO in Taiwan. The reasons are as follows: (1) After being successful businessmen, they would like to bring honor and make their family be proud of them, especially for the Taiwan businessmen who mainly have their business operation in China (2) The IPO cost is comparatively low in Taiwan (3) It’s more easy and certain to do IPO in Taiwan than in China (4) The stock performance for Taiwanese business listing in Hong Kong is not as good as expected (5) The overall performance of Taiwan stock market is better than Hong Kong these days (6) There exists cluster effect for high-tech industry in Taiwan, therefore it’s more appropriate for high-tech companies to do IPO in Taiwan. As for the reasons for showing no willing to do IPO in Taiwan, after interviewing three companies, we’ve also get a general picture of the answer. And the reasons are as follow: (1) The parent company in Taiwan has been listed company, therefore there is no need for its subsidiary in China to do IPO anymore (2) They have got no any operation activity in Taiwan, and their companies scale and size is not big enough to be qualified for the listing requirement in Taiwan (3) For some family-owned companies, they may not willing to take the risk of decentralizing and separating the stock and voting right.
Moreover, when preparing for the listing in Taiwan, they also face some difficulties. For the Taiwanese business in China and American companies, they should restructure their company before do IPO in Taiwan, which means they will face some uncertain tax burden due to the company restructuring. American company will also not allowed to do IPO in Taiwan due to the stock option warrant restriction. In addition, under current laws, China employees of foreign enterprises listed in Taiwan may not sell the shares they have received as bonuses. Furthermore, for the existing China shareholder of a foreign issuer, they only can sell the stock issued by such foreign issuer, and may not trade other securities.
Finally, we recommend that to become an international financial center, Taiwan should be more open with China issue. Last but not the least, given lots of government authorities have been involved in this policy, president should designate a cross function or department team who is responsible for implementing the policy.

並列關鍵字

IPO ； Foreign issuer ； stock market

參考文獻

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