台商大陸投資營運與籌資決策之研究

黃景重(Ching-Chung Huang)

指導教授 ： 林筠

國立臺灣大學/管理學院/財務金融組/碩士(2004年)

https://doi.org/10.6342/NTU.2004.01219

摘要

自1987年起,我國開放大陸探親,同時讓台商另創一片商機,秉著同文同種的認知,進入大陸投資近年來有如雨後春筍,台灣過去低成本時代也在這期間慢慢消失,相對競爭優勢更加艱辛,在土地取得不易,各類成本相對增加,台商只好轉進大陸創造第二個春天。
台商趁大陸改革開放,釋放出不少商機,是否能把握及掌握這機會再創造事業佳績? 這與企業創新能力及企業主的雄心,公司有否一套風險控管機制,並遵循當地法規運行息息相關,台商如以短期經營的心態是無法建立大陸永續的經營獲利目標,到頭來是一場空。
台商中小企業無法如大型企業有投資部門進行投資前評估,草率投資大陸是風險相當高的,其中涉及中國大陸人制色彩太濃,研究中探討的主題大多隸屬中央權限範圍,台商投資不可輕信地方行政官員的說辭,要進一步研究相關法規為憑,應回到基本面以循各項法規,方為永續之道,否則地方官員的異動,將造成企業的經營風險。
本研究以台商大陸投資及籌資進行評估。『資金面』:資本及週轉金來源是值得研討,從研究文獻可分析出以現金註冊有往上調升的趨勢,這與台商早期非現金當註冊資本引申不當作價有關;週轉金部分近來有往大陸國內銀行融資趨勢,但隨著大陸經濟發展過於熱度,大陸政府有調控降溫作用,台商在中國大陸在經營要有所體認。『政策面』:大陸相關政策對台商投資決策之影響甚鉅,本文針對投資應注意產業政策,優惠措施,稅賦問題,海關監管,外匯控管為重心進行探討。『資金管理風險面』:內外銷在資金管理風險與對策上進行研究,從資金外匯管制的風險面及稅賦成本的風險面進行研究,提供台商投資前的認知及歸避。『融資面』:如何與大陸國內銀行及大陸外商銀行在融資方法進行研究,兩岸三地間如何進行融資安排,對台商長期國際化及資本市場的選擇進行研究分析及規劃,以利於台商大陸經營資金供需不困難。
『資本市場面』:台商海外投資最終期陳鄔騝磽a或海外資本市場籌措資金,在大陸的台商更是期盼,希望資金需求不長期由台灣供應,本研究對大陸,香港,台灣資本市場的選擇進行研究分析,尤其在兩岸政治狀態下,如何協助台商在資本市場籌資,回台上市應是政府的政策,當務之急輔導台商在金流更透明化及回台生根從事經濟活動,創造雙贏局面,提高海外投資不得超過淨值40%的設限或取消回台上市後發行海外籌資ECB等不列入大陸投資金額之測算等措施,吸引台商回台上市,是政府可進一步深思的問題。

關鍵字

資金來源 ； 財務規劃 ； 大陸投資 ； 融資策略

並列摘要

Since 1987, the government opened up travel for the Taiwanese people to visit relatives in Mainland China. The new policy also created new business opportunities for the Taiwan business people. Benefited with same culture and same dialects, many business people invested in China. At the same time, Taiwan lost its low cost advantages. The competition became fiercer as lands became harder to acquire and costs increased. As a result, the Taiwan business people entered China to exploit better business environment。

As China reformed, it also provided many business opportunities. However, the main issue is whether the Taiwan companies can capitalize on this opportunity. The company's ability to capitalize on this opportunity is dependant on its innovation, aggressiveness, risk management and legal adaptability. If an organization comes in with the mentality with the goal to make short-term profit, then it will never develop the long-term profit making mentality。

Rarely do the Taiwan investors in China perform investment and fund raising analysis. It is very risky to invest blindly because personal relationships supercede normal business ethics. Most of the investigated topics involve the China central authority. The Taiwan business people shall not easily believe in the sayings of the regional officials because it will only induce more operation risk when there are personnel changes. Instead, following every regulation is the better choice。

This study analyzes different facets in investing and fund raising in China from Taiwan business people perspectives. For the fund facet, the capital and the source of cash flow worth investigation. The Taiwan business people did not register their cash early, thus resulting in the recent increase in cash registration. It has been a trend that the Taiwan business people financed with China banks. However, the China government tried to cool down the overheating economy with various measures. The Taiwan economy people shall be aware of this. For the policy facet: China's related policy has tremendous on Taiwan business people's investments. The article focuses on the industry policies, benefits, taxing issues, custom monitoring and foreign currency control. For the financial risk management, it discusses the financial risks involve in import and export risks and resolving strategies. The article hopes to provide Taiwan business people with the knowledge to prevent risks prior to investing by looking into foreign currencies monitoring risks and taxation risks. For the financial facet, the study illustrates how to develop financial relationships with China banks and foreign banks and how to arrange for financing in Taiwan, Hong Kong and China. It provides analysis and planning on long-term internationalization and financial market, thus eases the operational cash flow of Taiwan business people 。

The ultimate goal of Taiwan business people is to raise capital either domestically or from overseas. The Taiwan business people in China hope the capital will become independent from Taiwan. The research focuses on the selection of the financial market on China, Hong Kong or Taiwan. At the current political situation, the Taiwan government shall prioritize on how to attract those business people back to participate in economic activity and result in win-win situation. By relaxing the constraint of net assets at 40% or canceling the issuance of ECB could eliminate after companies went IPO in Taiwan could attract business people back to Taiwan. The government shall look at this issue carefully。

並列關鍵字

Finance Strategy ； Capital Resources ； Investment in Mainland China ； Financial Planning

參考文獻

一.中文部分(依作者姓名筆劃排列)

二. 英文部分(依作者姓名筆劃排列)

2. Country Forecasts, 1997,1998,19991.

1. 工商時報論壇,“開放台商返台上市政策”,民國92年。

2. 中華人民共和國商務部統計數。