亞洲國家證券市場結構影響企業上市因素之探討-以香港、印尼、馬來西亞、菲律賓和台灣為例

The Factors that Affect Companies to Go Public in Asian Equity Markets: Comparisons among Hong Kong, Indonesia, Malaysia, Philippines and Taiwan

郭育良(Yu-Liang Guo)

指導教授 ： 謝志柔

共同指導教授 ： 劉一成(Yi-Cheng Liu)

淡江大學/商學院/國際貿易學系國際企業學碩士班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.00145

摘要

由於亞洲證券市場日受注目，而完善建構的證券市場是企業募集資金重要的一環，好的證券市場可扮演吸鐵的角色，吸引好企業到該地上市。對於證券市場而言，不僅可活絡市場、建立市場評價，更可藉此促進該國的經濟發展；對企業而言，可募集所需資金，並藉由上市的舉動，向外驗證公司的體質。在此當中，證券交易所更是決定證券市場是否成功的重要因素。因此本文欲探討有哪些因素會影響各國企業的上市意願。舉凡股市發展程度、市場規模及市場開放程度、新上市籌資額、本益比，或世界競爭力、投資者保護程度等都是影響企業上市意願的因素。本文將探討香港、印尼、馬來西亞、菲律賓和台灣上市的比較，並且以美國（紐約證券交易所）做為參考指標。

本論文的正文共分為六章。第一章主要敘述研究動機與目的。第二章分別就國內外影響企業上市意願的相關理論和文獻加以回顧及討論。第三章介紹香港、印尼、馬來西亞、菲律賓、台灣和美國證券市場的概況。第四章介紹各國的初次上市條件。對企業而言，上市條件是最直接且重要的影響因素。第五章介紹各國穩定市場波動的工具。第六章介紹綜合指標，包括全球競爭力和投資者保護；最後回歸討論各國現階段的不同構面，比較分析各國的競爭優勢。第七章結論，將簡要本文的主要發現，以及後續可行之研究。

關鍵字

證券市場 ； 證券交易所 ； 上市因素

並列摘要

Asian equity markets have been noted in the recent years. A well-functioned equity market is an important factor that affects companies to raise capital. A well-known equity market plays an important role that will attract companies to go public in the country. For equity markets, it will not only heat the markets but construct reputation. Most importantly, it will promote economic development of the country. For companies, on the other hand, it will make companies raise capital easily. Furthermore, companies can prove their nature by going public. Among all factors, stock exchange is a key to the success of equity market. Therefore, this thesis discusses what factors will affect the companies to go public, such as the degree of development of stock market, market size, new capital raised, price to earnings ratio, global competitiveness and investor protection. This thesis will compare Hong Kong, Indonesia, Malaysia, Philippines and Taiwan with United States (NYSE).

This thesis divided into seven chapters. Chapter one is the Research Motivation and Objective. Chapter two is the Literature Review. Chapter three is the Profile of Equity Markets. Chapter four is the Listing Regulations. Chapter five is the Policy Tools to Control Market Volatility. Chapter six is the Comprehensive Index, including Global Competitiveness Index and Investor Protection. Chapter seven is the Conclusions and Suggestions.

並列關鍵字

Equity Market ； Stock Market ； Listing Factors

參考文獻

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