公司治理規範對我國企業在香港上市影響之研究

The Study on the Impacts of the Corporate Governance Regulation on the Taiwan Company’s Listing in the HongKong Capital Market

何台桹(Tai-Lang Ho)

指導教授 ： 陳定國

共同指導教授 ： 張紘炬(Horng-Jinh Chang)

淡江大學/管理學院/管理科學研究所企業經營碩士在職專班/碩士(2009年)

https://doi.org/10.6846/TKU.2009.00658

摘要

企業國際化，跨足到不同國家的資本市場中，首先面臨的就是不同的國家，在制度上有不同的規範，同樣是資金市場，香港聯交所主板和台灣證交所對上市公司的規範就有很大的不同，如何才能做出對公司、對投資人利益最大的投資決策，引入公司治理觀念，是現今相當重要的一個課題。
本研究係在探討香港「企業管治常規守則」，對我國企業在香港上市之影響，依據個案公司在香港上市經驗，及2008年香港聯交所發佈上市公司遵守「企業管治常規守則」的分析報告，並對台商背景之香港上市公司、參與個案公司香港上市之經辦人員、及兩地之會計師、律師及承銷商等計51位專家，進行意見調查，得到下列結論：
1、 應及早規劃確保業務獨立、避免產業競爭、降低關聯交易，以避免影響上市規劃。
2、 香港與台灣兩地「公司治理」規範之法源與立法精神皆不相同，應及早深入了解，以利上市業務推展。
3、 「公司治理」需有「企業經營者」的支持。
根據專家意見調查，本研究發現：
1、 揭露與透明：投資人希望藉由公司資訊充分揭露與內部業務透明，能對公司經營成果與未來展望更為了解，以保障本身權益。
2、 一般董事獨立性不足：
公司董事相互間常有親屬關係存在，且與大股東間有密切關聯，投資大眾認為董事的獨立性不足，則其功能將會受到質疑。
3、 要求「獨立董事」真正獨立：
投資股東希望獨立董事能發揮「公正獨立」的功能，為股東把關維護公司利益，保障投資人利益。
4、 企業經營之「人」才是「公司治理」的根本：
企業經營者的「經營理念」與「道德操守」才是執行「公司治理」的根本問題所在，因此要有良好「公司治理」須先解決執行公司治理「人」的問題。
據此本研究僅提出下列三點建議，俾供有意赴港上市之我國企業與受聘任職之專業人士及學術界後續研究之建議參考：
（一） 建置制度、規劃資訊平台
1-1、建置統一完備的內部控制制度，並要求大陸各廠確實依規執行：
1-2、 建置統一資訊平台
（二） 及早儲備人才因應需求
2-1、 儲備「投資人關係業務」人才
2-2、 儲備「獨立董事」人選
2-3、 儲備「法務業務」人才

關鍵字

公司治理 ； 董事會 ； 獨立董事 ； 資訊揭露 ； 業務透明 ； 香港上市 ； 資本市場

並列摘要

Abstract:

When entering different capital markets during the internationalization phase, Taiwanese IPOs encounter different standards of compliances existed in different countries. When applying to the capital market, there are tremendous differences in compliance with regard to the listed companies in Hong Kong and Taiwan. In order to optimize benefits for corporations and investors, adapting concepts of corporate governance is a critical issue.

The purpose of this study is to discuss the impact of code on H.K. corporate governance practices for Taiwanese IPOs in Hong Kong. Based on the IPO experience in Hong Kong of the featured company and the analysis of code on corporate governance practices published by Hong Kong Exchanges and Clearing Limited in 2008, as well as interviews conducted with 51 experts, including Taiwanese listed companies in Hong Kong, the IPO team of the featured company, accountants, lawyers and sponsors in Hong Kong & Taiwan, the following conclusions have been made:

1. Early planning to ensure business independence, avoid industry competition,and reduce related trading in order to prevent an impact on IPO planning.
2. Understanding the differences of laws and legislation spirit of corporate governance between Hong Kong and Taiwan.
3. Good corporate governance requiring strong support of enterprise managers.

Based on the survey of 51 experts, the following findings have been found:

1. Disclosure and transparence:
In order to protect their rights, investors prefer to understand enterprise management performance and future outlook through full information disclosure and internal business transparence, rather than through operations of the Board of Directors.
.
2. Insufficient independence of general directors:
Among corporate directors, nepotism is commonly existed, as well as their closer relationship are the major shareholders Investors regard the function of the Board of Directors questionable due to insufficient independence of directors.

3. Asking for real independence of independent directors:
Investors hope the independent directors can function “fairly and independently” to protect the benefits of corporation and investors.

4. Corporate managers have a fundamental role in corporate governance:
Fair management concept and moral standards of corporate managers are key factors in executing corporate governance; thus, corporate governance issues should be take, priority in assuring acceptance and compliances.

Based on the above findings, this study has two suggestions for Taiwanese companies who are willing to issue an IPO in Hong Kong and those experts who are hired by them：
1. To establish rules and regulations system and implement information platform.
To establish sophisticated internal control system and fully to ensure
compliance among Subsidiary factories in China.
To implement a unified information platform.

2. To prepare human resources based on projected need:
Recruitment of investment relations trainees.
Selection of independent board director trainees.
Recruitment of legal affairs trainees.

並列關鍵字

Corporate Governance ； the Board of Directors ； Independent Director ； Information Disclosure ； Business Transparence ； IPO in Hong Kong ； Capital Market

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參考文獻