由於在資本市場掛牌上市是諸多籌資管道中最具多元效益的,因此大部分的台資企業都在尋求適當的上市掛牌地來籌措資金。而上市掛牌地政府對資本市場的相關鼓勵政策、其在國際市場上的地位與其對資金及外匯的管制態度,都是台資企業選擇上市掛牌地的重要決策考量因素。 本文茲就香港、大陸、台灣三個發行市場的狀況、發行市場政府對台資企業上市的態度與可能方式、及上市可能遭遇到的問題進行探討。經由訪談五家最近在香港上市掛牌的公司,分析其海外上市掛牌動機、選擇香港為掛牌市場之策略考量、台灣發行市場無法吸引其回台上市之原因、及大陸發行市場無法吸引其上市掛牌之原因,以期能提供給未來尋求適當上市掛牌地的其他台資企業作為投資策略佈局的參考。
Most of Taiwan’s firms quest for listing on the capital market because of it is cost-effective and provides multiple fund-raising channels. The related incentive policies, the international position of its market, and government’s attitude toward its capital and foreign exchange markets are the main concerns for Taiwan’s firms to choice the most suitable market to be listed. This thesis investigates some issues on three capital markets- Hong Kong, China and Taiwan, including market condition, host government’s attitude, the possible solution, and the possible problems that Taiwan’s firms may encounter. After interview five companies which listed on Hong Kong market recently, the motivation and strategic consideration for choosing Hong Kong as a list market are explored; why not select Taiwan or China? The findings can be a good reference for other Taiwan’s firms.