台商回台發行存託憑證動機與發行決策關係之研究

Study on the Relationship between Motives and Decision-making for Issuing TDR of the Taiwanese Enterprises

方瑞(Ellen Fang)

指導教授 ： 呂鴻德

中原大學/商學院/企業管理研究所/碩士(2009年)

https://doi.org/10.6840/cycu200901265

摘要

資本市場是代表一個國家之經濟櫥窗；攸關企業上市地點的選擇動機及海外上市成功的決策關鍵因素以往文獻多所探討，台灣企業對於理想上市地點之選擇,偏好華人地區之資本市場；而且一般都偏好以其營運重心所在地，作為其申請上市之第一考量。至於海外上市之動機及決策因素、對企業經營策略之影響因素，尤其針對台灣存託憑證(TDR)的相關研究或文獻資料，則少之又少。
台商企業之所以選擇海外上市，所考量不外乎市場流動性、提高企業知名度、降低資金募集成本、以及政府對於企業投資大陸相關政策及法令的限制等因素。因此爭議多年後，新政府上台因應時勢潮流放寬相關法令，以吸引台商鮭魚返鄉潮流，鼓勵海外台商企業在台灣上市更俾利台灣存託憑證的蔚為海外已上市之企業籌資最佳管道。
原本香港聯交所不在台灣證券市場第二上市的允許名單中，許多在港上市的台資企業便無法在台灣以存託憑證形式上市、櫃掛牌，台灣資本市場若能加入這些優秀的海外已上市公司，就可能多增加一個根留台灣的台商企業。此外，還有將來也可能成為台商企業聚集地點的中國大陸上海證券交易所或深圳證券交易所，台灣如果能夠將上海、深圳證券交易所亦納入金管會證期局認可之台灣存託憑證的第一上市證券市場，則台灣證券市場未來將會是更具國際化與策略性的資本市場注目焦點。
當金融風暴席捲全球致使經濟格局及資本市場正在迅速改變，加上兩岸經貿交流環境更形互利互助的情況下，環境不確定的因素與融資決策間差異便成為影響台商企業回台發行TDR上市發展的重要契機。
在中國發展強大的旺旺集團於2009年4月28日拔得頭籌搶先回台發行TDR，這是馬政府呼籲台商返鄉的首案；為此，針對台商回台發行存託憑證動機與發行決策關係之研究因運而生且應證TDR發行時機來臨，本研究旨在探討TDR之相關動機、內外部因素與決策間關聯性；且採訪個案目標鎖定於已在海外上市且有意願回台申請發行TDR之台商為研究對象，現行有意願回台發行TDR之海外台商有旺旺、富士康、達創科技、康師傅、巨騰國際…等國際大型企業。而企業決策之影響因素屬較深層之想法，不易在一般報章媒體上披露，故本研究採用深入訪談及彙整個案資料之方式，來獲取相關研究架構與命題。
在經由相關文獻與採訪實證探討後，綜合分析以歸納出結論與建議，並找出最適合集團企業未來在因應全球性競爭所發展應有的籌資模式與策略佈局因素，提供未來政府相關政策法規及海外台商、國際企業之實務參考。

關鍵字

政治環境 ； 資本市場 ； 海外上市 ； 股權規劃 ； 募資決策 ； TDR ； 經濟趨勢

並列摘要

Capital market is regarded as an economy window. Many studies have analyzed the key success factors that affect firm’s decision-making motivation and strategic consideration for selecting a list abroad market. Previous studies indicate that Taiwanese enterprises have a partiality for Chinese capital market as the ideal IPO place. Moreover, enterprises generally like to apply for IPO in their principal operation site as the first priority. Few literatures investigate the decision-making motives and the effect on enterprise's management strategy, particularly aimed at Taiwan Depositary Receipts (TDR).

The considerations of raising funds in overseas markets for Taiwanese enterprises include the market liquidity, enhance enterprises popularity, and reduce costs of raising capital, even the law and government policy impose restrictions on private investments in foreign countries. After many years of political wrangling, new government made deregulation for returning on Taiwanese enterprises capital, to encourage enterprises list in Taiwan stock market. Thus the TDR became a convenient financing channel for Taiwanese enterprises.

While Stock Exchange of Hong Kong (SEHK) was absent in the permitted list of Taiwan stock market for secondary listing. Taiwanese enterprises listed in SEHK were unable to issue TDR in Taiwan Stock Exchange. It would be beneficial to spur enterprises staying in Taiwan if issue TDR is allowed. Besides, many Taiwanese enterprises probably list in Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) in the future. Taiwan stock market will be international and strategic considerable standing, provided that SSE and SZSE are in the permitted list for primary listing.

The global financial crises impact the economic environment and lead to rapid change. Moreover, economy and trade between Taiwan and Mainland China constantly developing, it provides a crucial opportunity for Taiwanese enterprises issuing TDR in Taiwan stock market to raise capital.

Wang-Wang Group, denoted as a successful Taiwan firm in Mainland China, enjoys prosperous experiences in that market. In 2009 (April 28), Wang-Wang Group is the pioneer of Taiwanese enterprise issue TDR. This case would be a good example for the study that Taiwanese enterprises issue TDR. Hence, the purpose of this research is to probe into the relationship between motives and decision-making for issuing TDR. This study focus on the Taiwanese enterprises listed abroad which those are willing to issue TDR. (Wang-Wang, Foxconn, Delta Networks, Master Kong, Ju-Teng International etc.) Due to the factors of decision-making was deep thoughts and information restrictions, this research is based on in-depth interviews and case study research to be the framework and propositions.

This research consulted relevant documents and carried on the practice interview by case, to make conclusions and suggestions. Also anticipates finding the factors that are appropriate for the business groups to develop financing strategies face the competitive environment. Furthermore, the results provide government guidelines to formulate laws and regulations, and references for overseas Taiwanese enterprises.

並列關鍵字

economic trends ； offshor ； Taiwan Depositary Receipt (TDR)

參考文獻

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