開放海外企業來台掛牌對台灣證券市場之影響

本研究係以研究分析之方式，探討海外企業來台掛牌對台灣證券市場之影響，進一步分析海外企業來台上市之動機、海外企業來台掛牌之相關規定和流程及台灣證券市場現況之分析，在研究中將對台灣、香港、大陸、新加坡、泰國等證券市場進行比較分析，藉由比較分析說明台灣證券市場之優劣勢。目前政府刻正積極推動台灣成為亞太籌資中心，如何吸引外國企業來台籌資及投資已成為重要關鍵。我國若能吸引外國企業來台籌資，不但可提高國家國際知名度；擴大股票市場規模，加速市場國際化；吸收國外經驗與人才，提升國內金融資訊與技術；加速台灣成為國內外企業從事金融交易、籌資及財務調度中心；並促使跨國企業來台成立營運據點，加速台灣成為亞太運籌管理據點。因此，瞭解外國企業來台籌資之相關可能問題，並研析可行方向，即為本研究之重點。依本研究發現目前來台申請上市之海外企業分為台商海外企業及非台商海外企業，而影響其來台上市之原因，主要為企業所在地國家之證券市場法制化、透明化之程度，證券市場之本益比、週轉率和再籌資能力及視至台灣掛牌為進入中國市場之管道。然而台灣證券市場法規及監理、管理制度之完備和來台掛牌企業之體質、規模，台灣證券市場投資人及外國投資機構資金之引入，再者對台灣產業之間接影響均深深影響海外企業來台掛牌政策之成效。

關鍵字

海外企業來台掛牌、台灣證券市場、亞太籌資中心、週轉率、本益比、再籌資

並列摘要

This research aims to analyze the effects on the Taiwan Stock Market caused by the listing of foreign companies. The research will first analyze the motives behind listing in Taiwan, study the regulations and procedures required, and examine the current Taiwan Stock Market. The paper will highlight the advantages and disadvantages of the Taiwan Stock Market by performing a comparative analysis on the stock markets of Taiwan, Hong Kong, China, Singapore and Thailand. The government is actively promoting and building Taiwan into an Asia-Pacific financing center. The solution is to attract foreign finance and investments into Taiwan. Transforming Taiwan into a financing center will not only gain international recognition, it will also expand the scale of the Taiwan stock market; accelerate the internationalization of the market; attract foreign experiences and talents; improve domestic financial information and technology; accelerate and become a nation with domestic and foreign financial transactions; transform into a center for financing and capital movements; promote multinational enterprises to set up operating base in Taiwan; and accelerate Taiwan into an Asia-Pacific financial management center. Hence, the main focus of this research is to understand the possible challenges faced by foreign enterprises financing in Taiwan. This research finds that foreign companies applying to be listed in the Taiwan Stock Exchange can be divided into overseas Taiwanese nationals and Non-Taiwanese nationals. Some of the factors that influences their decision to be listed in the Taiwan Stock Exchange includes the legal system of the stock market, the extent of transparency, the price-to-earnings ratio, the turnover rate, and the refinancing capabilities in their local stock exchanges. Being listed in the Taiwan stock exchange also acts as an entry into the Chinese market. However, the regulations and supervision of the Taiwanese securities market, the effectiveness of the management systems, the structure and scale of the foreign enterprise, the domestic and foreign investors of the Taiwan stock market creates a negative effect on the foreign company listed in Taiwan. Furthermore, there is an indirect impact on the local Taiwan industry which further questions the effectiveness to be listed in the Taiwan stock market.