大陸台商回台上市面臨之挑戰與對策

陳怡靜(Yi-ching Chen)

指導教授 ： 鄭漢鐔

國立中央大學/管理學院/管理學院高階主管企管碩士班/碩士(2011年)

摘要

因應兩岸金融及相關投資法令的限制逐漸開放，台商佈局大陸的規模漸趨壯大，除已在國內上市櫃之公司外，不乏中小企業在大陸的投資規模已遠遠超越在國內母公司之規模。放眼未來，大陸台商未申請上市之企業，若要在這經濟環境變化莫測與競爭激烈環境下生存，勢必不斷投入資本支出，以建立自身競爭優勢，而籌資來源將是這些未上市台商企業擴大規模之重要關鍵因素，也是投資成本的考量。
而政府也了解，這些當初基於生存競爭及成本考量，而遠赴大陸投資之台商企業，經過多年的耕耘後已進入收割階段，但這些企業為了下一階段的歷程能在全球化佈局中取得競爭優勢，必需擴大企業規模延伸版圖；因此，臺灣證券交易所配合政府政策在2008年10月推動海外企業來台掛牌計劃，制定各項鼓勵台商回流政策與優惠措施，特別建置「外國企業來臺第一上市」專區， 提供臺灣資本市場之優勢利基及推動外國企業來台上市之計劃，藉此增加海外優良企業對臺灣資本市場的認識外，也協助這些台商企業多元發展及強化實力，以便和全球競爭，並藉由回台募資而擴大台灣的資本市場。
近幾年有許多的相關報導及論文，在敘述及研究這方面議題，包含回台上市的動機、上市環境、上市影響、問題及解決方案、政策鬆綁及上市資訊內涵等等，最終目的就是在討論台商回台上市的有利不利因素及影響與可行性。除了上述的研究議題外，本研究希望能朝較實務面方向去探討，究竟台商實際上在申請回台上市的過程中，因近幾年兩岸稅務的修訂後，將會面臨哪些的問題與挑戰，而成為能否順利回台上市的關鍵因素，這當中包括上市主體的選擇、台商投資架構重組與股權重整的租稅風險、移轉定價、內控制度建立及財務報表的編制等等，都存在一定程度的障礙，希望藉由這些探討及研究過程中，找出問題所在及解決方法，分析台商回台上市可行性 ? 以何種方式上市 ? 是否有利於台商 ? 及所需花費的上市成本有多少 ? 評估這些問題是否能排除進而吸引台商回台上市。

關鍵字

海外台灣企業回台上市 ； 控股架構 ； 所得稅風險 ； 上市個體

並列摘要

Thanks to the deregulation of cross-strait financial and investment laws, many Taiwanese companies have been expanding their operations in China. In addition to Taiwan’s publicly traded companies, the operations of many medium- and small-size businesses in China have exceeded of those of their parents in Taiwan. In the future, those unlisted Taiwanese companies in China must continue to invest in key resources in order to survive in the uncertain economy and fierce competition. The sources of funds will play a crucial role for the expansion of these unlisted Taiwanese companies and become a major consideration in their cost of investment.

These unlisted oversea Taiwanese companies are now preparing to reap the harvest after years of hard efforts and are trying to expand their business scale and territory in order to sustain their competitive advantage in the global market. As a result, the Taiwan Stock Exchange launched an oversea company listing program in October 2008 under the government’s guidance. The program includes numerous policies and favor treatments for attracting oversea Taiwanese companies to set their headquarters in Taiwan. A special “IPO area for foreign companies” was established for promoting the strength of Taiwan’s capital market and the IPO of foreign companies in Taiwan. It aims to promote Taiwan’s capital market among well-managed oversea companies and to help these Taiwanese companies improve their strengths and developments in order to compete in the global market.

In recent years, many reports and papers have addressed the issues of the motivation for IPO in Taiwan, the timing for IPO, the impact of IPO, IPO problems and solutions, deregulations and IPO information disclosures. The aims are discussing the advantages, disadvantages, influences and flexibility of the IPO of ovrsea Taiwanese companies in Taiwan. This paper aims to discuss the underlying problems, challenges and crucial factors for Taiwanese companies to list their shares in Taiwan following the recent corporate income tax reforms both in China and Taiwan. These companies are facing problems in the choice of IPO entity, income tax risks of restructuring their investments and stake holding structures, transfer pricing, the establishment of their internal auditing systems, and the form of their financial statements. The paper intends to indentify the problems and solutions during the discussion and research process in order to analyze topics such as the possibility of their IPO in Taiwan, the IPO approach, advantages and cost. Also, it will evaluate whether these problems could be solved and Taiwanese companies will be attracted to IPO in Taiwan or not.

並列關鍵字

Stakeholding Structure ； IPO of Oversea Taiwanese Company ； IPO Entity ； Income Tax Risks

參考文獻

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