台灣存託憑證制度之研究─兼論存託憑證市場國際化

我國於二○○九年開放中國及香港掛牌股票來台發行TDR，一夕之間存託憑證的話題引發投資大眾的熱烈討論，並且發行之初引發投資人搶購。然而存託憑證市場經過初期的熱潮後，卻產生了一連串的問題有待解決。相關的問題有法令規範不足、股價跌破承銷價、國際化擴展不易、退堂鼓效應、資訊不對稱及求償困難等。本文係以文獻分析法、比較法、實例分析及政策分析之方式為研究方法，綜合比較分析我國與美國關於存託憑證之運作及規範。並且嘗試利用SWOT分析及五力分析等競爭分析方法探討TDR的競爭力及競爭策略。最後歸納前述方法與比較的結果，並且借鑒美國存託憑證市場的制度規範，以期作為本文最後之建議與結論。第一章為緒論，就研究動機、目的、範圍、方法及論文架構加以說明；第二章就存託憑證的意義、起源、定義、參與型態、發行地分類，說明存託憑證之種類及分析其優缺點；第三章從企業籌募資金之各種管道加以說明、介紹；第四章針對美國存託憑證相關規範為介紹；第五章以我國現行法令說明台灣存託憑證之規範架構，並就此架構之爭議或缺失提出檢討；第六章以我國目前證券市場的現狀為討論，探討我開放中國及香港來台發行存託憑證所引發的迴響及遭遇的問題；第七章從管理的解度以企業競爭分析的方法，以SWOT策略分析及波特五力分析，對台灣存託憑證進行分析，並制定競爭策略；第八章就本論文為簡要回顧與展望，並嘗試就台灣存託憑證相關制度、規範及管理之構築提出建議。

關鍵字

存託

並列摘要

In 2009, Taiwan Depositary Receipts (TDR) was issued from listed stocks of China and Hong Kong in Taiwan. Overnight, the TDR became a very hot discussion topic among investments, and investors snapped up the TDR at the beginning of issue. However, after the initial boom in TDR market, a series of problems have to be solved. Issues related to problems include inadequate laws and regulations, the share price below the offer price, difficulties of international expansion, backing out effect, information asymmetry and claims difficulties. The study method of this article is based on literature analysis, comparison analysis, case studies and policy analysis. Comprehensive comparative analysis of the regulations and operation of depositary receipts between China and the United States. Moreover, using SWOT analysis and five forces analysis to discuss the competitiveness and competitive strategies of TDR. Finally, the recommendation and conclusion are summarized from the previous methods, comparative results, and the regulations of American Depositary Receipts market. The first chapter includes introduction, motivation, purpose, scope, methodology and frameworkof the research.The second chapter includes the significance, origin, definition, participation patterns and issue of classification of Depositary Receipts, and descripts the types of Depositary Receipts, and analysis the advantages and disadvantages of Depositary Receipts.The third chapter introduces and descripts the methods of enterprises to raise funds.The fourth chapter introduces the regulations of American Depositary Receipts.The fifth chapter descripts controversies and missing of regulation frameworks under the current laws of the regulations of Taiwan Depositary Receipts.The sixth chapter discusses the encounter problems after Taiwan Depositary Receipts are issued by China and Hong Kong.The seventh chapter analysis Taiwan Depositary Receipts and establishescompetitive strategies by competitive analysis methods, SWOT analysis and Porter's Five Forces Analysis.The eighth chapter is a brief review and outlook of this thesis, and try to recommend on related systems, norms and management of Taiwan Depositary Receipts.