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  • 學位論文

台灣與香港權證市場制度發行之分析

The analysis of warrant issued regulations: Its comparison with the Hong Kong market

指導教授 : 林蒼祥
共同指導教授 : 邱建良

摘要


根據臺灣證券交易所資料,上市公司家數由1996年的382家成長至2011年的790家,15年的時間已經爆增一倍。但近幾年在新掛牌上市家數已經趨緩下,交易所及證券商近幾年著力於開拓台灣存託憑證(TDR)及權證市場。尤其權證市場在解決發行商避險課稅的問題之後,交易所積極放寬權證商品、市場及制度,2011年發行檔數已達13,806檔,而上市權證成交值佔現貨成交值的比例已經達到1.05%。 相較全球成交值最大的香港市場,2010年及2011年權證佔總市場成交值均超過二成、總發行檔數卻僅有5,000檔、6,000餘檔。反觀台灣權證市場存在初級發行及次級交易市場不平衡的狀況。從2009年大幅修正發行制度及引進流動量提供者(造市者)制度,交易所、發行商全員啟動,2011年、2012年的發行檔數已突破1萬檔,權證成交金額比例亦明顯提升,卻仍僅有證券市場成交值的1.05%,顯示在制度及行銷上還有空間。 本論文主要探討國內的權證市場在制度面及行銷面上,是否可借鏡香港權證市場之處。比較香港制度面及行銷面與台灣權證市場差異後,則得 到「增加商品涵蓋度」、「考量全面現金結算取消發行總額管制」、「放寬外資可發行金額引進擔保人制度」、「放寬行銷限制」等四大結論,希冀有助提升台灣權證市場交易量更上一層樓。

並列摘要


According to the Taiwan Stock Exchange, the number of listed companies grew from 382 in 1996 to 790 in 2011, reflecting an explosive growth (more than doubled )in 15 years. However in recent years, the increase of the number of listed firms has slowed down in the new listing, As the exchanges and securities firms have changed their focus to the Taiwan Depositary Receipts (TDR)and the warrant market in particular .After the hedge tax problem has been resolved, the exchanges release a variety of products related to the warrant market as the issuance regulations are modified. In 2011, the number of warrants reached 13,806, while the trading value of listed warrants accounted for the proportion of the stocks transaction value has reached 1.05%。 The largest warrant market is in Hong Kong, which is more than 20% of the total market trading value in 2010 and 2012, but the total number of issued warrants was only 5,000 to 6,000 units. Compared with Taiwan, there exists an imbalance in the warrants market between the primary and the secondary trading market. Beginning from 2009, the warrant issuers regulation was modified, and the liquidity providers(market maker)system was set. Consequently exchanges and the securities firms diligently promoted the warrant products. In 2011and 2012, the number of warrants issued exceeded 10,000 units. Even though the warrants transaction amount has improved significantly, the ratio of the stock market trading value remains of 1.05%, indicating there is still room for growth thought proper regulation and marketing. The thesis focuses on what the warrants market in Taiwan can learn from the warrants market in Hong Kong in the aspect of the regulation and market. By comparing the warrants market between the two countries, I propose the following recommendations .First, increase the product varieties. Second, reconsider the total cash settlement policy and abolish the total amount issued of control. Third, relax government regulation on foreign investment limit with the introduction of a guarantor system. Finally, diminish the market restrictions. Hopefully, this will significantly increase Taiwan’s warrants market trading volume.

參考文獻


8. 謝旻潔(2011),「權證大事紀」,證交資料,第590 期,第22 頁。
1. 王秀玲(2008),「台灣認購(售)權證制度十年發展之回顧」,集保結算所月刊第172期,2008年3月,第1-51頁。
2. 劉純斌(2010),「近期我國權證市場之發展概況」,證券暨期貨月刊,第28 卷第6 期,第13 頁。
3. 香港的衍生權證市場與時並進-緊貼亞洲其他權證市場迅速發展的步伐,香港證券及期貨事務監察委員會,2006年4月。
4. 香港交易所-全球第一大權證市場,香港交易所,2005年1月。

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