台灣企業海內外上市之決策分析與研究

Domestic or Overseas IPO Decision for Taiwanese Enterprises

曾文燦(Wen-Tsai Tseng)

指導教授 ： 王秉鈞

元智大學/資訊學院/資訊管理學系/碩士(2004年)

摘要

本研究主要以我國企業的觀點，探討其海內外上市決策過程的影響因素。藉由探討各資本市場之差異及政府之相關鼓勵政策，說明企業受哪些因素影響決策並如何制訂適當的策略以選擇正確的地點掛牌上市，以達成公司價值極大化的目的。本研究參考各相關文獻及進行個案實務訪談，歸納出研究結果為：
一、企業上市籌資，國內國外考量不同，主要差異在於1.策略目標不同2.成本結構不同3.後續之維護成本不同。
二、國內外上市之動機除了募集資金外，其較大的差異為國內上市主要考量為留住與吸引優秀人才，國外則為配合企業其他策略目標之規劃。至於在國內上市決策上，則受幾個主要因素影響，分別為掛牌條件、政策與法令、承銷商輔導能力、企業獲利能力、企業曝光度。而國外上市則以企業曝光度及承銷商之意見與能力為其選擇海外上市之重要考量因素，此外相較於國內上市，在公司監理與會計作業方面也明顯提高許多。
三、攸關海外上市成功的關鍵因素，主要為證券承銷商之能力、上市時機與企業獲利能力或產業前景。而海外上市未如預期而導致失敗的主要因素有三，分別為企業獲利能力、產業發展前景及上市成本占募集資金比重的多寡。
四、關於企業上市地點之決策，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。
五、政府之資本市場政策的確會影響企業之上市決策，但效果取決於企業本身經營策略之整體利益。如影響企業回台上市之主要因素在於無法符合40％的投資上限門檻，對於已將經營重心轉向大陸的台商來說是不可能符合條件的，而以外銷為導向的大陸台商則可能會降低其意願，導致不少台商放棄返台上市的規劃。
六、至於上市後對企業經營策略之影響，在台上市之企業，會因國內法規限制影響其在大陸之經營策略與規劃；赴美上市之企業，會因公司治理成本問題影響其上市後之效益。

關鍵字

上市 ； 台商企業 ； 回台上市

並列摘要

The purpose of this research is to probe into the influential factors of IPO decision-making processes in domestic or overseas markets with the view of enterprises of our country. By discussing the differences of every capital market and the government's relevant encouragement policies, this research explained which factors would influence enterprise’s decision; meanwhile, how enterprise chose the correct place for IPO by taking proper strategies in order to reach the purpose of company's value maximization. Besides, this research consulted relevant documents and carried on the practice interview by case; the conclusion of this study is to sum up as below:
First, considerations of IPO and raising funds in domestic or overseas markets for enterprises are different. The main differences lie in 1. strategic goals are different, 2. cost structures are different, 3. the follow-up maintenance costs are different.
Second, except the motive of raising funds, the major consideration for IPO domestically is for the sake of keeping and attracting outstanding talents; however, IPO abroad is to match up the planning of enterprise's other strategy goal. The domestic IPO decision is influenced by several main factors: listing condition, policy and decree, underwriter’s coaching ability, enterprise's earning capacity, and enterprise's exposure. For overseas IPO, however, enterprise's exposure as well as underwriter’s suggestion and ability are important considerations. In addition, company supervision and accounting system are obviously required to be improved much more as compared with domestic IPO.
Third, regarding the key components of overseas IPO successfully, underwriter’s ability, IPO timing, enterprise's earning capacity and industry's prospect are all important. Nevertheless, there are three major elements causing the unexpected failures for overseas IPOs. They are enterprise's earning capacity, industry's development prospect, and taking the IPO costs of fund-raising proportion respectively.
Fourth, in regard to enterprise’s IPO place, 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.
Fifth, the government's policy of the capital market will influence enterprise’s IPO decision indeed; however, the result depends on the whole interests of enterprise's own managerial tactics. Such as the 40% of the investment restriction imposed on the Taiwanese enterprises, which have already transferred their headquarters to Mainland, would reduce their will to go back to Taiwan for IPO.
Sixth, as for the effect on enterprise's management strategy after IPO, the enterprise that applied for IPO in Taiwan would adjust their management tactics and plans in Mainland owing to domestic regulation restraints. The enterprise that applied for IPO in America would be influenced on the consideration of the managerial costs after IPO.

並列關鍵字

IPO ； Taiwanese enterprises

參考文獻

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