下市條款對處於成長期公司之影響：以美中台為例

本文以2002年及2003年於美國紐約交易所、NASDAQ、臺灣證券交易所、臺灣證券櫃檯買賣中心、中國大陸上海及深圳交易所上市者為研究對象，由上市年度後之五年內為觀察期間，依照各交易所下市相關制度中，選取可量化之變數，以面板數據回歸分析方式探討下市條款對處於成長期公司之影響。各國下市條款規定方面，以英美法系為主的美國其交易所下市條款較具有差異化，且規定較明確，數量化條款亦較多；大陸法系為主的臺灣其交易所下市條款無差異化且主觀判斷條款較多；具中國特色社會主義法律體系的中國大陸，下市條款較簡潔，可完善空間較大。實證結果顯示，景氣佳時同年度上市家數較多，然五年內下市比例亦較高，且寬鬆的下市條款上市公司存活率愈高，然銷貨成長率、資產成長率、獲利率卻未必較高，顯示採用寬鬆的下市條款無法有誘因使成長期公司表現優於其他市場，而且當交易所有市場價值及獲利能力相關規定時有助於提升公司銷貨成長率、資產成長率及獲利率。

關鍵字

上市；下市條款；生命週期；成長期；面板數據；中國

並列摘要

This article uses the 2002 and 2003 listing data of New York Stock Exchange, NASDAQ, Taiwan Stock Exchange, GreTai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange. The observation period is five years after the listing year. Measurable independent variables are chosen according to delisting regulations of each exchange, and panel data regression is used to study the impact of delisting regulations on the firms in the growth stage. As for the delisting regulations, with common law legal system, the regulations in the United States are more case-specific, objective, and having much more numerical standards. On the contrary, the regulations in Taiwan follow the civil law legal system. The delisting regulations in Taiwan do not differ across cases, and have many subjective judgments. The regulations in the Mainland China adopt Socialist legal system with Chinese characteristics. Despite the delisting regulations in the Mainland China are more concise, there is still much to improve. The empirical results show that at good times, the number of listing companies is larger, but the ratio of delisting companies in five years is also higher; more loosen delisting regulations correspond to higher survival rate, but the sales growth rate, asset growth rate, and profitability ratio are not necessarily higher. Therefore, the exchanges adopting loosen delisting regulations do not produce the incentive to make the firms in the growth stage to have better performance. Furthermore, having regulations on market value and profitability would contribute to raise the firms’ sales growth rate, asset growth rate, and profitability ratio.

並列關鍵字

listing ； delisting regulation ； life cycle ； growth stage ； panel data ； China ； law and finance

參考文獻

Rafael La Porta, Florencio Lopez-De-Silanes Andrei Shleifer ,and Robert W. Vishny ,1997, Legal determinants of external finance Journal of Finance 52, 1131-1150.

New York Stock Exchange http://www.nyse.com/

Paul J.M. van Steen and Piet H. Bellenbarg, 2003, The Netherlands in Maps: Geographies of money in the Netherlands, Tijdschrift voor economische en sociale geografie, 93 (5), 586-595

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A. F. Burns and W. C. Mitchell, 1946, Measuring business cycles, New York: National Bureau of Economic Research

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下市條款對處於成長期公司之影響：以美中台為例

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