台商企業選擇台灣、香港及新加坡上市掛牌之研究及個案分析

Research and Case Study: Variables affecting Taiwanese enterprises' decision to list in Taiwan, Hong Kong and Singapore

廖世平(Shih-Ping Liao)

指導教授 ： 夏侯欣榮

元智大學/管理學院/管理研究所/碩士(2009年)

https://doi.org/10.6838/YZU.2009.00027

摘要

企業在追求成長的過程中，股票上市己成為企業永續經營過程中，重要的經營決策之一，近年來台商企業經濟活動區逐漸往海外擴張，而區域經濟的蓬勃發展，形成的所謂「大中華經濟圈」，使得台商企業除了在母國台灣證券市場掛牌外，包括香港、新加坡、中國大陸及東南亞等地市場，都成為台商企業上市掛牌的選項之一。
台灣證券市場IPO(初次公開募股，Initial Public Offerings)業務，在台灣產業結構變化，新設公司減少，累積掛牌上市櫃公司家數已逾千家及香港、新加坡等海外證券市場競爭等背景下，新掛牌企業數量日益減少且新股蜜月期行情不佳，使以往承銷商以資本利得來補貼承銷費用的經營方式受到影響。2008年台灣證券市場修訂相關作業，招攬國外企業來台掛牌，排除海外台商企業返台上市障礙，積極使台灣市場朝國際化及自由化方向發展，是否將提昇台灣證券市場的競爭力並成為吸引台商企業回台上市掛牌的關鍵因素?
本研究將搜集包括：台商企業初次上市現況、大中華經濟圈中主要證券發行市場(台灣、香港及新加坡)上市規定、台商企業已在香港及新加坡掛牌統計並追蹤掛牌後股價表現等資料，希望從研究中了解台商企業上市可能方式與遭遇到的問題，並從個案中了解台商企業上市的動機與選擇台灣或海外為上市掛牌地的考量因素，提出研究結果以提供國內承銷從業人員與台商企業上市規劃時的參考方向。

關鍵字

台商企業；初次上市；海外上市；香港上市；新加坡上市

並列摘要

When company persuades continual grow, IPO (Initial Public Offerings) had become one of the important business strategies during enterprise sustainable management. In recent years, Taiwanese enterprises expand their business activities to surrounding oversea countries gradually and with the various growths of these regions, the so-called “Great China Economic Zone” (GCEZ) was established. Therefore, besides to choose Taiwan as IPO location, Taiwanese enterprises could choose Hong Kong, Singapore, Main Land China, and Southeast Asia and so on.
Due to that Taiwan industry structure has been changed, the number of new started company decreased, the number of company which is listed on stock was over one thousand, IPO business in Taiwan Stock market is getting worse. Because of the bad performance of new stock, the Taiwan underwriters’ operation method, which uses capital gain to cover underwriter fee, is affected. In 2008, by re-editing related stock market operation standard, soliciting oversea enterprises to list in Taiwan stock market, and eliminating barriers for Taiwanese business back for IPO, Taiwan Exchange market aggressively develops internationalization and liberalization. Are these critical factors which are going to enhance the competition of Taiwan stock market and attract Taiwanese businesses back for listing on stock market?
This research includes: 1.current IPO status of Taiwanese businesses. 2. IPO regulations in major stock markets (Taiwan, HK, and SIG) among GCEZ. 3. the statistics of Taiwanese businesses listed in HK & SIG stock market and their stock performance after been listed. The research could provide following information, the possible way for Taiwanese businesses to be listed, problems they might meet, the reasons why they choose listed markets, and the reasons why they choose Taiwan or oversea market, as reference for domestic underwriters and Taiwanese businesses when planning IPO.

並列關鍵字

Taiwanese enterprises；Taiwanese Firm；Initial Public Offerings；IPO；list in Hong Kong；list in Singapore；

參考文獻

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