兩岸三地證券交易制度比較之研究

摘要證券交易所是證券市場發展到一定程度的產物，也是集中交易制度下證券市場的組織者和一線監督者，同時是依據國家有關法律，經政府證券主管機關批准設立的集中進行證券交易的有形場所。兩岸三地證券市場的功能，在於儲蓄者與投資者，工商企業得以有效獲取足夠的長期資金，藉以擴充生產設備、改善財務結構、擴大經營規模、增強競爭能力、提高獲利水準，並且，藉著利潤分配，使投資大眾得以共享企業經營的成果。因此，本研究主要目的在於比較分析兩岸三地證券市場發展現況、發行市場管理架構和證券交易制度及公開資訊揭露作深入探討之課題。本研究主要探討台灣與大陸、香港證券市場之現況及各證券交易制度作一比較，讓未來在大陸投資企業了解台灣交易市場之上市、上櫃、興櫃，及香港交易市場之主板和創業板，以及大陸交易市場之上海A股與B股，即將改變深圳成為創業板之科技板塊市場，有何不同制度？讓台商企業瞭解進而在優勢上規劃並有機會能上市掛牌，使資金募集更具效益，使投資風險降低，投資決策更趨合理化，證券相關法令制度更臻完善。其次，依據現況與發展趨勢，由制度面、運作面、國際面、環境面等四個構面深入評估兩岸證券市場之相對競爭優勢強弱，最後，並作成建議及結論。

關鍵字

證券交易制度；資訊揭露；證券市場；兩岸三地；交易所

並列摘要

Abstract The stock exchange is a product of the stock market developing to a fixed level. It is also the organizer and the front line supervisor of the stock market that under the centralized trade systems. At the same time, it is the tangible place of the centralized and processed stock exchange that established according to the related national laws and regulations, and through the government stock exchange administration’s approval. The functions of the stock market in Taiwan, Mainland China, and Hong Kong lie in savers and investors. Industry and commerce, by obtaining sufficient long-term capital, may expand production facilities, improve financial settlements, expand the scope of operations, strengthen competitive abilities, and heighten profit standards. Moreover, by way of profit distribution, mass investment is allowed to enjoy the achievements of business operations together. Therefore, this research’s main goal which consists in comparing and analyzing the current situation of the development of stock markets in Taiwan, Hong Kong, and Mainland China. The topic of wholesale markets’ management framework and the stock exchange systems, as well as the disclosure of information to the public will be deeply probed into. This research primarily probed into Taiwan and Mainland China. A comparison was made with current situation of Hong Kong’s stock market and each stock exchange’s system. This will enable Mainland China’s future investment enterprise to understand the public listed, over the counter (OTC), and emerging of Taiwan’s exchange market, the main exchange and venture exchange of Hong Kong’s exchange market, and Shanghai’s A and B stocks in Mainland China’s exchange market. Shen-Zhen is about to be changed into the science and technology chunk markets of venture exchange. What other system is there? Allowing Taiwanese business enterprises to understand proceeding in their strong points to plan and also have opportunities to enter the market and start businesses, will make capital collecting have more beneficial results, and it will reduce investment risks. Investment policy making tends more towards rationalization, and law and decree systems related to stocks and bonds are reaching perfection. Next, according to the current situation and development trends, there are four structural sides: system side, administration side, international side, and environmental side etc., that will be used to evaluate in depth the opposing competition and strong and week points of the cross-straits stock market. Finally, there will be recommendations and a conclusion.