企業發行台灣存託憑證之動機及其對母公司之影響--以科技產業為研究對象

曾怡靜(Tseng I Ching)

指導教授 ： 鎮明常

國立中正大學/管理學院/企業管理學系/碩士(2012年)

摘要

隨著國際金融環境的發展，資本市場日趨全球化，使各國際金融市場間關係更加密切，資金流動更為頻繁；再加上台灣資本市場國際化腳步加速，使得外國企業也能透過在台第一上市與第二上市跨海籌措資金；近年來TDR交易市場尤為熱絡，而透過TDR的價格與交易量，我們不難發現國人對於 TDR 投資意願頗高。又近年來我國證交所與櫃買中心頻頻至海外舉辦招商說明會，除希望海外台商能回台上市，亦希望更多優秀的海外企業能來台灣第一或第二上市，為台灣資本市場注入新的活水；期待台灣可以發展成為全球高科技產業的籌資中心，為台灣資本市場建立自有鮮明的特色，能與亞洲鄰近國家的資本市場有所區隔。
因此，本研究針對目前上市的台灣存託憑證中為數最多的科技產業為研究對象(排除在2008年以前上市發行之台灣存託憑證)，本研究欲探討：
一、 企業發行台灣存託憑證之動機及其對母公司之影響為何
二、 發行台灣存託憑證之企業公司特性
三、 企業發行台灣存託憑證前後之財報變化
希望透過本研究更能了解這些來台發行台灣存託憑證之企業，是否在上市後順利達成其短期掛牌之目標策略(因礙於時間限制，無法探討中長期之影響)；也能提供未來欲來台第二上市之企業最為上市決策之參考。

關鍵字

發行動機 ； 第二上市 ； 科技業 ； 存託憑證

並列摘要

With the development of the international financial environment, capital markets become increasingly globalized, making the relationship between international financial markets much closer. Also,capital flows have become more frequent. Owning to the fast pace of the internationalization of Taiwan's capital market, foreign enterprises aross the world raise funds through listing of financing and second listed in Taiwan . TDR trading market in recent years is particularly warm. Through TDR's price and trading volume, we can easily find that people’s willingness for TDR investment is high.
In recent years, China's Stock Exchange and the OTC have frequently organized overseas investment seminars. For the purpose of inviting Taiwanese businessmen overseas back to Taiwan, it is also hoping that more foreign enterprises will come to Taiwan to be the first or second listed in order that the capital market in Taiwan can be strongly enhanced. We expect that Taiwan can develop into a global high-tech industry fund-raising center for Taiwan's capital market to establish its own unique characteristics distinct from the capital markets of neighboring countries in Asia.
Therefore, this study is aming at a current listing of Taiwan Depositary Receipts in the largest number of technology industry (excluding the issuance of Taiwan Depositary Receipts) listed in the previous 2008 study, this study is to investigate:
1.The issue Taiwan depository receipts of motivation and its impact on the parent why
2.The issue of the enterprises characteristics of the TDR
3.Corporate issuers earnings before and after the change in the TDR
Through this study, we hope to better understand whether these enterprises, issuing Taiwan depository receipts in the nation, successfully achieve their objectives and strategies of short-term listing after listing (due to time constraints, can not explore the impact of the medium to long term); can also provide For to come to Taiwan listed companies most listed decision making.

參考文獻

15. 方瑞(2008) 台商回台發行存託憑證動機與發行決策關係之研究 中原大學企業管理研究所碩士學程論文

臺灣證券交易所(2008)，臺灣資本市場優勢利基與競爭策略。

臺灣證券交易所(2008)，推動外國企業來臺上市之計畫

臺灣證券交易所(2010)， 黃志強 臺灣資本市場優勢 ─發行TDR共創多贏契機

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