海外掛牌台商回台籌資之研究~以香港、新加坡及中國大陸掛牌台商為例

A Study of Taiwan Enterprises Returning From Abroad-listed -- HKEx, SGX, And Changhai & Shenzhen Exchanges

陳松正(Sung-Cheng Chen)

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)

摘要

本論文係針對目前已於香港、新加坡以及中國大陸等地證券市場掛牌之台商企業進行觀察與研究，研究中除對於香港、新加坡以及中國大陸資本市場現況進行分析比較外，並深入了解台商企業掛牌後所面臨之問題。另外分析台商回台上市之相關政策與法令規範，且回顧相關文獻後，分別挑選台商回台第一上市及第二上市個案進行研究，以探討台商企業回台上市籌資之可行性及影響回台上市決策的因素。

研究結果發現，在政府長久以來對於轉投資大陸政策規範與法令的限制，加上海外交易所積極來台招商，造成一波的台商企業赴海外掛牌風潮，多數台商仍選擇以華人市場為主的香港、新加坡及中國大陸等地資本市場掛牌。以目前台商企業在海外資本市場掛牌後表現來看，中國大陸台商掛牌後不論是價量及本益比表現，均明顯優於香港及新加坡掛牌之台商，甚至優於台灣資本市場之整體水準，故現階段中國大陸掛牌台商回台上市或籌資之意願並不高。另外，以回台第一上市來看，下市成本及難易度成為台商規劃回台上市的決策主因，由於新加坡市場下市條款規範較為簡單，且掛牌台商之本益比及流動性在上述資本市場中表現最差，因此新加坡台商回台第一上市的意願應較為強烈。而香港市場掛牌之台商，受制於下市時所花費之時間及成本較高，下市程序也較為複雜，且香港資本市場受惠於中國大陸經濟成長而長期看好的情形下，目前來台商回台籌資仍規劃以第二上市即發行TDR為主。故截至目前為止，上述資本市場掛牌之台商規劃回台上市或籌資之方式及考量因素，仍存在相當程度之差異。

關鍵字

回台上市 ； TDR ； 回台籌資 ； 第一上市 ； 台商回台 ； IPO

並列摘要

This essay is a study of overseas Taiwan businesses which listed on the Hong Kong Exchanges (HKEx), Singapore Exchange (SGX), and on Mainland China exchanges ---Shanghai Stock Exchange (SSE), and Shenzhen Stock Exchange (SZSE), by comparison analysis of the status quos of these capital markets—HKEx, SGX, SSE, and SZSE, to understand the problems encountered by these overseas enterprises after listing. Furthermore, the purpose of this essay is to analyze the feasibility of raising funds after theses businesses returning back to Taiwan market and to find out the factors that leading the overseas business returning to Taiwan market, by examining the listing requirements and government policies of Taiwan and by reviewing the relevant reports, and by case studies of the Primary exchange listing and the Secondary listing (defined by FSC’s regulations) on Taiwan capital markets.

It is evidenced that the restrictions of investments to Mainland China which set a boundary by the R.O.C.(Taiwan) government policies and regulations and that the authorities of overseas Stock Exchange to aggressively recruit businesses from Taiwan cause a boom of abroad listing for Taiwan businesses. The study shows that most of the Taiwan enterprises chose the capital markets such as Hong Kong, Singapore, and Mainland China basically choosing on the markets of ethnic groups of Chinese people. In comparison of the capital markets among the Pacific Rim area, the performance on Mainland China markets in terms of the P/E ratios, of the trading volume, and of the prices is obviously far more prominent than those on Hong Kong and Singapore markets after listing. It performs even better than those who listing on the TSE or GreTai market here in Taiwan. Therefore, it needs more efforts by Taiwan government for business returning back from Mainland to Taiwan. On the other hand, in terms of the Primary listing on TSE or GreTai market, the high cost and the difficult practices of delisting from these two markets discourage the businesses from choosing Taiwan markets. Instead, the businesses chose the Singapore market for its simpler delisting rules. On the contrary, for the disadvantage of P/E ratios and liquidity on Singapore market that is the poorest one among these markets overseas Taiwan enterprises are prone to returning back to Taiwan from abroad. As for the Hong Kong exchanges, it cost more time and expenditure to delisting and with much more complicated procedures. Further for Hong Kong is influenced by the economic growing atmosphere of Mainland China, there is no further reason to attract businesses coming back to Taiwan for Primary listing. Instead, it is more attractive for them to the Secondary listing ---listing by TDRs mainly. It is concluded that the factors affecting the returning plan of overseas Taiwan businesses regarding the listing and the funds raising schemes are substantial distinct.

The purpose of this study is to have a complete understanding of overseas business returning, this will facilitate and will broaden capital markets with a promising future of Taiwan.

並列關鍵字

Listing, Taiwan Business returning from abroad ； TDRs ； Taiwan Depositary Receipts ； rasing funds through Taiwan capital market ； Primary exchange listing ； IPO---initial public offering

參考文獻

十二、曾文燦，2003年，台灣企業海內外上市之決策分析與研究，元智大學資訊管理研究所未出版碩士論文。

二十七、買賣第一上市股票屬境內或海外所得對股東稅負規畫影響極大，2008年9月17日，工商時報。

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