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

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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 , Masters　　Advisor：夏侯欣榮　　

繁體中文

回台上市； TDR ；回台籌資；第一上市；台商回台； IPO ； Listing, Taiwan Business returning from abroad ； TDRs ； Taiwan Depositary Receipts ； rasing funds through Taiwan capital market ； Primary exchange listing ； IPO---initial public offering

Abstract │ Reference (47) │ Times Cited (3) │ Altmetrics

Abstract 〈TOP〉

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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.

Reference ( 47 ) 〈TOP〉

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。
連結：
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。
連結：
1.Amit, R. and C. Zott, 2003, Global Equity Capital Markets for Emerging Growth Firms: Patterns, Drivers, and Implications for the Globalizing Entrepreneur, Faculty＆Research Working paper.
連結：
3.Pagano, M., Otto Randl, A.A. Röell and J. Zechner, 2001, What Makes Stock Exchanges Succeed? Evidence from Stock Listing Decisions, European Economic Review 45(4-6), 770-782.
連結：
4.Pagano, M., A.A. Röell and J. Zechner, 2002, The Geography of Equity Listing： Why Do Companies List Abroad? , Journal of Finance 57, 2651- 2694.
連結：

Times Cited (3) 〈TOP〉

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