台商回台上市（櫃）之誘因與障礙之探討

Abstract

本研究藉由瞭解其他亞洲鄰近國家（地區）證券市場之發展及台商至海外上市之現況，用以比較分析台灣與亞洲鄰近國家（地區）之優劣勢。並結合問卷調查方式，瞭解海外台商企業、證券商及會計師三者對於影響台商回台上市因素之看法，以瞭解台商回台上市（櫃）之誘因與障礙。 研究結果指出，台灣資本市場相對於鄰近香港、大陸與新加坡資本市場，具有較佳的本益比、流動性高、產業類別眾多、電子業產業鏈完整等多項優勢；且政府已開放海外企業第一上市及發行TDR之募資用途，再則亦允許在香港上市的企業來台上市及適度放寬TDR上市門檻等多項政策，對台商未來回台上市及發行TDR極具有誘因。 本研究歸納出台商回台上市（櫃）之誘因與障礙。台商回台上市的誘因：（1）上市成本較合理；（2）稅賦環境大幅度調整；（3）政府政策利多；（4）上市後再籌資較易；（5）產業聚落完整。台商回台上市之障礙：（1）租稅問題；（2）海外企業陸資投資比例及買賣限制；（3）政治與經濟環境的不穩定。

This study is intended to provide deep understanding of the incentives and barriers for overseas Taiwanese businesses to to list in Taiwan’s capital market. By studying current status of overseas Taiwanese businesses who go public in foreign capital markets, and by comparing those nearby Asian countries’ capital markets to Taiwan’s, the advantages and/or disadvantages for overseas Taiwanese businesses’ going public in Taiwan’s or overseas capital market have been analyzed. Moreover, a survey among overseas Taiwanese businesses, securities firms, and CPA firms was conducted as to further analyze their view points on influential factors on listing. The result shows Taiwan’s capital market is favorable in terms of comparatively high P/E ratios, good liquidity, serving a broad array of industry sectors, as well as serving a completed value chain of electronic industry. It has been particularly appealing, since recently Taiwanese government loosened the restrictions on the funding purpose for foreign companies’ IPO or TDR issuing, and provided the incentives for those companies listed in Hong Kong to “come home” for capital market listing or TDR.

This study has concluded the incentives and barriers for overseas Taiwanese businesses to “return” and list in Taiwan’s capital market. The incentives are: (1) reasonable listing cost; (2) tax environment undergoing a major overhaul; (3) favorable government policies; (4) raising funds after a listing to be easier; and (5) well-developed industry clusters. On the other hand, the barriers are: (1) tax issues; (2) restrictions on China’s investment in shares holding, buying or selling; and (3) the unstableness in political and economical environment.