證交所成功因素-上海、香港、新加坡與台灣證交所實證分析

Abstract

摘要 伴隨著國際化的浪潮，金融市場，尤其是股票市場，已開發與開發中國家在過去十年的成長特別顯著，因此如何定義證交所的成功也成為日漸重要的問題。從2004年開始台灣證券交易所(TSEC)的上市家數超過700家，同時間的新加坡交易所(SGX)也有633家上市公司。然而三年過後，台灣證券交易所只比3年前多一家上市公司；同時間的新加坡交易所的主板已有762間公司掛牌上市。在此期間內，兩交易所的總市值差距也逐漸縮小之中，這樣的改變，更顯見得找出證交所成功因素的重要性。另外一方面，從廠商的立場來看，國際化的浪潮讓廠商在找尋資金有更多的選擇，也讓眾多廠商在本地的證交所下市，旋即又在另一個證交所上市。因此，本論文試圖找出證交所的成功因素，進而探討台灣證交所吸引各國資金與投資人投資意願的方法。 本論文的正文內容如下：第二章探討過去有關證交所的相關理論與實證研究的整理與回顧，第三章說明實證部分的分析方法與實證資料來源，在質性研究的部份由於變數量化不易，為了分析的一致性，特採用國際研究機構所發佈的一連串評比資料。第四章則由實證的結果來分析證交所的成功因素，與各解釋變數對被解釋變數的影響，並說明本論文在實證研究上所受侷限之處。第五章則討論各證交所的合縱連橫，比較上海、新加坡、香港與台灣證交所的上市制度與整體表現，並討論所屬經濟區域的發展，以找出台灣證交所的優劣勢並討論未來成長的方向。第六章是結論，主要是總結本論文的發現，並分析未來可供後續研究進行的論點。

Abstract With the spread of globalization, developing and developed countries have a strong growth in the stock market for the decade. So, it is more and more important to define what makes exchanges succeed. In 2004, there were more than 700 listed companies in Taiwan Stock Exchange, and 633 listed companied in Singapore Exchange. In 2007, however, Taiwan Stock Exchange had more one listed company than it did before three years, but Singapore exchange had actually 762 listed companies. At the same period, the difference of capitalization between these two exchanges had diminished. Obviously, these changes stand out the importance of finding the factors which make exchanges succeed. On the other hand, globalization makes firms have more choice to finance. Thus, the paper tries to find the factors make exchanges succeed and discuss how Taiwan Stock Exchange to attract foreign investors. This paper first discusses relationship between capital market and stock exchanges. In chapter three, we explain the empirical method in which the quantitative aspect of selected exchanges for a general performance and the qualitative data published by IMD. In chapter four, we use the empirical results to analyze the factors make exchanges succeed. In chapter five, we introduce the rule of exchanges, illustrate the general performance, and discuss their development. Finally, in chapter six, this paper concludes three implications which help authorities to constitute policies.