臺資企業在大陸上市路徑的選擇研究—以D公司為例

Abstract

在海峽兩岸的融合發展中，資本市場的融合更是重中之重。自浙江國祥製冷工業股份有限公司於2003年12月30日在上海證券交易所（以下簡稱“上交所”）上市，成為國內首家A股上市的臺資企業（股票代碼：600340.SH，2011年8月被華夏幸福借殼上市）以來，至今已經有58家臺資企業登陸中國大陸A股，而尤其2020年以後，僅三年多已經有了24家臺資企業登陸A股，並且登陸A股的路徑更加多元化。對於臺資企業來說，為了品牌影響力、市場影響力、人才吸引力、融資能力等，能夠登陸大陸A股，享受兩岸經濟發展、資本市場、世界影響力的紅利，已經是一個很“時髦”的企業未來高速發展之路。 但臺資企業同樣也遇到了對大陸資本市場不瞭解，對在大陸A股上市路徑不瞭解，以及不知如何在上市前進行高品質的併購重組，以解決同業競爭等上市關鍵障礙問題，這些都極大的影響了臺資企業在大陸A股上市數量和品質，也延長了上市的時間，從而影響了兩岸資本市場的融合，並最終影響了兩岸的經濟融合發展。 有鑒於上，本文特地以臺資企業D公司計畫在登陸大陸資本市場A股為例。因其原本計畫以註冊地為開曼群島的母公司在臺灣證券交易所（以下簡稱“台交所”）上市，後考慮到A股的估值、品牌影響力、市場影響力、人才吸引力、融資能力等，計畫轉為到大陸資本市場A股上市，因此，其需要瞭解大陸資本市場，和選擇最合適的上市路徑到大陸A股上市，以及為了調整成為最合適的上市路徑而需要進行境內外公司的併購重組，並解決上市過程中特別關鍵的避免同業競爭等問題，最終搭建了一個同時符合臺灣地區規定和大陸地區監管規定的上市架構。 本文的研究結果為臺資企業以科學、合規的在大陸資本市場A股實現又快又好的上市，並最終更好地融入大陸資本市場等方面可以提供一定參考作用。

When talking about the integrated development across the Taiwan Straits, integration of cross-strait capital markets is considered of significant importance. Since the listing of Zhejiang Guoxiang Refrigeration Industry Co., Ltd. （stock code: 600340, the first Taiwan-invested enterprise listed on A-share market, and backdoor listed by China Fortune Land Development in August 2011） on the Shanghai Stock Exchange on December 30, 2003 , up to 58 Taiwan-invested enterprises have been listed on Mainland China’s A-share market （hereinafter as “A-share market”）. Ever since then, especially during the three-year duration from 2020 to 2023, 24 Taiwan-invested enterprises have been listed on A-share market, and the routines of which Taiwan-invested enterprises go public have demonstrated further variety. For Taiwan-invested enterprises, listing on A-share market is able to promote brand influence, market influence, and will help enterprises acquire more talent and improve financing capacity. In the meantime, enterprises that listed on A-share market will enjoy benefits of cross-strait integration policies, and cultivate world-class influence, thus A-share market has become a “fashionable” way for enterprises to initiate high-speed development. And yet, since A-share market is unfamiliar to most Taiwan-invested enterprises, the enterprises will encounter problems resulted from the lack of understanding of A-share’s listing model, and not knowing how to carry out high-quality mergers and acquisitions before listing to solve the problem of horizontal competition. Scarce of knowledge in these fields will weaken the quantity and quality of the listing and prolong the listing process, therefore usually impede cross-strait integration of capital markets, and even hinder the integration of the economy and development of the two sides. Given the above circumstances, this thesis takes Taiwan-invested Company D, who plans to be listed on A-share market in Mainland China as an example. Company D’s original plan was to list its parent company who was registered in Cayman Islands and listed on the Taiwan Stock Exchange . After evaluating brand influence, market influence, acquisition, business development, financing capacity and other factors, Company D switched to go public on A-share market in Mainland China. Therefore, Company D needs to understand mainland capital market, and consider how to choose the most suitable listing mode, by doing which it is necessary to carry out mergers and acquisitions of domestic and foreign companies and avoid horizontal competition during the listing process. It is also necessary to build a listing structure that complies with both Taiwan and Mainland regulatory requirements. This thesis and its research aim to provide a explicit guidance for Taiwan-invested enterprises to achieve a speedy and high-quality listing routine on A-share market through scientific and compliant processes, thus better integrate into Mainland China’s capital market.