台灣存託憑證市場之績效與發行策略分析

Abstract

企業全球擴展，利用海外營運地就近上市籌資相當普遍，超過140家台商近年於港、星、泰、馬等地上市屬之；各國企業也不限母國上市，轉赴海外知名交易所上市謂為潮流，英、美及鄰近港、星等市場外國公司占2∼7成。 2008年政策將香港納入核准交易所，鬆綁TDR資金用途，港、星、等企業紛紛來臺以TDR第二上市，至今已有29家TDR掛牌，TDR發行數量占原股比重僅一成六，惟TDR成交值竟與原股相當，台灣TDR儼然成為這些外國企業雙邊掛牌下的主力市場。 本研究以質化探討、數據分析，結果發現台灣TDR股價表現、投資報酬與交易量符合學術論點。本研究也發現TDR發行人送件前在原市場發佈將發行TDR消息後，普遍對該原股價格有正面影響。 台灣資本市場發展成熟，具有資金充沛、國際化程度高、本益比合理、流動性高、科技產業聚市等特色，在鄰近區域相當具有競爭優勢。本研究由TDR的發行來看台灣資本市場，證實TDR對於鄰近與台灣上市公司規模相近之上市企業規劃第二上市者，確實具有相當之吸引力。

In order to expand globally, it is common that companies raise capital where their overseas operation sites located. For example, over 140 overseas Taiwanese companies have listed their shares on Hong Kong, Singapore, Thailand and Malaysia capital markets. Foreign companies have accounted for 20%-70% of the total listing companies in London, New York and the nearby Hong Kong and Singapore stock markets. Obviously, it’s a trend for enterprises to list not only on their mother countries but also other well known foreign exchanges. In 2008, Hong Kong was added in as one of the approved exchanges. Together with the loosening of TDR capital utilization, many Hong Kong and Singapore companies have applied for secondary listing on Taiwan Stock Exchange. Total number of TDR listings has increased to 29 since then. These TDRs account for 16% of total shared issued, but the turnover of TDRs are almost equivalent to that of the original shares on their home market. Apparently, TDR market has become the major trading venue for these issuing companies’ shares. This research takes a qualitative and data analysis approach, and found out the price, trading volume and returns on investment of TDRs coincide with those previous academic viewpoints. It is also found that the news release of the TDR issuing at the original markets usually has positive impact on the price movements of its original shares. With reasonable PE ratio, high liquidity, and clustered high-tech companies, the well developed Taiwan capital market has great attraction to foreign enterprises seeking for secondary listing abroad, especially for those companies with similar scale as Taiwan’s listing companies.