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Title: | 外國企業來台上市有價證券之研究 A Study on the Securities Listing of Foreign Issuers in Taiwan |
Authors: | Chien-Yu Chen 陳建妤 |
Advisor: | 謝德宗 |
Keyword: | 外國企業來台上市,第一上市,第二上市,臺灣存託憑證,周轉率,資訊揭露,投資人權益保障, F,TDR,Taiwan Depositary Receipt,Foreign Enterprises Listing in Taiwan,Protect the Interests of Investors,Turnover,Information Disclosure, |
Publication Year : | 2013 |
Degree: | 碩士 |
Abstract: | 企業全球擴展,利用海外營運地就近上市籌資相當普遍,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、流動性高等特色,在鄰近區域相當具有競爭優勢。政府積極推動外國企業來台上市,多檔TDR上市掛牌後,股價即大幅重挫,反觀F股,上市家數逐年增加,總市值、成交金額、成交量、成交筆數各方面相較於TDR,表現明顯較佳。
對投資人而言,同樣是投資外國企業來台上市之股票,何以獲利情況會有截然不同結果,而且TDR業已通過原上市地審核標準,按理財務狀況、組織、規模各方面條件應優於F股,然而在台灣股市,股價、成交質量卻居劣勢。是以本研究針對兩者在制度上、本質上與實際運作等議題,分別探討兩者存在何種差異。 雖然爾必達事件爆發後,金管會及證交所檢視外國企業來台上市制度並修法補強,但不免仍有「跨海求償不易」、「資訊揭露過於簡略」、「募資後,匯出海外金額龐大」等面向,尚待積極改善與強化監理,政府應透過合作備忘錄之簽訂,降低海外求償風險、追查資金用途及去向、補救資訊揭露過於簡略缺陷。另外,落實中介機構功能,強化證券承銷商保薦責任,及研擬國際財產追償制度,亦能救海外求償之窮。 為保障投資人權益甚至維護經濟秩序,研擬周全制度當屬重要課題,如何在鬆綁政策、提升良好的籌資及投資環境之同時,亦兼顧投資人權益保障而嚴格控管,亦考驗著政府智慧。 In order to expand globally, it is common that companies raise capital where their overseas operation sites located. Taiwan capital markets mature with capital flushing, high degree of internationalization, reasonable PE ratio and high mobility characteristics. Within the neighboring region there are full of competitive advantages. Government actively promotes foreign enterprises to list in Taiwan, the prices of TDR tumbled sharply while those on F units, number of listed firms is increasing, market capitalisation, turnover, number of transactions performed significantly better. TDR has been through public auditing standards thus the financial status, size of organization, the conditions should be better than the F units, however stock prices and quality are bad. This study will focus on essential and operational differences. Although, Elpida event outbroke , Financial Supervisory Commission and Taiwan Stock Exchange review foreign enterprise listing system and law . But there are still issues about 'aoverseas-claim is uneasy', 'information revealed is too briefly', and 'raised funding , export overseas amount large' need to be improved . Government should sign MOU to reduce the risk on overseas claims , trace the use and went of funds and prevent the information revealed too briefly . In addition, the implementation of the Agency's functions, strengthen the securities underwriter sponsor responsibility, and recovery international property, it can also reduce the defect of overseas claims. To protect the interests of investors or to maintain the economic order, developing comprehensive system is an important issue. How to deregulate policies, promote good financing and investment environment at the same time, tests the intelligence of Government. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/58920 |
Fulltext Rights: | 有償授權 |
Appears in Collections: | 經濟學系 |
Files in This Item:
File | Size | Format | |
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ntu-102-1.pdf Restricted Access | 1.21 MB | Adobe PDF |
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