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標題: | 兩岸補教產業IPO之比較研究-以大陸培訓產業上市進行台灣上市策略研究 On IPO Strategies of Cram Schools in China and Taiwan |
作者: | Hung-Liang Chen 陳鴻樑 |
指導教授: | 林世銘 |
關鍵字: | 補教業,首次公開募股,教育科技,新三版,海外上市, Supplementary education,Initial public offering (IPO),Educational Technology,New over-the-counter market,Over-seas listing, |
出版年 : | 2017 |
學位: | 碩士 |
摘要: | 自行政院於1983年核定「創業投資事業管理規則」後,臺灣許多產業掀起IOP風潮,然而補教產業卻鮮少上市上櫃成功案例,至今僅有志光補習班借殼上市、三貝德興櫃,以及陳立補習班借殼上市;反觀中國大陸卻有許多培訓產業,積極於海外以及國內上市,本文經由比較臺灣與大陸補教產業IPO之模式,瞭解兩岸補教及培訓產業在海內外上市時所遭遇的問題及成功的經驗,藉以提供未來臺灣政府修改補教業IPO法規之參考方向,並給予想要IPO的台灣補教業者有關的參考的策略和建議。
本研究發現,就臺灣補教業無法直接IPO,存在下列問題: 1.臺灣政府主管機關的問題:主管機關管轄權責不清,且並未如同大陸政府一樣積極促進培訓產業的發展,導致補教業者普遍不熟悉IPO法規,因而增加臺灣補教業IPO的困難度。 2.臺灣補教業的內部問題:臺灣補教業分散林立,多數補習班內部股權分散、公司規模不大甚至設立時並非附設在公司之下,大部分補教產業負責人也以傳統經營思維,認為沒有IPO的必要且不願意將補習班的財務公開。 3.臺灣無法學習大陸培訓產業海外IPO的經驗:大陸培訓產業原與臺灣類似,因國內法規及產業特色因素,而無法在國內IPO,並採用VIE方式轉往美國證交市場IPO,卻鍛羽而歸。 4.臺灣可效法大陸培訓產業以教育科技方式在新三板上市之經驗:在大陸政府的法規修正及產業政策激勵下,大陸培訓產業紛紛以創新教育科技的方式,在條件較不嚴苛的新三板上市。 Since Taiwan Executive Yuan approved 'the Regulation Governing Venture Capital Investment Enterprises' in 1983, a trend of initial public offering (IPO) has emerged in many industries but not in the industry of supplementary education institutions (cram schools). Up to now, there are only three cram schools, Chih-Kuang cram school and Chen-li cram school were back door listing at over-the-counter market (Tapei Exchange) and Samebest listed at the Emerging Stock Market. On the other hand, the numbers of supplementary education institutions in China listed in the over-the-counter (OTC) market or stock exchange market has been increasing every year. The study investigated the IPO activities of supplementary education institutions in China and Taiwan to understand the challenge of IPO at home and abroad. We wish this study could be a reference for Taiwan government to modify the IPO regulations for supplementary education institutions. And this study proposed some strategies and suggestions. The following four findings emerged from the results of the study: 1. The challenge of authority of Taiwan government: The powers and responsibilities are unclear between authorities. And they are not positively to promote the supplementary education institutions. Most supplementary education institutions are unfamiliar to IPO regulations, which makes the IPO process more difficult. 2. The challenge of internal issues of Taiwan supplementary education institutions: The supplementary education institutions with the intention to make an IPO in Taiwan might face problems such the Financial Supervisory Commission and stock diversification. 3. Taiwan supplementary education institutions can not totally copy the foreign IPO experience from China. Many China supplementary education institutions IPO in the United States by VIE mode and get a failure result. 4. While the IPO process for supplementary education institutions in Taiwan is still under strict regulations, IPO experiences domestically from those in China might serve as a good reference for discussion. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/77943 |
DOI: | 10.6342/NTU201702159 |
全文授權: | 有償授權 |
顯示於系所單位: | 會計與管理決策組 |
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ntu-106-P03744003-1.pdf 目前未授權公開取用 | 1.89 MB | Adobe PDF |
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