| dc.contributor.advisor | 劉玉珍 | zh_TW |
| dc.contributor.advisor | Liu, Jane | en_US |
| dc.contributor.author (Authors) | 許雅鈞 | zh_TW |
| dc.contributor.author (Authors) | Hsu, Ya Chun | en_US |
| dc.creator (作者) | 許雅鈞 | zh_TW |
| dc.creator (作者) | Hsu, Ya Chun | en_US |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 17-Sep-2009 19:20:48 (UTC+8) | - |
| dc.date.available | 17-Sep-2009 19:20:48 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-Sep-2009 19:20:48 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0094357022 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34069 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 94357022 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | 自2002年以來，台商企業因法令設有投資大陸40%上限，以及租稅制度相對較不優惠等因素，遂轉赴香港新加坡等海外市場上市以求繞開政策上的限制，從資本市場直接籌資。國內企業出現一波朝外的推力，遂因此導致我國近年來上市公司家數成長遲緩的現象。本研究係從學術理論出發，以市場分割假說、法律約束假說、投資人認可假說、流動性假說該四個構面探討企業海外掛牌的動機，並以台灣資本市場作為個案，審慎分析與評估企業跨國上市後的股票交易量流向。最後，分別從主管當局、證券交易所及櫃買中心就其所應扮演的角色，提出未來努力方向，期望能提供台灣資本市場扭轉劣勢、提昇競爭力的根本之道，使台灣成為一個具有區域競爭力的高流動性的資本市場。建議主管當局積極營造一個更開放、交易成本更低廉的資本市場，提昇自身的投資環境、降低法規障礙。建議交易所與櫃買中心未來可從監理的角色轉變成純粹提供「流動性」服務的公司，將市場監理的機制，交由第三者來負責。交易所與櫃買中心則專注於提供低成本、高流動性的服務。證券交易所之間的策略聯盟亦是未來發展的重要策略。 | zh_TW |
| dc.description.abstract (摘要) | Since 2002, Taiwanese companies have been restricted by the law of inverstment upper limit 40%. Moreover, the tax regime in Taiwan is less favorable for companies. When choosing where to list, instead of staying in Taiwan, a lot of Taiwanese companies started to pick other markets such as Hong Kong to avoid the inverstment restriction and raise fund directly from Mainland China. This results in the outwards power, making the number of the companies which newly listed in Taiwan stock market decrease. This paper starts from four academic theories: market segmentation hypothesis, legal bonding hypothesis, investor recognition hypothesis, and liquidity hypothesis, to discuss the motivations behind the cross-listing decision made by companies. Furthermore, taking the capital market of Taiwan as a case study, this paper analyses and evaluates the trading volume after cross-listing thoroughly.At last, this paper provides several suggestions for Taiwanese government, TSEC and OTC respectly; hopely those can make the capital market of Taiwan much more competitive and of higher liquidity. We suggest that the authority should try to build a market with less restrictions and lower trading costs, improve the investiment environment, and remove the legal barriers. In the other hand, we suggest TSEC and OTC might outsource their monitoring function to another independent party in the future, and transform into companies simply provide the good: “liquidity”. Thus, they can focus on providing lower cost of liquidity. The strategic alliance between exchanges is also an important stratedy. | en_US |
| dc.description.tableofcontents | 第一章 緒論．．．．．．．．．．．．．．．．．．．．． 1 第一節 研究背景．．．．．．．．．．．．．．．．． 1 第二節 研究動機．．．．．．．．．．．．．．．．． 3 第三節 研究問題與研究目的．．．．．．．．．．．． 4 第四節 研究架構．．．．．．．．．．． 4第二章 企業跨國掛牌的動機與決策因子分析 ．．．．． 6 第一節 哪些企業傾向於海外上市？．．．． 6 第二節 為何企業選擇全球上市與籌資？．．．．． 7 第三節 企業偏好在哪些股市上市？．．．． 30 第四節 小結．．．．．．． 33第三章 交易量可能流向與決定因子 ． 35 第一節 交易量外移至海外新市場．．．．．．．．． 35 第二節 資金回流至企業母國市場．．．．．．．．．．．38 第三節 母國市場與掛牌市場的雙贏局面 39 第四節 決定交易地點的重要因子．．．．．．．． 40 第四章 以台灣為個案：分析與討論．． 45 第一節 亞洲證券市場比較．．．．．．．．．．．． 45 第二節 分析台灣企業海外掛牌之成因 ．．． 49 第三節 評估企業跨國掛牌對台灣市場影響及續後交易量流向 57 第四節 企業擇時發行新證券 61 第五節 政策上之涵義 63第五章 結論與建議 69 第一節 研究結論．．．．．．．．．．．． 69 第二節 研究建議．．．．．．．．．．．． 70 第二節 研究限制．．．．． 71 參考文獻．．．．．．．．．．．．． 72 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0094357022 | en_US |
| dc.subject (關鍵詞) | 跨國掛牌 | zh_TW |
| dc.subject (關鍵詞) | 跨國上市 | zh_TW |
| dc.subject (關鍵詞) | 籌資地點選擇 | zh_TW |
| dc.subject (關鍵詞) | 流動性 | zh_TW |
| dc.subject (關鍵詞) | 投資限制 | zh_TW |
| dc.title (題名) | 企業跨國掛牌研究－以台灣市場為個案 | zh_TW |
| dc.type (資料類型) | thesis | en |
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