政策大鬆綁對大陸台商企業回台上市影響之研究

Abstract

海外台商企業以大陸台商佔最大多數約十萬家，台商企業「回台上市」議題討論多年，相關報告及論文著述甚多，包括趨勢潮流分析、籌資環境研究、掛牌市場選擇、可行性研究、上市模式探討、規劃研究、問題研究、解決方案、用CEPA方式、用控股公司等等，都有人涉獵研究，總而言之共同的結論就是「回台上市」，因此該是身體力行劍及履及的時候，毋須再多做研究與評估，重要的是政府法令如何鬆綁，大陸台商企業如何因應規劃，以及如何營造繁榮的資本市場環境。 2008年5月馬英九政府上台後，積極推動並政策大鬆綁，提出若干誘人優惠措施，政府官員也成立專案小組，至海外開辦研討會遊說台商，若干重量級大陸台商如富士康、中國旺旺亦善意回應，東莞台商協會20家台商，表達計劃回台上市或於台灣發行存託憑證(TDR)。然而政府的這些政策及措施是否契合台商所須，能否解除疑慮放心「鮭魚回流」及「鳳還巢」呢？是本研究想探討的問題，也冀望經由探討及研究過程，評估對海外台商尤其是大陸台商實質之效益何在，並找出目前政府尚有遺漏之關鍵政策及措施。 政策鬆綁及各項優惠措施，終究敵不過外在經濟大環境，經濟不景氣，投資意願低迷，資本市場自然不活絡，本益比就低。2008年第4季全球金融風暴，造成經濟負成長股市下跌，是否會中斷回台上市意願與計劃？政府是否持續下猛藥，2009年繼續推出那些新政策及優惠措施？展開那些推廣活動，效果及回應又是如何？大陸及香港經濟及股市狀況對台商回台上市之影響又是如何？ 最後政策鬆綁畢竟會觸動兩岸政治的敏感神經，尤其是伴隨鬆綁之後的大三通大和解，以及兩岸關稅貿易之談判ECFA等，政治的操作與批評，將嚴格考驗政府繁榮資本市場及政策鬆綁的決心，結果如何呢？也是本文想要觀察研究的重要。

The overseas Taiwanese businessman enterprise occupies most majority 100,000 by the Mainland China, the subject “returns to Taiwan IPO” was to discuss approximately many years, related report and paper writings very many, including tendency tidal current analysis, fund raising environmental research, license market choice, feasibility study, IPO pattern discussion, plan research, question research, solution, with CEPA way, with Holding company etc. some people browses the research. In brief, the common conclusion is “returns to Taiwan IPO”, therefore should be execute, does not need to do the research and the appraisal any more, just do it. The most important is, does the government law deregulate, Mainland Taiwanese businessman enterprise how in accordance to do the plan, how as well as build the prosperous capital market environment. After in May, 2008 the President Ma’s government comes on stage, impels and the policy positively deregulates greatly, proposed that certain attractive preferential measure, the government official also be established special task force, sets up the seminar to the overseas to solicit support the Taiwanese businessman, certain heavyweight Mainland Taiwanese businessman like Foxconn, Want-Want also good intentions respond, the Dongguan Taiwanese businessman Association 20 Taiwanese businessmen, the expression plan the Taiwan IPO or issue TDR. However government's these policies and can the measure whether agreeing with Taiwanese businessman, whether relieve the anxiety to feel relieved that “salmon backflow” and “phoenix returns the nest” ? Is question which this research wants to discuss, also hoped that by way of the discussion and the research process, appraises to benefit of the overseas Taiwanese businessman in particular Mainland Taiwanese businessman essence what, and discovered the present government still to have key of policy and the measure the omission. The policy deregulates and each preferential measure, cannot stand off the external economical environment eventually, the economy is not booming, investment wish murky, the capital market is not naturally detachable, this profit compares lowers. In 2008 Q4 whole world financial crisis, creates the economical negative growth stock market to fall, whether to interrupt the Taiwan IPO wish and the plan? Whether under the government does continue the potent drug, in 2009 continues to promote these new policies and the preferential measure? Launches these outreach activities, how the effect and the response is? How the Mainland and does Hong Kong economy and the stock market condition return to Taiwan to the Taiwanese businessman influence of the IPO? Finally the policy deregulate will touch both sides politics after all the sensitive nerve, after in particular will follow will deregulate the "traffic、trade & peace" as well as both sides customs duty trade will negotiate ECFA and so on, the political operation and the criticism, will deregulate the determination the rigid testing government prosperous capital market and the policy, how the result? Is also this article wants the observational study importantly.