企業選擇台灣或美國NASDAQ上市之研究

Abstract

湯馬斯•佛里曼說：「世界是平的，把握這個趨勢，21世紀才有競爭力」，企業為求公司永續成長與發展，國際資源的整合使用及海外營運策略的佈局，已成為維持公司營運規模不可或缺之要素，而海外上市為達成此目標方式之一。

本研究中，透過文獻整理，彙整現行研究對企業赴海外上市的動機及選擇海外上市地點考量因素探討，並對台灣及NASDAQ的證券市場進行比較分析，且透過個案訪談，交叉分析企業赴海外上市的動機及選擇海外上市地點考量因素等決策因素。

透過本研究發現，企業赴海外上市之動因主要考慮股票本益比表現，使股東權益最大化；另為使企業永續經營下，對企業之財務業務有正面幫助，多元化的籌資來源、增加國際知名度及有利從事營運上購併活動，亦是考量的因素等。

而企業選擇海外國際資本市場時，對國際資本市場的熟悉度、法律及制度面仍會審慎衡量，上市後面對主管機關之規範及資訊揭露程度也是其考量的重點。但是，最大影響因素仍在於發行公司需以自身策略發展方向及成本與效益的權衡來決定適合之海外上市地點，以避免國際資本市場有時變化快速時，或相關風險產生時，影響公司原本之策略營運規劃。

For its surrivability, an enterprise needs to integrate international resources and build up a strategy of overseas operations. Listing on a foreign capital market has become one of the methods to integrate financial resources.

Through this research, the motive for companies to list in a foreign stock exchange includes (a) to maximize the stockholders equity by having a better Price Earnings Ratio in a foreign stock exchange, and (b) to improve the financial status and operations of the corporation by diversifying fundraising sources, improving international publicity and benefiting merger and acquisition activities.

When companies selecting foreign capital markets, their considerations include the familiarity of the market, the legal system in the market, and the required disclosure and related regulation after the company listed in the foreign stock exchange. Furthermore, the most important considerations are cost-benefit factor, and the strategy and direction of development of the company. Proper selection of a foreign stock market may minimize the effects of a fast-changing international capital market and other risk factors.