台資企業選擇上市地點問題之探討

Abstract

台資企業(以下簡稱台商)營運初期運用自己資金負擔初期的建廠與營運資金，從小企業一路成長，但隨著公司成長發展過程，企業必須開始思考如何走入下一個成長階段，未來五年或十年的經營規劃，比如擴建廠房、增加產能、從製造業轉型、併購同業或整合上下游、吸引人才、及企業永續經營等，這些都需要充沛的資金來支持。企業為了自身發展需求及創造股東最大財富，必須選擇適合之資本市場來籌資。

台商籌資歷過程，歷經了早期台灣股市的蓬勃發展，到後來有些企業出走香港、新加坡股市籌資，到2009年隨著政經情勢轉好又回流到台灣。過去在台灣由於法令限制、市場現不佳、國際能見度不夠、經濟不前等因素考量之下，許多績優台商在募集資金時，基於自身發展需求及目的不同，台灣股市並非唯一選擇，台商可能選擇了香港市場、新加坡市場或美國來掛牌，本篇論文選擇台灣、香港及大陸深、滬等股市，透過對兩岸三地資本市場的比較，來了解台商在選擇資本市場時，該考量之因素及何市場為適合企業當時情況掛牌之最佳選擇。

以高科技為主或中小型的企業選擇在台掛牌較有利；要在國際市場創造知名度，服務業或較大型的企業在香港市場會較有競爭力；基礎工業或以拓展大陸內需為主要市場的行業，在大陸上市的利益與附加價值會超過台灣。未來想掛牌的企業不但有台灣、香港、深、滬四股市可以選擇，即使已在其中一地掛牌，仍可選擇至其他市場第二上市。一但香港與大陸市場未來也開放外資發行DR，台灣上市公司未來可以到大陸發行DR，香港、大陸上市公司也可以到台灣發行TDR。台商在選擇上市地點時，因上市目的不一樣，兩岸三地資本市場所偏好的產業也不相同，應考慮該資本市場對該產業的認同程度，已成功上市且與自身行業、規模、屬性相同的公司，找出可行的路徑，再考慮投入時間及成本。籌資是一長遠的規劃，企業可以先做出滿足兩岸三地大陸上市要求的模式，在送件前再視當時狀況評估，選擇最適合之市場，做出對企業最大利益的選擇。

Taiwan corporates in their start-up stage use company's own equity for the initial setups and for operation capital. As the company grow, Management needs to begin to think about the long-term planning for the next five to ten years. It needs to consider things such as factory expansion, additional production capacity, integration, whether it be horizontal, vertical or conglomerate, and maybe even talent hunting, all for the purpose of maintaining competitive and as a going-concern. These expenditures are known as capital expenditures (CAPEX), and having sufficient fuding is vital. Corporations, for its growth needs and to maximize shareholder's equity, must seek an appropriate market to go public in order to maximize the capitals to-be raised.

Corporations in Taiwan experienced the rapid growth of the stock market in the early stage and many seek other markets such as Hong Kong and Singapore in the later stage. Up until 2009, with the political environment of Taiwan stablizing, many Taiwanese corporations turn its focus back to home. In the past, the legal environment, poor perrformance of the stock market, low international exposure, and slow growing economy made the home market less preferable for Taiwanese companies to offer their companies public. Many Taiwanese corporations may choose Hong Kong, Singapore or even the United States over its home market. The focus of this paper is to discuss the factors affecting Taiwanese corporations in the selection of capital market for their public offerings. The markets under discussion include Taiwan, Hong Kong, Shenzhen and Shanghai.

The choice of available market for corporations who wish to take their company public is abundant. Not only can they choose between Taiwan, Hong Kong, Shenzhen and Shanghai, they can go for a second round public offering in any market among the four, except where they had their initial public offering. If the company had their initial public offering in Hong Kong, it can choose between Taiwan, Shenzhen and Shanghai to have a second round public offering. In the future, when Hong Kong and China become available for foreign companies to issue Depository Receipt (DR), Taiwanese corporations can issue DR in China and Hong Kong. And public companies in Hong Kong and China can issue Taiwan Depository Receipt in Taiwan. Taiwanese companies need to consider the purpose of going public, capital market's industry preference, historical successful cases of similar industry, and structure when determining the appropriate capital market to offer itself to the public. Time and cost are other factors that also need to be included in the decision making. Captial raising is a long-term plan. Companies can first fulfill the public offering capital structure requirement of the four markets then assess the market condition for the most appropriate market to offer itself to the public in order to maximiaze the benefits for the corporation.