兩岸簽訂經濟合作架構協議(ECFA)後，對台灣承銷商的影響與策略

Abstract

民國2010 年6 月29 日兩岸簽訂ECFA，並於2010 年9 月12 日生效，ECFA 的簽訂引發了業界的期待與相關投資案的推動，作為承銷從業人員，更為關切ECFA 簽訂後兩岸承銷市場的走向與未來經濟發展。因此本研究透過質性資料的蒐集，分析兩岸承銷商發展歷史與市場現況，對照CEPA開放經驗，針對兩岸簽訂ECFA後，對台灣承銷商的影響與策略進行擬定。儘管台灣的承銷商目前面臨法令尚未 放寬，但是兩岸承銷商為突破現況開始進行交流與互動，因此本研究提出3 項建議。分別為1.由政府積極爭取類似CEPA 逐年簽訂的「補充協定」方式，逐年開放兩岸市場；2.持續尋找適當的中國券商合作，以熟稔其市場與承銷方式，並加強優勢業務之分工模式；3.活化台灣券商中國代表處功能，進行港交所上市或回台第一或第二上市之中介角色。

Economic Cooperation Framework Agreement (ECFA) was signed by the Taiwan strait on June 12,2010, and was entered into force on September 12, 2010. ECFA led to expectations of investment proposals in the financial market , and also pushed them to be carried out. As a related employment of underwriter, I concern more about the future of primary stock market between Taiwan Strait since ECFA was signed. This research uses qualitative research method and analyzes the development of underwriters in primary stock market of Taiwan Strait. Besides, it compares with open the experience of CEPA and adopts a strategy to analyze the influence caused by ECFA to underwriters in Taiwan. Although the financial market in Taiwan is ¬¬still prohibited, but underwriters in Taiwan start to corporate with each other in privacy. According to this research, we can provide three suggestions. First of all, Taiwan’s government should take the initiative to sign supplementary agreement like CEPA of Hong Kong to open underwriter market gradually. Second, Taiwan’s underwriters should choose suitable underwriters in China to cooperate with. Finally, we must strengthen the function of Taiwan’s representative office in China and take the initiative to play an intermediary role to help Taiwanese businessmen apply primary and secondary listing of securities in Taiwan.