外國企業(臺商)來臺第二上市發行臺灣存託憑證(TDR)之探討

Abstract

資本市場可以代表一國經濟的櫥窗。近年來，政府為提升臺灣證券市場國際化程度與規模，積極推動臺商或海外企業來臺掛牌上市。在過去20年間，因兩岸之間的經貿活動關係密切，許多臺商前往中國大陸投資與發展，進而促使臺商企業選擇海外上市，其中以在香港及新加坡上市家數居多。臺商企業在選擇海外上市時，一般都偏好華人地區，同時考量資本市場流動性及降低資金募集成本、提高企業知名度以及政府對於企業投資大陸相關政策與法令之限制等因素；故近年政府因應時勢放寬相關法令，積極推動並採「政策大鬆綁」，以吸引臺商鮭魚返鄉潮流，鼓勵這些已在海外掛牌之臺商回臺第二上市，促使臺灣存託憑證(TDR)蔚為海外已上市之企業的最佳籌資管道。 本研究旨在透過三家具指標性與代表性意義之重量級TDR個案企業，探討其選擇回臺發行TDR之因素，及其發行後之相關響應情形，而其中在中國發展開花結果的旺旺集團於2009年4月28日拔得頭籌搶先回臺發行TDR，這是馬政府呼籲臺商返鄉的首案，爾後大型臺商或外國企業如巨騰國際、康師傅、歐聖、超級咖啡、揚子江船業、神州數碼等陸續來臺發行TDR，至2011年底已有30餘檔上市、櫃TDR。故政府所做的法令鬆綁及臺灣資本市場競爭力的宣導，以TDR的表現初步應可提升臺灣資本市場的吸引力，尚能切合臺商的需求，創造合宜的資本市場環境吸引臺商甚至外國企業來臺掛牌，進而達成擴大臺灣資本市場規模與提升國際化程度。 在經由蒐集相關文獻、期刊、官方資料及個案公司實證探討後，發現TDR發展過程中遇到一些共同的問題，擬藉由找出目前TDR法令及制度上尚有遺漏未解決之問題，並嘗試提供相關建議；另因爾必達TDR掛牌一年多即面臨下市，在保護投資人權益方面，試圖提供TDR資本市場法令及制度面未來方向之參考，最後綜合分析並歸納出結論與建議。

Capital market is regarded as a window of a country’s economy. In recent years, Taiwan’s government has promoted listing in overseas for Taiwanese enterprises or foreign enterprises to list in Taiwan Stock Exchange in order to extend Taiwan Stock market to become a more global market. In the last two decades, more economic activities and trades between Taiwan and Mainland China had developed constantly and closely. Many Taiwanese enterprises made their investment in Mainland China, and raised their most funds in overseas markets, mostly in Hong Kong and Singapore. Taiwanese enterprises have an identical preference to choose their IPO in the Chinese-oriented regions. The major considerations of raising funds in overseas markets for Taiwanese enterprises include the capital market liquidity, lower costs of raising capital, promoting enterprises popularity, and the restrictions by the law or government’s policy on private investments in Mainland China. To accommodate the changes in global economy, Ma’s administration implemented deregulations greatly on Taiwanese enterprises’ capital, to encourage enterprises secondary exchange- listing in Taiwan stock market. Thus the TDR (Taiwan Depositary Receipt) became a convenient financing channel for Taiwanese enterprises.

By using the three case studies as typical Mainland Taiwanese enterprises issuing TDR in Taiwan, the purpose of this research is to investigate the reasons why they issue TDR and the relevant responses to capital market after their TDRs were issued. Want-Want China, denoted as a successful Taiwanese firm in Mainland China, is the pioneer company which first issued TDR in April 28, 2009, and the first successful case for Ma’s administration encouraged Taiwanese enterprises listing in Taiwan stock market. Many other Taiwanese enterprises also followed to issue TDR, including Ju-Teng International, Tingyi (Cayman Islands) Holding Corp., Oceanus group, Super group, Yangzijiang Shipbuilding, and Digital China. By the end of December 2011, more than 30 foreign enterprises have been listed on TWSE (Taiwan Stock Exchange) and GTSM (GreTai Securities Market). After the deregulation policy and the promotions of Taiwan stock market competitiveness, the success of issuing TDR indicates that the Taiwanese capital market has significantly attracted companies originating from Taiwan and also number of foreign enterprises to expand the scale and enhance the globalization of Taiwan stock market.

Through literature reviews, collecting official data, and making interviews of the three mentioned case studies, some similar problems in the TDR developing period are found. Discussions and suggestions on present rules and policies of TDR has been presented in the context. In addition, from the Elpida TDR case, try to make some suggestions for future policy design of TDR for protecting Taiwanese investors. Finally, try to make some conclusions and suggestions from the research regarding TDR.