大陸台商於國內上市(櫃)可行性研究-以台灣資本市場為例

Abstract

自1987年政府開放海峽兩岸民間交流以來，兩岸之間的經貿活動往來已持續十六年之久，期間已有許多台商前往中國大陸投資與發展。企業經營需資金以支應其創業之目的，待其規模持續擴大，恐需要更多的資金以增加其產能或擴充其業務規模，這時，由少數的股東或創業者提供的資金有限，企業追求成長及營運規模擴充而產生至證券市場掛牌上市之需求，大陸台商在其經營有成之際，為落實永續經營之基礎，實有上市之必要性。台灣股市資金充沛是全球公認的事實，在亞洲股市中，台灣股市的本益比相對新加坡及香港都高，從資金成本的角度觀之，則意味著較低的資金權益成本；資金的供給量大，且資金成本亦較低，自然使台灣股市較有利於台商取得充沛且資金成本較低的資金，加上台灣與台商間又存在濃密的血緣關係，也促使台灣證券市場成為台商上市(櫃)籌資的優先考量地點。 在台無根之大陸台商，其回台上市(櫃)的方式，可分為發行台灣存託憑證(TDR)、投資控股公司、借殼上市、在台設立公司申請上市(櫃)及在台成立營運總部等方式，各方案均有其優劣點，必須根據個別企業之條件與需求，選擇最適當之方式以達成其回台掛牌的目的。依照國內目前上市(櫃)之相關法令，其實並無限制大陸台商回台上市(櫃)之規定，企業只要妥善進行其集團投資架構規劃，待符合國內申請上市(櫃)之條件後，即可向證券交易所及櫃檯買賣中心提出掛牌申請。惟對於大陸台商而言，真正的障礙卻存在於投資大陸上限及在台募集之資金不得投資大陸兩方面，不但大為降低了台商海外的投資能力，對於營運重心位於大陸之台商而言，無非是限制其發展的枷鎖，也影響了其返台掛牌的意願。 為提高台商回台上市(櫃)之意願，關於大陸投資限額比例則必須做適度之調整放寬，其實大陸投資已有總額限制，現行有關在台所募集之資金不得用於投資大陸之規範，以及海外募資限制兌回、轉換或償還期限長達一年，均存在調整的空間。台商回台上市(櫃)係建立台商與國內資本市場的鏈結，大陸台商原就是台灣的企業，回台掛牌可增加其對台灣的認同度，透過上市(櫃)公司公開資訊的揭露，也可以有效了解台商在大陸地區的營運狀況，台商於海外的盈餘，也可分紅於台灣的股東，形成資金的回流。整體而言，我國必須要提供一個高度自由化、市場化及制度健全的國際資本市場，企業來台上市能夠獲益，方能吸引台商回台上市。

Business activities between Taiwan and Mainland China have been continuing since Taiwanese government made go-slow policy in 1987. In those years, business moved to the Chinese mainland to find opportunities to invest and develop. Taiwan businessmen establish an enterprise in China requires initial capital. When the enterprise becomes bigger and bigger, it needs more capital to inject into for further extension such as increasing production capacities or marketing scales. Because the founders or shareholders of the enterprise often have limited resources financially, they can’t afford the extension in China by only investing their own money. Therefore, to bring the enterprise to a listed company on stock market is needed. Taiwan stock market is known as one of the most activities capital market in the world. Comparing to Singapore or Hong Kong, the average P/E ratio of Taiwan Stock market is higher. It means the Taiwan-based enterprise in China can raise funds with lower cost from Taiwan Stock market. In addition, Taiwan is the mother country for the Taiwan businessmen in Midland China. When the enterprise wants to obtain capital funding, Taiwan Stock market is the first priority the businessmen will think of. The recommended ways for the Taiwan-based enterprise in China to raise funds in Taiwan Stock market are issuing Taiwan Depository Receipt (TDR), establishing an Investment Holding Company, reversed takeover with a listed company in Taiwan Stock market, registering as a Taiwan company, and setting up headquarter in Taiwan. The manager of the enterprise has to analyze each way, advantages and disadvantages, very carefully, and find the best and suitable way to implement. According to the regulations of IPO in Taiwan, there is no restriction for the Taiwan-based enterprise in China that plans to IPO in Taiwan Stock market. The enterprise follows the IPO requirements and can apply for an IPO. However, the difficult parts for those Taiwan businessmen in China to launch their enterprises as an IPO company in Taiwan are (1) the limitation of investment quota in China and (2) the fund raising from Taiwan can not be used in China. Encouraging the Taiwan-based enterprise to launch IPO in Taiwan, government immediately reviews, amends, and relaxes restrictions on capital investment on the Chinese mainland. As a listed company on Taiwan Stock market, an enterprise can build its connection between enterprise and Taiwan capital market, disclosure the performance in China, and share profit from China to its shareholders. In conclusion, to meet current trends in the international capital market, Taiwan government must provide a highly liberalized, efficient, and systemized capital market to attract the Taiwan-based enterprise in China to launch IPO in Taiwan Stock market