美國公司來台IPO 組織重組之研究- 以F 公司為例

Abstract

近年來政府大力推動台灣資本市場國際化，開放並鼓勵外國公司來台上市櫃，期能促進外國企業與台灣市場緊密連結、滿足投資人多元化需求、提昇資本市場國際化與競爭力。過去台灣高科技產業發展的成功，其中一個重要因素為有效整合新竹科學園區與在美的台籍或華人圈人士、美國網絡關係(尤其位於美國矽谷)及大陸地區的生產製造資源。外國公司來台上市櫃，提供此類美國高科技公司一個額外的籌資管道，更可減少創業投資機構進行投資時無法儘快實現獲利的困擾。此外，美國公司來台上市櫃掛牌，不但能促進台灣與美國產業界進一步密切聯繫以促進台灣產業升級，立足台灣，進一步運用大陸的資源，強化企業未來的競爭力!

美國企業，有別於台灣本土企業，其平時適用的法令、會計準則，稅務、內部控制及公司治理等，皆與台灣本土企業大不相同，尤其在IPO集團重組過程，將立即面臨各方面的法令、稅務、財務報表、公司治理規劃等問題。本研究旨在於配合台灣證券主管機關發展台灣資本市場之企圖，建構有別於美國、大陸、香港、新加坡等一個具備台灣及華人特色的資本市場，以研究美國公司來台IPO重組問題為主題，提供其他美國公司來台IPO之參考，使台灣提昇成為高科技及創新產業的籌資平台，進一步促成美國矽谷、台灣新竹科學園區與大陸這三個產業聚落彼此之間的資源更有效整合，促進新興科技產業發展。

In recently years, Taiwan Government has been pursuing the internationalization of capital markets by encouraging the foreign companies to go to Taiwan for listing, hoping to promote foreign companies further linked with the Taiwan capital market, to meet the needs of investors and to enhance capital market competitiveness. One of the most important factors contributing the successful development of Taiwan high-tech industry was the cooperation between the Hsinchu Science-based Park and Taiwanese/Chinese high-tech companies in the U.S. (especially in Silicon Valley ), and the utilization of economical manufacturing resources in Mainland China. To go listing in Taiwan for foreign companies located in the U.S., provides them with an additional source for financing. This also helps the venture capital investors to accelerate the realization of the investment gains. Moreover, the U.S. companies going to Taiwan for listing not only facilitate the close cooperation of the high-tech industries between Taiwan and the U.S. for the further industry development in Taiwan, but give companies a stable and strong base in Taiwan to seek for the utilization of Mainland China's manufacturing resources to enhance the enterprises' competitiveness!

Unlike Taiwanese companies, U.S. companies adopt different laws, accounting standards, taxation, internal controls and corporate governance rules and practices. Once commencing Taiwan IPO procedures, the U.S. companies will encounter the issues of regulations, taxes, financial statements and reporting, corporate governance, especially the IPO restructure process. The purpose of the IPO Restructure Study for U.S. Companies Going to Taiwan for Listing is aligned with Taiwan Government's vision to develop the capital market into an unique one, unlike that of the United States, China, Hong Kong, Singapore by attracting more U.S. companies going to Taiwan for IPO. Such a strategy would further make Taiwan a funding platform of the high-tech and innovation companies and further contribute to close industry cooperation between the Silicon Valley, Hsinchu Science Park in Taiwan and the Mainland China for the development of industry.