我國自2002年解除外資資格及投資額度之限制後，除少數特殊產業外，外資可以持有國內企業百分之百股權，而原本即活躍在亞洲各地之資金，開始「錢」進臺灣。此波沛然莫之能禦之錢潮，其氣勢可從以下之數字得知，根據花旗集團之研究報告顯示，至2006年10月止，國外直接投資匯入我國之金額累計達112億美元，約新台幣3600億元左右，比2005年的16.25億美元超出近6倍，這也是我國近二十年來的最高紀錄。 隨著外資投資我國資本市場的比重日益增加，近年來由於我國股價被低估及利率偏低等因素影響下，我國市場對外資(含私募基金)具有相當大之吸引力，故併購國內上市櫃公司之案例日趨增多，其中尤以私募基金凱雷集團於2006年11月宣佈擬收購國內最大封裝測試上市公司日月光，並準備於併購後自台灣證券交易所下市乙案曝光後，引發社會各界許多層面的討論。雖該案最終以破局收場，惟其典型之經營階層收購特質，對國內併購法制之適用，存在ㄧ定程度之衝擊，而其中，又以少數股東之權益得否受到公平合理之對待，為討論中的核心課題。 其實私募基金結合標的公司管理團隊進行管理階層收購在美國並非新聞，惟因美國上市公司之董事會，管理團隊佔董事席位比率低於四分之ㄧ，換言之，於管理階層收購程序中，標的公司有將近四分之三之外部董事或獨立董事，於併購決策與價格上為全體股東做出最有利之判斷。惟當管理階層收購到了國內，於上市公司之管理階層通常是大股東，掌握董事會之控制權下，標的公司少數股東之權益是否還得受到合理之保障？國內現行併購法規，從企業併購法、公司法乃至於臺灣證券交易所之上市規則，是否足以規範此種新型態之併購模式？如於現行公開收購制度下，少數股東於管理經營階層併購（MBO）程序中是否真能實質享有控制權溢酬？又現行公開收購關於資訊揭露之規範，是否足以規範管理經營階層併購（MBO）及融資併購（LBO）等態樣？少數股東應如何救濟？而於併購程序違反忠實義務之董事又應負何責任？現行上市公司之退場機制有無再行檢討之空間等問題，對少數股東權益之影響甚鉅，為深入探討此些疑問，乃筆者撰擬本篇論文之背景及目的。

本研究以中國大陸上市公司為研究對象，探討股票報酬與公司治理間之關係。此外，為了檢視中國大陸公司治理是否為股票市場上之系統風險，本研究採用學術上廣為使用之四因子模式（Carhart 1997）作為基本迴歸模型，藉由控制住影響大部分股票變異之四因子，純粹探討公司治理指標對於股票報酬之解釋能力。最後，本研究進一步比較各公司治理指標對於股票報酬變異之解釋力相對強弱為何。 實證結果發現： （1）國家股股東持股比率相對較高、董事會規模相對較大、董事長兼任總經 理之公司具有較高股票報酬；而機構法人持股比率相對較高、公眾股股東持股比率相對較高、獨立董事占董事會比率相對較高之公司則具有較低股票報酬。 （2）絕大部分公司治理指標對於超額股票報酬具有顯著影響力，本研究進而推論中國大陸公司治理為股票市場上之系統風險之一。然而，公司治理指標對於提升四因子模式解釋力之程度相當有限。 （3）在原本四因子模式中加入「國家股股東持股比率溢酬因子」、「獨立董 事占總董事人數溢酬因子」二公司治理指標，會比加入「公眾股股東持股比率溢酬因子」、「董事會規模溢酬因子」指標具有較佳之模式解釋力。而在模式中加入「公眾股股東持股比率溢酬因子」、「董事會規模溢酬因子」二公司治理指標又比「機構法人持股比率溢酬因子」指標具有較佳之模式解釋力。 / This study investigates the relation between corporate governance and stock returns in China’s listed companies. Additionally, I apply four-factor model (Carhart 1997) to examine whether China’s corporate governance mechanisms are systematic risks in stock market. At last, I compare the explanation power of excess returns among all corporate governance indexes. I find that: (1) Firms, with higher level of nation ownership, larger board size and dual roles of chairman and managing director, have higher returns; firms ,with higher level of legal person ownership, of public ownership, of independent directors’ ratio, have lower returns. (2) Most Corporate governance indexes have significant impacts on excess stock returns, so we infer that corporate governance in China is one of systematic risks in stock market. However, I also find that corporate governance indexes add few margin contributions to four-factor model. (3) Governance indexes of nation ownership and of independent directors’ ratio have more impact on stock returns than the index of public ownership and of board size. Meanwhile, index of public ownership and of board size have more impact on stock returns than the index of legal person ownership.

2015~2016年間台灣金融業發生許多重大新聞事件，隨著資訊科技普及，網路搜尋已成為大眾獲取資訊的重要管道。本文利用Google Trends關鍵字搜尋指數作為網路關注度的代理變數，進行與台灣上市金控公司股價報酬相關之研究。 本文使用三種研究方法進行探討，首先利用圖表式比對法，初步觀察異常搜尋指數與異常報酬出現時間之關聯性，結果並未發現搜尋指數與台灣上市金控股價報酬間有明顯且一致的關係；接著套用向量自我迴歸模型進行分析，然而14家台灣上市金控公司中，僅從兆豐金數據可發現前一期搜尋指數的異常變動量增加1%將使下一期異常報酬率下降約2.67%；最後參考相關文獻使用Fama Macbeth兩階段迴歸模型，結果發現平均而言搜尋指數的異常變動量每上升一個標準差會顯著影響兩週後股價的異常報酬率下降約0.17%，SVI對於股價報酬影響為負向符合本文研究動機與背景，且有相關文獻指出投資人對於壞消息的反應較慢，因此使股價報酬有延後反應的現象，但無法解釋兩週的反應時間，因此對於這樣的研究結果持保留的態度。 總結三種研究方法所得結果，本文認為網路關注度對於目前台灣上市金控公司股價的影響仍然有限。 / It’s unquiet for Taiwanese Financial industry between 2015 and 2016. There has been a lot of major news. With the popularity of information technology, Internet search has become an important channel for public access to information. Therefore, we use Search Volume Index (SVI) as a proxy for public online attention and conducts research related to the stock returns of listed financial holding companies in Taiwan. In this paper, three kinds of research methods are used. The first way is chart comparison method for preliminary data analysis. The results couldn’t show a clear and consistent relationship between SVI and stock returns. The second method is vector self-regression model. However, only Mega financial holding company’s result indicates abnormal search volume index(ASVI) increase 1% will decrease next week abnormal return by 2.67%. At last, we use Fama Macbeth two-stage regression model and find that on average 1 standard deviation increased in ASVI will decrease abnormal return by 0.17% after two weeks. The negative impact of SVI on the stock returns of financial holding companies is in line with the research motivation and background, and some relevant literatures prove that investors’ response to the bad news is slow, which leads to the delayed response of stock returns. However, the two weeks of reaction time for stock returns is unknown. In conclusion, this paper finds out that the impact of public online attention on share price of listed financial holding companies in Taiwan is still limited currently.

No description available.

自1970年代以後，匯率制度由「固定匯率制度」轉變為「浮動匯率制度」，貨幣政策由「利率管制誘導型」轉變為「貨幣供給量管制型」，而將利率交由市場決定。此種金融環境之變革，使企業為規避匯率及利率風險之風險，發展出許多新金融工具，「衍生性金融商品」乃應運而生。目前，衍生性金融商品在國際金融市場上扮演著不可或缺之角色。由於衍生性金融商品具有高槓桿及高風險的特性，利用衍生性金融商品固可達到交易、籌資、避險之目的，但若操作不當，其引起的損失亦不容輕忽。故操作衍生性金融商品時，應注意其相關之內部控制制度。本研究與瞭解企業操作衍生性金融商品之概況與內部控制情形，並進一步對其內部控制制度提出具體建議。研究方法以問卷調查台灣地區87年度操作衍生性金融商品之非金融業上市公司，樣本數為141份，回收67份，回收率為47.5%。 　　就操作概況而言，企業規模越大，操作衍生性金融商品之種類越多樣化，操作目的也趨向避險與非避險交互運用，此外，操作年數也越長。就內部控制情形而言，企業操作衍生性金融商品之控制環境、風險評估與控制活動、資訊與溝通及監督不會因產業別、資產總額、營業收入淨額、資本型態、對外投資狀況與國外貿易狀況之不同而有太大的差異。但在風險評估與控制活動方面，中外合資之企業於市場風險、信用風險及流動性風險上之表現較純本國投資之企業略佳，而在監督方面，有對外投資之企業較無對外投資之企業表現略佳。 　　在本研究可發現企業於操作衍生性金融商品時，對於應執行之控制政策與程序，幾乎都予以應有的注意並確實執行，這些內部控制政策與程序與公司特性間之關係並未非常顯著。可能原因之一為上市公司操作衍生性金融商品時，應遵循財政部之規定，訂定作業手冊並加以監督，故企業在此強制性之要求下，能維持一定品質之內部控制。可能原因之二為企業操作衍生性金融商品之金額通常不會太大，且交易目的多為避險，其性質較為單純，故可落實相關之內部控制制度。 / Since 1970, the exchange rate system has changed from "fixed rate" to "floating rate", and the monetary system has also changed. In order to avoid the risk of interest rate and exchange rate fluctuations, companies are increasingly using derivative financial instrument (DFI). Since DFI is fairly risky and could cause huge losses, companies must be very careful when using then. The internal controls for DFI is thus very important. This study investigates how companies use DFI and their related internal control systems. This research also provides suggestions for better internal controls for DFI. A questionnaire was used to gather data from the 141 lists firms at the Taiwan Stock Exchange, which are using DFI. The response rate is about 47.5%. (i.e., 67 questionnaires returned) 　　The results of the study are as follows: 　　(1) The larger the company is, the more kinds of DFI they are using and the longer it has been using DFI. 　　(2) The internal control systems are not significantly different with respect to company's industry type, total assets, net operating revenue, capital type and investment conditions. 　　(3) For risk assessment and control activities, joint-venture companies outperforms Taiwanese companies in managing market risk, credit risk and liquidity risk. In monitoring DFI, companies that have outside investments outperforms those that don't. 　　(4) Companies do follow internal control procedures when are using DFI. These control procedures are not significantly related to companies' characteristics. One of the possible reasons is that they are forced to follow regulations set by the Securities and Fu ture Commission. Another reason is the amount of DFI they transact is usually not large, therefore they can enforce their DFI-related internal control procedures.

在面對大陸低廉的生產成本競爭下，台灣許多中低階產品之生產製造已逐漸移往大陸，這是比較利益法則下無法避免之趨勢，因此就台灣廠商未來之長久發展考量，強化行銷或設計研發能力是必走的途徑；由於台灣本國市場規模較小，加上新產品之研發設計成本不斷提高，因此如何能成功的將新產品導入海外市場銷售，以增加整個產品之總收益為企業值得思考的課題。 　　無線通訊產業為台灣目前十大新興產業之一，而且就台灣廠商現有資源來看，如果要成功的推出新產品在海外上市，在通訊產業中若考慮技術標準掌握度及成本競爭力以無線通訊終端產品之成功機率較高。此外，由於台灣廠商較缺乏新產品在海外上市之經驗，因此本研究希望藉由最低之最終總交易成本觀念之分析探討，幫助台灣廠商在擬定新產品海外上市策略時，在有限資源使用下將產品、通路、推廣組合與定價策略做最有效之搭配，以提高成功機會。 　　本研究之研究架構先以學理基礎為背景，再配合國內外案例做深入個案探討，針對將新產品行銷至國外市場之廠商，先經由文獻探討、資料收集後，再藉由與負責個案產品上市之相關人員進行深度訪談，將結果加以分析、歸納與整理，讓理論架構與實際狀況做一印證並從中歸納出對廠商之新產品上市行銷策略建議，供國內無線通訊廠商在進行新產品海外上市時之參考。 / As facing the low-cost competition from China-made products, lots of manufacturers of low-to-middle tier products have moved their production basis to China. It's the trend and not be avoided based on the conclusion of reference. Therefore, to enhance the capability of Marketing and Research & Development are becoming a crucial point. Furthermore, the issue about how sucessfully launch a new product to overseas market in order to raise the total contribution is getting important. That's because the size of local market and high cost of development in Taiwan. 　　The Wireless Communication is one of the growing industries in the world. Based on the current resources what Taiwanese companies have as well as the owned expertise about technology standard and cost competance, the terminal products of wireless communication is most likely to be successfully penetrate to overseas markets comparing with other categories. Besides, lots of Taiwanese companies are lack of experience about launching new products in overseas markets. So, this study is trying to come up with a principle, which is based on the analysis of concept of lowest exchange cost, and to help Taiwanese companies set a proper launching strategy. This strategy will be a best fit from four aspects including of Products, Channels, Promotions and Prices. 　　The structure of this study is started from theory analysis referred to related thesis, then get involved into two practical cases which described how these two companies set their launching strategy, respectively. During the process, the interview with related persons provides a valueable collection of insight. After that, a conclusion is built up and confirmed it with facts from practical cases. This concluded principle could be a valueable reference for Taiwanese companies.

隨著兩岸三地臺商卓越的競爭能力與大中華經濟的迅速發展，海內外臺商發展為配合其長期追求成長之資金需求與其個別特定目的，尋求於最適地點上市籌資或再次籌資已是海內外臺商經營環境中極為重要之ㄧ環。有競爭力的臺商是亞洲各國極力爭取投資及招攬上市掛牌籌資的貴客，因其卓越的經營績效，敢於追求成長的努力，與勇於冒險創新發展的精神，是亞洲各國學習的對象，尤其是來自中國大陸的吸引力。 為臺商提供了一個有效率而低成本的籌資平臺，同時提供投資人一個安全而有成長率的投資平臺，不但有利企業的後續發展，亦關乎產業發展之未來競爭力。 臺商雖然可以在全球證券市場上市掛牌，但在大中華經濟圈中大陸與香港素來是臺商企業投資之重要地域，隨著CEPA簽訂生效，更加連結香港與中國內地之經貿關係，在大批中國大陸具國際規模的國有企業往香港上市，香港證券市場更呈自1997回歸後，出現欣欣向榮的景象，加之中國大陸於股權分置改革執行初具成效後，於2006年初宣佈恢復新股上市，重啟上市申請機制。受此籌資環境變化影響，吸引了大批臺商擬選擇此兩地上市。 臺灣證券市場雖仍是多數海外臺商上市之「最佳解」，在人親土親的原則下可能會對臺商企業有諸多吸引力，但因招商政策之擬定與執行受到政治因素之影響而有所偏頗，限制對中國大陸投資上限及再籌資之資金不得投資中國大陸等障礙，臺商回臺上市面臨諸多壓力，回臺之路猶似近在眼前，卻遠如天邊，其路漫漫。故尋求在中國大陸或香港上市便成為臺商上市籌資之「較適解」選項。 如何突破目前法規架構下發展對臺灣經濟與產業發展競爭力之最為有利的方式是目前政府部門努力的方向之一。惟，反向思考，是否解開對大陸投資上限40%之障礙，臺商回臺上市必可迎刃而解呢?臺商赴港上市或赴大陸掛牌就一定是致命吸引力嗎? 藉由探討兩岸三地證券市場之發展現狀與特色﹔以及將臺商企業已在大陸上市、香港上市與回臺上市之營運面與證券交易面之表現，由該已上市臺資企業期後財務效益，檢視兩岸三地證券市場籌資之關聯性問題與上市決策之選擇關鍵，及群聚現象對產業發展之影響。 藉由深入分析兩岸三地資本市場之特徵與股市表現，試圖找尋可行途徑，以對臺商企業籌資及臺灣證券市場有所建言。 當全球交易所的合併收購蔚成風氣，紐約證交所(NYSE)於2006年6月以將近100億美元併購協議，以現金加計股票收購歐洲證交所(Euronext)，首次建立橫跨大西洋兩岸的證券交易市場。惟，上市籌資具本土化特性，現今大量中資企業以H股或紅籌股到香港掛牌，而臺資企業亦經過集團分拆或組織重組到香港掛牌，均存在跨境監理之問題，而兩岸三地證券管理制度存在一定差異，若能彼此合作組成「大中華區域證券市場」─雙邊掛牌機制甚或多邊掛牌，則臺灣企業集團在兩岸三地間上市籌資、資金運籌就不會受制於相關兩岸三地間的利益衝突問題；具國際競爭能力之中資企業亦能吸納更多國際資金；香港投資銀行及金融之優勢可以更加發揮，達到三贏之局面。 政治是短暫的，產業經濟競爭能力才是長久的。從曾傲人經濟表現的亞洲四小龍，到金磚四國的崛起，產業經濟競爭不斷在演進，臺商及兩岸三地證券主管機關如何利用兩岸三地證券市場之特性與互補而整合成「大中華區域證券市場」，或許可為此區域經濟創造三贏之利益。 關鍵詞：臺商; 籌資; 投資; 初次上市;再籌資; 掛牌; 資本市場; 股票市場; / With rapid development of Greater China's economy of three places (China, Hong Kong and Taiwan) of two sides, listing in the most suitable exchange to fund-raising by IPO and SPO are quite important for the Taiwan enterprises. An efficient fund-raising platform of the low cost and safe, not only benefit Taiwan enterprises in future competitiveness, but also offer investors safe and efficient invest environment. As CEPA signs coming into force, the trading tied closely between Hong Kong and China. Furthermore, China’s reform of “equity right” is effective and reopens the IPO mechanism at the beginning of 2006. Taiwan enterprise, however, listed on Taiwan stock market has a regulation of 40% limited of equity value invest in China. Those incentives from Hong Kong and China, the limit of Taiwan stock market, have made Taiwan enterprises consider to choose these two places to be listed. In this research, we compare and contrast the characteristics among China, Hong Kong and Taiwan stock markets. Surveying the performance of business operation and dealing of the Taiwan enterprises which have listed in China or Hong Kong or come back to list on Taiwan market. Analyze and find the influence factors of the fund-raising among these three markets. Find the key points of listing decision and how the “cluster effect” influences the industry development. Although the security market of Taiwan was listed by most overseas Taiwan traders ' solve bestly ', may have a great deal of appeal to Taiwan trader's enterprises under the circumstances that people kiss the principle kissed in land , but because promote trade and investment the policy draft that biased to some extent with the influence of receiving the political factor of execution, limit the obstacle of can't invest in China's Mainland to investment upper limit and fund raising funds again of China's Mainlanding etc., the Taiwan trader goes back to the platform to list and face a great deal of pressures, the way to platform is still like near before eyes, but far like the remotest places, its way is endless. Is it is it become Taiwan trader list raise funds ' relatively right to solve ' to select to list on China's Mainland or Hong Kong to seek. How break through regulation between development and Taiwan economy and industry development competitiveness favorable way government department diligent direction at present most under the structure at present. Only, think backward whether untie 40% of the obstacles of upper limit of continent investment, is it be very easily solved that the Taiwan trader go back to the platform to list? The Taiwan trader be the deadly appeal when going to Hongkong and is listed or go to the mainland to list? By probing into the current situations of the development and characteristics of three place security markets of two sides; And has been listed on mainland Taiwan trader's enterprises , Hong Kong is listed and gone back the behavior the listing operation surface of the platform and securities trading , from should already listing Taiwan-owned enterprise financial benefit under issue, inspect two sides three place getting related question and listing choice key of decision that security market raise funds, and the influence on industry development of clustering phenomenon. Behave with the characteristic and stock market of analysing in depth three place capital markets of two sides, attempt to look for the feasible way, suggest to the fund-raising of Taiwan trader's enterprise and security market of Taiwan to some extent. Purchase and become atmosphere luxuriantly in amalgamation in the global exchange, the stock exchange of New York (NYSE ) has already decided an agreement, will add stocks and purchase the European stock exchange (Euronext ) with cash of nearly 10 billion dollars, set up and stretch over the securities trade market of the Atlantic Ocean firstly. Only, listing and raising funds has localization characteristics, a large amount of China-invested enterprises are gone to Hong Kong to list with the H-share or the red chips now, and the Taiwan-owned enterprise also passes the group and breaks or organizes and recombinates to Hong Kong and is listed , the question managed in border exists and steps but there are certain differences in three place securities management systems of two sides, if can cooperate and form ' Greater China regional security market ' each other - Listed the mechanism bilaterally even listed, then the enterprise group of Taiwan is listed on three places of two sides the fund-raising , fund and drawn up plans and would not be situated in the interests conflict question among three places of relevant two sides; The China-invested enterprise with international competitiveness can also receive more Chinese fund ; Hong Kong investment bank and advantage of the finance can give play to the situation up to three wins further . ' politics is transient, industry's economic competitive power is permanent ', Chinese helps Chinese, earns the global money with Chinese's strength of assembling, accords with Chinese's common interests of three places of two sides, regard this as the suggestions of three place securities competent authorities of two sides correctly. Key Word : Taiwan enterprises; Fund-raising; IPO; SPO; Investment: Listing; Capital market; Stock market.

為提升台灣資本市場之競爭力與國際化，我國行政院院會於民國97年3月通過「推動海外企業來台掛牌一二三計畫」，正式宣告開放外國企業來台上市。海外企業於我國第二上市發行台灣存託憑證（Taiwan Depositary Receipt，TDR），甫開放之初，市場反應熱烈，引發股市一陣TDR追價效應，有TDR蜜月期之戲稱。然而，資訊不透明、資訊揭露不對等之問題漸漸浮現，以及隨後發生香港僑威原股停止交易兩天，但僑威TDR仍在台繼續摸黑交易、日本爾必達聲請破產保護，爾必達TDR股價連續跌停板並下市等，種種情形影響市場信心、造成投資人卻步，今年更有萬宇科技TDR及超級咖啡TDR在外流通單位數過少，因流動性不足而下市之情形，顯示TDR之制度監理仍有需要改善的空間。 本文首先介紹臺灣存託憑證之發行組織架構與近期發行現況，並就紐約證券交易所、香港交易所以及新加坡交易所對於其境內存託憑證之事前審核、上市條件、事中監理至事後投資人保護措施之制度與我國制度分析比較，並提出我國制度可參考改善之建議。 目前雖然TDR市場進入冰封期，然而臺灣資本市場仍具TDR發展之利基，為提升臺灣之全球金融證券市場地位，主管機關應全面檢討TDR市場與制度，以利外資企業來臺發展TDR市場。同時，主管機關於推動臺灣證券市場國際化之時，亦應同時兼顧我國投資人之權益保障面向，尋求二者間之平衡點，使臺灣資本市場適應國際化之商品及交易，與國際資本市場接軌。 / To advance the competitiveness and internationalization of Taiwan’s capital market, in march 2008, the Executive Yuan passed the plan for promoting foreign companies to list in Taiwan, and announced officially that welcome the foreign companies to issue TDR. At first, TDR was highly thought of by the investors, however, the TDR’s problem comes up, such as the intransparency of information and information asymmetry. The situation led investors hang back. Obviously the regulation of TDR needs to be improved. This thesis introduced the structure of issuing TDR and recent developments, and analyzed the regulation of NYSE, HKEx and SGX to provide suggestions for Taiwan’s capital market. At the present time, the market for TDR is not lively, but there are still advantages of our capital market, the authorities should modify the regulation of TDR to attract foreign companies, meanwhile, to take both internationalization of capital market and investor protection into consideration, so that allow Taiwan’s capital market in connection with international capital market.

中國加入WTO之後，大陸經濟體制轉型。從早期的計劃經濟到現在的市場經濟。投資政策也趨向「引進來，走出去」，此外，有鑑於大陸具有廉價的勞工和市場潛力，外資紛紛從所謂綠地投資或藉由合格境外投資者等間接投資方式轉為合併或收購為主的直接投資為取向。然而，面對上市公司因為涉及中國大陸特有的「股權分置」現象，使外資於併購上有一定困難度。再者，中國大陸特有的「民族情感」因素，使行政機關常常藉由「國家安全」等不確定法律概念而否准外資併購。 本文主要針對外資併購上市公司經常適用之法令作整合及研究，並論及外資併購上常運用之契約條款進行分析。此外，針對外資併購常遇到之問題提出淺見並針對外資併購中債權人及中小股東之保護提出論述，以供外資於併購中如何在外資獲利及中小股東權益保障獲得平衡點。 / Since China has become the members of WTO, the economic structure has transformed. From the early plan structure becomes to market structure. The policy of investments is tend to be “attract in and walk out”, besides, because of the cheaper workers and marketing potential of China, the foreign investor’s investment policy is going to be from the indirect investment of green island investment or QFII to the direct investment of Merger & Acquisition. However, in face of the especially system phenomenon of “delaminate of stock rights”, makes the merger& acquisition by foreign investors difficultly. Moreover, because of the especially factor of “the nationality of friendship”, makes the administrative organizations often refuse the permition of foreign investors by “national security”. In this essay, be focus on the research the merger& acquisition by foreign investors in common use of the authority laws and decrees, and analyzing the common use of the contracts articles. Besides, to be aimed at the problems of the merger& acquisition by foreign investors and the protection of shareholders and creditors, I try to supply some suggestions in order to make the balance of the merger& acquisition by foreign investors and the protection of shareholders and creditors.

本研究主要探討台灣上市櫃公司從事首次現金增資之決策受何種公司特徵所影響，並進一步探討進行其首次現金增資的宣告效果影響因素。 本研究針對1981年至2010年共30年期間於台灣上市上櫃之公司其首次現金增資之情形做為探討對象，採用Cox-proportional Hazard Regression檢定影響上市櫃公司進行首次現金增資時程之公司特徵。實證結果顯示，營收成長率越高、規模越大且獲利能力較差的公司會傾向越快進行首次現金增資。同時也針對上市櫃年度其市場情形加以探討，發現於市場處於熱市時上市櫃的公司傾向越快進行首次現金增資，顯示市場時機也會影響公司進行首次現金增資的決策。此外，對其首次現金增資之宣告效果進行迴歸分析同時以Heckman Two-Stage Model方法考慮樣本選擇偏誤之修正，結果發現規模越大的公司宣告效果越差而負債比率較大的公司宣告效果越佳。然而上市櫃後進行首次現金增資之時程與其增資宣告效果間則無顯著關係。 / This study examines how fast companies have their first seasonal equity offerings after their IPOs and further analyses the announcement effects of first SEOs. First, we adopt Cox-proportional Hazard Regression Model to see what firm characteristics make IPO firms decide to conduct first SEOs shortly after their IPOs. Using a sample of IPO firms in Taiwan from 1981 to 2010, we find firms that are larger, less profitable and higher growth potential would conduct their first SEOs faster. Also, market timing plays an important role for SEO decisions. Moreover, the announcement effect of their first SEOs shows that elapsed time to conduct first SEOs after IPOs has no influence on the cumulated abnormal returns. By correcting sampling bias, Heckman Two-Stage Model is adopted to reveal better explanation of the results.