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大陸台商企業回台上市募集資本問題之研究 / The IPO problems of China's Taiwanese enterprises in Taiwan林俊弘, Lin,Chun Hung Unknown Date (has links)
企業要從競爭激烈的環境中脫穎而出,除了要有好的競爭策略與執行力外,擁有充足且低廉的資金、知名且廣受信賴的聲譽,以及優秀又肯為公司效力的經營團隊與員工,是企業領先競爭對手的必要條件。成功推動公司股票上市櫃,無疑是創造這些競爭優勢的重要關鍵。而如何為企業提供一個有效率而低成本的資本市場,同時提供投資人一個有保障又有成長率的投資平台,不但有利企業的後續發展,亦關係著該地資本市場的資金動能。
過去幾年大陸為避免經濟過熱及產生泡沫化之風險,故實施一連串的宏觀調控措施,使得台商在中國大陸籌資更形困難;另欲回台上市又遭遇政策及相關法令的限制,故部份大陸台商便計劃在大陸或香港上市,甚至為達香港上市要求之市值規模,而規劃台灣下市並以海外控股公司為掛牌主體在香港上市,這種連根拔起的舉動勢必影響台灣的資本市場及經濟發展。而自2008年5月馬政府上台執政以後,積極推動兩岸政策的鬆綁及若干的寬鬆優惠政策,重量級台商如旺旺、康師傅等紛紛回台發行TDR,且發行時投資人皆超額認購股票,供不應求下掛牌後漲幅不少。但鄰近的大陸及香港資本市場也在積極招商,鼓勵海外企業掛牌,而深圳創業板的成立,以吸引不少中小企業掛牌,加上上海國際板亦規劃在2011年成立,勢必也會衝擊鄰近的資本市場。因應大陸及香港資本市場的競爭,大陸宏觀調控政策、勞動合同法的實施、缺工及巨幅調薪現象,政府有無推出相關政策及措施來協助台商轉型並提升競爭力呢?冀望經由本研究,探討目前台商回台上市所面臨的問題與障礙,並提出相關建議以求解決之道,期盼能恢復資本市場動能及企業能擴大對台投資,使企業根留台灣,對台灣經濟永續發展。
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母子公司架構可否增進公司籌資彈性 / Does a Parent-Subsidiary Structure Enhance Financing Flexibility?許心婷, Hsu,Shin-Ting Unknown Date (has links)
本研究就台灣上市母子公司之現金增資發行與新股發行海外存託憑證進行事件研究與發行個體的選擇研究,是否在母子公司的架構下因為發行個體的選擇會為公司帶來不同的宣告效果影響,進而提升公司籌資彈性。
在事件研究上,宣告發行新股對發行公司而言在發行公司為母公司時有負向的效果,子公司則可能因為成長機會存在而不顯著為正;對非發行公司而言,則無顯著價格效果存在,可見宣告效果僅存在於發行公司。與國外Vijh (2006)的實證研究結果相符。但母子公司架構下,母公司的管理階層仍有就發行個體作選擇。管理階層傾向選擇前期股價高估程度較高之公司進行新股發行;在子公司有資金缺口時傾向以子公司作為發行個體,然而在母公司有資金缺口時則不一定選擇以母公司為發行個體,可能因子公司通常為成長型公司,此時選擇以子公司發行對子公司股價影響程度較低。 / This study examines if parent-subsidiary structure is capable of enhancing a company’s financial flexibility by influencing the announcement effects of issuing SEOs and DRs in Taiwan.
The event studies under the parent-subsidiary structure in Taiwanese companies show that:
1) When issuing companies are the parent company, issuing companies have negative announcement effect.
2) When issuing companies are the subsidiary company, issuing companies have non-significant positive effect, probably due to high growth potential of subsidiaries.
3) For non-issuing companies under parent-subsidiary structure, the evidence shows that there are no significant effects.
Yet under parent-subsidiary structure, the executives do choose the issuing entity between parent and subsidiaries. Executives lean to choose more overvalue entity as issuing companies. And choose subsidiary to issue stocks when subsidiary do have positive deficit. But when parent company has deficit executives are not significantly choosing parent company to issue stock. This may be due to the reason that subsidiaries are usually with higher growth potential and result in less announcement effect on the stock price.
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第二上市外國公司之監理與投資人保護 / The Supervision of Secondary Listed Companies and Investor Protection in Taiwan陳韋伶 Unknown Date (has links)
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.
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中國股市與美國股市之共移性 / Co-movements between Chinese and American Stock Markets張瑀宸 Unknown Date (has links)
本文目的在探討中國與美國股票市場的共移性。利用2005 年至2010 年的資料,
建立中國股票在紐約證券交易所的美國存託憑證投資組合及美國股票相對應產
業的投資組合,並計算它們二者間在日間以及夜間的報酬。這個分析結果顯示,
中國股市和美國股市會因為不同的市場資訊和影響規模,而有一定程度的相關性。
此外,透過建立二階段潛在變數模型,在文中進一步推論出競爭性衝擊是影響兩
國間股票市場共移性的主因。然而,市場對人民幣與美元匯率、美國國庫券利率
報酬變化的衝擊有落後效果。而此結果可以為國際投資組合的風險分散提供更細
部的訊息。 / This paper investigates stock market co-movements betweenthe the U.S. and China.
We construct daytime and overnight returns for a portfolio of Chinese stocks using their
NYSE-traded ADRs and an industry-matched portfolio of American stocks between
2005 and 2010. The results show that Chinese stock market is linked to American stock
market through dierent sources and magnitudes of shocks. The analysis, based on the
two-stage latent variables regression, further indicates that the market correlations be-
tween China and the U.S. mostly come from competitive shocks. However, competitive
shocks of the Yuan/Dollar foreign exchange rate and Treasury bill returns have lagged
eects on the markets. The classications of shocks into competitive and global ones
suggest a ner information for international risk diversication.
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亞洲央行干預外匯市場的有效性及對美國存託憑證價差的影響 / 無張美菁, Chang, Mei Ching Unknown Date (has links)
【第一篇論文中文摘要】
本文使用路透社央行干預匯市的新聞報導,探討哪些因素可以提高亞洲央行成功干預匯市的機率,研究期間為2005年1月至2011年4月。此研究期間涵蓋全球金融風暴和美國採行量化寬鬆政策,因此,亞洲貨幣在逐步對美元升值後發生大幅度的貶值。研究結果顯示印尼、馬來西亞、菲律賓、新加坡、台灣及泰國的央行採取逆風而行的策略是有效的干預方式,而且多個國家在同日干預匯市及第一日的干預會有較高成功的機率。
【第二篇論文中文摘要】
本文透過不同的研究方法針對亞洲國家央行干預匯率市場的有效性再次驗證,研究期間為2005年1月至2011年4月,實證結果顯示亞洲國家在次貸風暴期間面臨美元升值的壓力,央行會採取賣美元的方式來干預匯市,但是這種干預匯市的方式卻僅能減緩美元升值的趨勢,其中以印尼盾、新加坡元、新台幣紛紛對美元貶值較為明顯,而在次貸風暴發生之後,美國實施量化寬鬆政策造成亞洲國家卻面臨美元貶值的壓力,各國央行改採買美元的方式來干預匯市,但是此種干預匯市的方式也只造成美元緩慢貶值的趨勢,其中印尼盾、馬來西亞令吉、新加坡元、韓圜、泰銖分別對美元升值的趨勢較為明顯,此現象反應亞洲央行干預匯市是採取逆風而行的策略,雖然能降低匯率的波動,但無法改變匯率的升貶值趨勢。
【第三篇論文中文摘要】
本研究是在探討印度、印尼、南韓、馬來西亞、新加坡、泰國及台灣央行透過干預匯率市場,對其國家的公司在美國發行存託憑證折溢價的影響,研究期間為2005年1月至2011年4月。研究結果顯示央行對匯市干預造成的變動,確實會影響到該國公司在美國發行的存託憑證產生折價的情形。另外,亞洲央行使用買美元干預匯市的作法會對該國公司在美國發行的存託憑證產生溢價,而央行透過賣美元干預匯市的作法會對該國公司在美國發行的存託憑證產生折價的影響,但是由於樣本資料的限制,其效果在統計上並不顯著。由公司層面的分析可以看出央行透過賣美元來干預匯市對其國家的公司在美國發行的存託憑證會有明顯產生折價的影響。 / 【第一篇論文英文摘要】
Using Reuters’ news reports on central bank interventions, we investigate the factors that increase the odds of intervention success by Asian central banks in the foreign exchange market from January 2005 to April 2011. This period coincides with the global credit crisis and quantitative easing policy, which have engendered a sharp depreciation followed by a gradual appreciation of Asian currencies. The results show that leaning-against-the-wind intervention strategies are effective in Indonesia, Malaysia, Philippines, Singapore, Taiwan, and Thailand. We also find that joint and first day interventions are associated with higher odds of effective intervention.
【第二篇論文英文摘要】
This paper examines the effectiveness of central bank interventions in the foreign exchange market from January 2005 to April 2011 in Asia. The results show that the central banks in Asia intervene in the foreign exchange markets by selling U.S. dollars to prevent severe depreciation of local currencies during the global credit crisis. However, central bankers can only slow down the trend of depreciation of local currencies against U.S. dollar. The currencies apparently depreciate against U.S. dollar in Indonesia, Singapore, and Taiwan. After the global credit crisis, Asian countries confront appreciations of local currencies due to the US quantitative easing policy. The central banks in Asia intervene by purchasing U.S. dollars in the foreign exchange market. Nevertheless, intervention strategies slowly reduce U.S. dollar depreciations. The foreign exchange rate apparently appreciate against U.S. dollar in India, Malaysia, Singapore, South Korea, and Thailand. Results show that Asian central banks adopt leaning-against-the-wind intervention strategies during the sample period. Their interventions in the foreign exchange market can only reduce fluctuations in the foreign exchange rate, but fail to reverse the trend of Asian exchange rates.
【第三篇論文英文摘要】
This paper examines whether Asian central bank interventions in the foreign exchange market affect the discount or premium of American Depositary Receipt (ADR) of Asian companies from January 2005 to April 2011. The sample consists of companies from Indian, Indonesia, South Korea, Malaysia, Singapore. Empirical results show that central bank interventions increase ADR discounts of companies in Asian countries. In addition, interventions by purchasing U.S. dollars result in higher ADR premiums, and the strategies of selling U.S. dollars affect ADR discounts. Though some of the empirical results are not statistically significant due to limited sample size, results based on individual firms show that selling USD interventions by Asian central banks have a significant impact on their ADR discounts.
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