初次申請上市(櫃)公司適用之公司治理規範，較已上市(櫃)公司嚴格，所以其公司治理的執行情形及成效具指標性的意義。本研究以於2007年度上櫃掛牌之35家初次申請上櫃公司為分析對象，並以其同業上市(櫃)公司作為對照公司，探討初次申請上櫃公司掛牌後對公司治理規範之持續遵行情形，及其掛牌後經營績效與股價表現。 經追蹤樣本公司上櫃後持續遵守公司治理規範的情形，其掛牌後之遵行情形絕大多數繼續遵守較嚴格之公司治理要求，其落實公司治理的情況遠優於對照公司，顯示主管機關對初次申請上櫃公司推行公司治理之政策已見成效。 本研究比較樣本公司上櫃前與上櫃後經營績效、樣本公司上櫃後與對照公司同期間經營績效，以了解公司治理規範寬嚴與經營績效之關係。分析後發現，樣本公司在2007年度財務結構及償債能力方面之績效優於2006年度之績效，而在2007年度獲利能力、現金流量、營業收入成長率及稅前純益成長率方面則較2006年度之績效為差；樣本公司在2008年度財務結構及償債能力方面之績效優於2006年度之績效，而在2008年度獲利能力、現金流量、營業收入成長率及稅前純益成長率方面之績效則較2006年度之績效為差。但從2008年上半年度的分析來看，樣本公司掛牌後之績效表現較對照公司為佳。 本研究亦比較樣本公司上櫃前與上櫃後股價報酬率、樣本公司上櫃後與對照公司同期間股價報酬率，以了解公司治理規範寬鬆與股價表現之關係。分析後發現，樣本公司掛牌後之股價表現未明顯較掛牌前為佳，掛牌後之股價表現亦未明顯優於對照公司。 綜上，受較嚴格公司治理規範之初次申請上櫃公司，其掛牌後經營績效及股價表現未明顯優於掛牌前之經營績效及股價表現，而掛牌後經營績效較同業上市(櫃)公司為佳，但掛牌後之股價表現未明顯優於同業上市(櫃)公司。

自2002年以來，台商企業因法令設有投資大陸40%上限，以及租稅制度相對較不優惠等因素，遂轉赴香港新加坡等海外市場上市以求繞開政策上的限制，從資本市場直接籌資。國內企業出現一波朝外的推力，遂因此導致我國近年來上市公司家數成長遲緩的現象。本研究係從學術理論出發，以市場分割假說、法律約束假說、投資人認可假說、流動性假說該四個構面探討企業海外掛牌的動機，並以台灣資本市場作為個案，審慎分析與評估企業跨國上市後的股票交易量流向。 最後，分別從主管當局、證券交易所及櫃買中心就其所應扮演的角色，提出未來努力方向，期望能提供台灣資本市場扭轉劣勢、提昇競爭力的根本之道，使台灣成為一個具有區域競爭力的高流動性的資本市場。建議主管當局積極營造一個更開放、交易成本更低廉的資本市場，提昇自身的投資環境、降低法規障礙。建議交易所與櫃買中心未來可從監理的角色轉變成純粹提供「流動性」服務的公司，將市場監理的機制，交由第三者來負責。交易所與櫃買中心則專注於提供低成本、高流動性的服務。證券交易所之間的策略聯盟亦是未來發展的重要策略。 / Since 2002, Taiwanese companies have been restricted by the law of inverstment upper limit 40%. Moreover, the tax regime in Taiwan is less favorable for companies. When choosing where to list, instead of staying in Taiwan, a lot of Taiwanese companies started to pick other markets such as Hong Kong to avoid the inverstment restriction and raise fund directly from Mainland China. This results in the outwards power, making the number of the companies which newly listed in Taiwan stock market decrease. This paper starts from four academic theories: market segmentation hypothesis, legal bonding hypothesis, investor recognition hypothesis, and liquidity hypothesis, to discuss the motivations behind the cross-listing decision made by companies. Furthermore, taking the capital market of Taiwan as a case study, this paper analyses and evaluates the trading volume after cross-listing thoroughly. At last, this paper provides several suggestions for Taiwanese government, TSEC and OTC respectly; hopely those can make the capital market of Taiwan much more competitive and of higher liquidity. We suggest that the authority should try to build a market with less restrictions and lower trading costs, improve the investiment environment, and remove the legal barriers. In the other hand, we suggest TSEC and OTC might outsource their monitoring function to another independent party in the future, and transform into companies simply provide the good: “liquidity”. Thus, they can focus on providing lower cost of liquidity. The strategic alliance between exchanges is also an important stratedy.

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.