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從兩岸入世論臺灣承銷商的發展契機 / The opportunity of the underwriting corporation in Taiwan after attending WTO陳慶洪, Chen, Ching-Hung Unknown Date (has links)
學年度:90
學期:2
校院:國立政治大學
系所:經營管理碩士學程
論文名稱:從兩岸入世論臺灣承銷商的發展契機
學位類別:碩士
研究生:陳慶洪
指導教授:杜化宇
關鍵詞:中國大陸、證券承銷、證券承銷商、發行人、配售方式、詢價圈購、公開申購、競價拍賣、世界貿易組織
中文摘要:
隨著中國大陸經濟的蓬勃發展,股票市場也在這個變動的社會中應運而生。股票市場做為溝通資金供需雙方的重要渠道,是傳統資本主義社會的重要表徵,最早發軔於西歐,臺灣和中國大陸也陸續引進這種商業型態的制度。隨著兩岸分別加入世界貿易組織,股票市場也必須積極地邁向國際化。當歐、美、日等國的投資銀行均已積極地進駐中國大陸,以搶佔其金融市場之際,國內業者受制於兩岸的政治氛圍卻顯得步履蹣跚。然而太晚進入大陸市場,將使國內證券承銷商處於不利的競爭地位。
在WTO的架構下,金融服務業必須受到服務貿易總協定的規範,兩岸都將適用最惠國待遇和多邊諮商原則,所以臺灣對中國大陸以及中國大陸對臺灣的經貿與金融政策都必須作大幅度的調整。臺灣地區的證券承銷商如何掌握此一發展趨勢,以開創華人世紀的新紀元,在在考驗著臺灣政府與業者的智慧。
摘要
回顧八零年代後期,中國大陸在鄧小平的主導下,踏上改革開放的試點工作,低廉的要素成本和政府的政策支持,吸引著外資源源不斷地注入,臺商得文化、地利之便,藉著轉移生產基地以延續產業生命並擴展生產規模。二十餘年來,西進的臺商從勞力密集,逐漸提升到資本密集與技術密集,對國內的經濟發展帶來相當大的衝擊。當臺商在異地逐漸站穩腳步,並於境外獲得資金供給的來源,對國內資本市場的依存度自然降低許多。做為資金供需雙方媒介的國內證券承銷商,遂因而陷入市場萎縮的困境。當兩岸次第加入世貿組織以後,國內承銷商是否有機會跟隨臺商腳步,將市場拓展至中國大陸,以延續生機並再創高峰,的確是一件值得深思的問題。
本研究的第二章、第三章分別介紹中國大陸和臺灣的承銷制度,依序分從 「證券商之分類及其業務範疇」、「承銷時機」、「承銷方式與資格」、「承銷作業程序」和「承銷價格訂定與配售方式」等五個面向加以探討,第四章則從比較制度的觀點,分析兩地承銷制度的異同。為了瞭解WTO入會架構將對兩岸承銷商帶來何等影響,本研究第五章首先介紹世界貿易組織的功能、理念與規範重點,其次則試圖探討兩岸入會後可能面臨的衝擊與因應之道。第六章則以建華金控為例,探討年前國內通過金融業者得以純粹控股公司形式跨業兼營的法令,將對證券承銷業者進軍中國大陸的努力帶來何等影響與可能的限制。
從制度面來看,由於臺海兩岸均係繼受歐美國家的先進體制,只是導入時期先後有別,除因政策性考量產生些許出入外,可說是大同小異。其次,兩岸分別在2001年11月間的卡達會議中獲准加入世界貿易組織,臺灣地區雖以已開發國家身份入世,因入世前長達九年的複邊磋商過程已陸續將相關要求內化,入世後應不致帶來太大的衝擊。而中國大陸係以開發中國家身份爭取入世,因此在國內市場的開放上有較多的調適時間,不過從其最近出台的《外資參股證券公司設立規則》來看,除了對於境外股東的持股比例,依其入世時承諾的進度設定限制外,可說是全面開放證券承銷市場;且該規則亦適用於香港、澳門及臺灣地區的業者。受限於兩岸政權迄今仍處於對立狀態,短期內恐無法假前述規則簽署證券監管合作諒解備忘錄,勢將嚴重斷喪臺灣承銷商西進的發展契機,徒將崛起的商機拱手讓與外資,國內政府誠應審慎考慮此一嚴肅課題,進而積極協助業者排除政治上的障礙,以延續並擴展臺灣業者的生存命脈。 / Academic year: 2001
Session:2
School: National Chengchi University
Department: Executive MBA of Finance
Title of Thesis: The Opportunity of The Underwriting Corporation in Taiwan After Attending WTO
Degree: Master
Author: Ching-Hung Chen
Advisor: Professor Anthony Tu
Keywords: Mainland China, securities underwriting, underwriter, issuer, offering method, book-building, fix-price, auction, WTO
Abstract:
As the economy of Mainland China is glooming, the stock market arises in the changing society. The stock market is an important channel to link the supply and demand, as well as a symbol of the traditional capitalist society. It has taken a long time for western countries to develop their stock systems. However, similar systems emerged in Taiwan and Mainland China. After Taiwan and Mainland China attending WTO, stock markets must be aggressively facing the globalization. When Europe, the United States, and Japan are going to compete to dominate the Mainland's financial market. Taiwan is moving at a slower pace and facing many restrictions. The late entry of Taiwan's underwriting corporations into the Mainland market will undermine their competitiveness.
Under the WTO framework, the basic principles on the financial services sector are governed by the General Agreement on Trade in Services (GATS). Once Taiwan and the Mainland become WTO members, they must both accept all WTO regulations, including those on MFN treatment and multilateral negotiations. In light of these requirements, both Taiwan and the Mainland must make large adjustments in their cross-strait and financial policies toward each other. The underwriting corporations in Taiwan are willing to create a new era. How to grasp the developing tendency is a critical trial to the enterprises and government in Taiwan.
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1979至1999年中國大陸地區經濟成長差異成因之探討 / Institutions and the Economic Growth Disparity in China: 1978-1999涂秀玲, Tu, Hsiu Ling Unknown Date (has links)
中國大陸自1978年改革開放後,經濟成長驚人,但是這個成長是伴隨著城鄉之間的差距與地區之間的差距。地區間絕對差距與相對差距都在逐年擴大,以1999年的資料,上海與貴州人均GDP相差16倍,絕對差距為一萬元人民幣。對於區域間發展差異的問題,有些學者從自然環境差異等天賦條件因素解釋;另有一派學者則以依賴理論說明市場自然運作的結果;亦有專家以過去計畫經濟時期的歷史發展來說明國家能力,尤其是財政能力,是消弭差異的主要關鍵;也有人以政府的傾斜政策,將資源導向被傾斜的一方流動,致使東西差異形成。本論文認為經濟事物應回歸經濟的角度來探討,再結合制度(正式與非正式)選擇對於經濟層面的干擾因素,來尋求各地區經濟發展差異的解答。在理論上,以新經濟成長理論為基礎,認為除了生產要素的增加外,資源配置是否有效率亦是經濟成長的重要關鍵,而制度決定資源配置的效率,因此,東西部的制度落差是造成東西部經濟成長差異的源頭。這樣的制度落差可以分為兩個面向來探討:第一是經濟領域上政府的退出;第二是社會關係、法律制度、中介組織等相關配套措施的建立。要使得地區發展能夠得到平衡,管制的解除以及新制度的建立是主要的關鍵,尤其是不合理戶口制度造成勞動市場的不健全以及各地方和全國法律的完善程度。本論文整合時間(1978年到1999年)和橫斷面(28個省市區)的統計數據,使用迴歸分析說明制度變數與經濟成長之間的關係。 / Since the reform in 1978, China has experienced an astonishing economic growth. However, the disparity between the coastal and inner provinces is increasing. According to the 1999 statistics, the GDP in Shanghai is sixteen times of GDP in Guizhou. More and more scholarship focuses on the uneven development in China. The reasons of regional disparity in China have focused on the geography, the operation of market, the weakening of the central government's power, or the preferential policies received by the coastal provinces. These can't fully explain China's disparity. I argue that the real reasons for China's disparity lying in the " institutions" (formal and informal) in China. Based on regression analysis of data from 1978 to 1999, my thesis intends to explain the dynamic between institutions and economic growth.
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第四次江陳會談後大陸船員引進機制之探討 / A discussion of the mechanism of Mainland China crew member employment after the Fourth Chen-Chiang Summit吳靖芳 Unknown Date (has links)
近年因社會經濟產業結構轉變,擇業態度改變,漁船工作具危險性且相較於陸上工作待遇及福利之優勢不再,再加上「少子化」因素,國人從事漁船工作意願低落,外來船員逐漸成為補充漁業勞動力來源,尤其大陸船員語言及文化習慣與國人相近,頗受我國漁船主青睞,惟我國漁船主境外僱用大陸船員陸續所衍生的問題,在漁船主、民間團體及漁政主管機關努力下,終於98年12月22日第四次江陳會談簽署「海峽兩岸漁船船員勞務合作協議」可望獲得解決。
大陸船員引進機制在我國不開放陸勞前提下,維持「境外僱用、境外作業、過境暫置」原則,但就入出國管理角度觀之,大陸船員現行以搭乘兩岸直航客船來臺再搭專車接駁至其他漁港作法,卻與實質入境無異,本研究透過各地區漁船主對大陸船員引進機制意見調查,瞭解漁船主對現行大陸船員引進機制的看法,並藉以提出大陸船員引進機制之建議。 / In the recent years, the industrial structure of social economics has transformed, people’s attitudes of career choice have changed, and the pays and benefits of dangerous works on fishing boats are no longer better than those of works on land. Plus the factor of “low birthrate”, people are not willing to do works on fishing boats in Taiwan. Foreign crew members have graduate become the source of supplementary labors in the fishing industry. Crew members from Mainland China are similar to Taiwanese in the aspects of language and cultural habits. Therefore, they are very preferred by fishing boat owners in Taiwan. However, there have been many issues caused by Taiwanese fishing boat owners hiring crew members from Mainland China. With the efforts put in by fishing boat owners, non-governmental organizations, and fishery management authorities, these issues are expected to be resolved after the “Cross Strait Fishing Boat Crew Affairs Cooperation Agreement” was signed in the Fourth Chen-Chiang Summit on 2009/12/22.
Under the premise of not opening up labor from Mainland China, the “offshore employment, offshore operation, and temporary transit arrangement” principle is maintained for the mechanism of Mainland China crew employment. However, in the aspect of entry and exit control, the practice of crew members from Mainland China taking cross-strait direct passenger ships to Taiwan and going to fishing ports by special buses is no difference from actually entering Taiwan. This study explored fishing boat owners’ opinions on the mechanism of employment of Mainland China crew members through surveys to find out their viewpoints and provide suggestions regarding the mechanism of employment of Mainland China crew members.
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An Analysis of the Three Modern Chinese Orchestras in the Context of Cultural Interaction Across Greater ChinaLee, Ming-yen 23 April 2014 (has links)
No description available.
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論《南海各方行為宣言》對和平解決陸菲南海爭端之適用分析 / The Assessment of the Application of the Declaration on the Conduct of Parties in the South China Sea(DOC)to Peacefully Resolve the Philippines-Mainland China Dispute in the South China Sea王淑櫻, Wang, Shu Ying Unknown Date (has links)
1945年《聯合國憲章》賦予國家有義務針對彼此爭端協議和平解決爭端之方法,並且有權自由選擇和平方法解決爭端。1982年《聯合國海洋法公約》進一步確認《聯合國憲章》的和平解決爭端規範,並在尊重國家主權原則的前提下,特別載明一套關鍵維持世界海洋法制穩定存續的強制爭端解決規定。
中國大陸與東協各國於2002年針對日益激化的南海爭端簽訂《南海各方行為宣言》,其中明文重申《聯合國憲章》以及《海洋法公約》等國際法規範下的和平解決爭端原則。爾後,南海爭端隨著大國政治的發展與抗衡而顯得更加動盪,菲律賓進一步在2013年初將與中國大陸的南海爭端提交到《海洋法公約》強制仲裁程序來解決。因此,本文探討既存的《南海行為宣言》是否構成強制仲裁庭的管轄權障礙,來保障國家有自主選擇爭端解決方式的權利?又《南海行為宣言》在陸菲南海爭端中扮演何種和平解決爭端的角色,並且其意義與不足之處為何?
在此問題意識下,首先就爭端標的進行分析,採取以國際關係及仲裁庭的角度來檢視陸菲南海爭端的性質。以國際關係的角度來檢視能發揮以下三個作用:一、理解爭端國在國際政治中的實力評估;二、檢視小國採取司法利用,以及與大國結盟以增加抗衡大國之談判籌碼及獲取法律正當性的策略;三、同時考量所涉爭端的政治與法律性質。另一方面,以仲裁庭的角度來檢視則能瞭知法院如何以國際公法原則來判斷爭端性質。
其次整理《海洋法公約》爭端解決機制以及《南海行為宣言》的內容,分析《海洋法公約》強制爭端解決機制設計的立意與《南海行為宣言》的制訂脈絡,得出《南海行為宣言》在《海洋法公約》的規範下僅為一載有「斡旋」精神的協議,爭端解決的責任仍舊交由簽署國解決。
此外,進一步再藉由仲裁庭的裁判,來分析《南海行為宣言》的法律性質。最後本文發現,中國大陸與東協各國所制訂的《南海行為宣言》僅為一重申既存和平解決規範精神的不具法律拘束力之文件,且未替簽署國創設必須由談判來解決爭端的義務。
最後,對於《南海行為宣言》作出整體評價,其彰顯具有國際法所承認之斡旋精神,展現其類似軟法性質的衝突預防之功能,然而《南海行為宣言》不具有法律實質拘束力,因而無法排除基於《海洋法公約》所提起的強制司法管轄。縱然如此,在「跨國法制歷程」概念中,《南海行為宣言》並非毫無建樹,其為透過各國「互動」而產生一行為模式之規範,然而《南海行為宣言》制訂後至仲裁庭啟動期間,並未使得相關國家對該規範進行有力「內化」的工程,使得該項規範的原則無法發揮效用。然此部分之推論尚待進一步詳細論證分析。
綜上所述,本文透過對於《南海行為宣言》之相關分析,認為我方在擬定未來南海政策時應在尊重各國主權原則的前提下,提升自身國家綜合實力以增加對外談判之籌碼,同時應增進國際法中關於和平解決爭端之研究,有效在各種方面落實國際法爭端解決規範的內化進程。
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企業赴海外上市之動機、地點選擇及效益之探討(以台商為例) / Motives,Selection and Impacts of Enterprise Go Listing Abroad--A Case Study of Taiwan Enterprises譚家典, Tan, Chia Tien Unknown Date (has links)
本研究針對企業赴海外上市決策面的三個構面進行探討並以台商為例,首先是探討企業赴海外上市前的動機為何,其次是企業如何選擇海外上市的地點,最後探討這些企業赴海外上市後的效益,也就是企業在海外上市的前、中、後三個不同階段所可能遭遇到的問題進行實務的探討,並以多重個案分析與類型比對的方式,以及一些台商上市現況的統計數字,希望以過去文獻中曾探討的議題來加以研究。
由於過去的研究偏重於台灣、香港、中國大陸三地市場,為了將層面擴大,特別從台商目前赴海外投資最最多的前十名的國家當中,挑出較為重要的六個國家,分別是香港、中國大陸、新加坡、美國、越南、泰國,並研究當地的已上市台商的現況,從當地上市台商所屬產業家數最多者,挑出具代表性的公司,進行個案研究及比較分析。
從個案研究發現,企業赴海外上市的動機,結果是“有利於開拓海外市場”及“易招募優秀人才”的營運面動機較多;企業海外上市地點的選擇,多半因為“市場流動性及規模及本益比”及“資金運用限制”;至於企業赴海外上市後的效益,結果是“提高公司聲譽”及“有助於產品銷售”另外,並發現香港及大陸上市後股東財富增加顯著。
最後,建議企業未來在選擇海外上市地點時,應多方面考量及評估,並非單純僅就幾個因素就決定企業海外的上市地點,應從各利害關係人的角度,去仔細思考在何處上市將是對企業最有利的。 / The research discusses three perspectives on the decision of enterprise go listing abroad and takes Taiwan enterprise as an example. Firstly, to study what are the motives of enterprises go listing abroad. Secondly, to research how enterprises choose listing place abroad. Finally, to discuss the benefits of these enterprises after go listing abroad. That is to say, to discuss the practiced issue that enterprise might encounter with the problems in the three different stages which before, in, after they go listing abroad, and analyze by way of pattern match, and the statistics of present status of some listed Taiwan enterprises with multiple cases, hope to research on the subjects has been discussed in the literature in the past.
Because similar researches emphasize three stock markets in Taiwan, Hong Kong and Mainland China in the past, in order to expand the scope, especially from the top ten area invested by Taiwan enterprise at present, choosing six comparatively important area, including Hong Kong, Mainland China, Singapore, U.S.A., Vietnam, Thailand, and study the present situation of the already locally listed Taiwan enterprises, find the most ones from the local listed Taiwan enterprise's affiliated industry, choose the representative company, proceed with case study and comparative analysis.
Find from case study, the motives of enterprises go listing abroad are " Contribute to exploit the overseas market " and " It is apt to recruit outstanding talents " the operation motives are more; the choices of enterprises’ overseas listing places, mostly because "Liquidity and scale and p/e ratio of stock market" and " Restriction on funding usage " ; and the benefits after listing abroad as for enterprises are " Improve company's reputation " and " Contribute to the product’s selling " In addition, the research shows shareholder's wealth increased apparently after listed in Hong Kong and Mainland China.
Finally, the research suggests enterprises while choosing the listing place abroad in the future, it is considered and evaluated that should be in many aspects, not to determine the overseas listing place of enterprises alone simply rely on some factors, should think carefully in where to go listing is the most favorable to enterprise itself in terms of every interested party.
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