台灣在2008年二次政黨輪替後，提出若干優惠措施以及取消某些法規限制，積極推動台商回台上市，然而深圳證券交易所在2009年發展出創業板，其發展目的是為了讓新興企業有一個高效的籌資平台，深圳創業板的開板給了台商在中國大陸上市的契機與吸引力，因此台商回台上市的意願便可能會因深圳創業板的開板而降低。本研究將以台商的觀點來看，當台商面臨回台上市或在深圳創業板上市兩者之間做選擇時，對於兩者制度面、市場面及環境面來進行比較分析，並藉此來判斷深圳創業板的發展是否會影響台商回台上市的意願。
研究中發現，目前深圳創業板吸引台商之處在於其上市門檻較低，本益比及活絡性表現較好，再加上中國大陸的經濟環境較佳，因此可募集到較多的資金。雖然台灣證券市場現階段在各方面的成長幅度不如深圳創業板突飛猛進，但台灣證券市場是一個較為成熟的證券市場，其多年累積下來的國際性、穩定度及成熟度皆比深圳創業板優越許多。因此，台灣證券市場目前的整體表現仍優於深圳創業板，深圳創業板的開板尚不至於影響台商回台上市的意願。
最後建議未來台灣證券市場應積極爭取與兩岸三地證券市場更密切的接觸，以「區域整合」作為當前的發展方向，若能合作組成「大中華區域證券市場」─雙邊掛牌機制甚或多邊掛牌，以兩岸三地之間的優勢互補，更能達到競合、更甚是綜效的效果。 / After the second return of the governing party in Taiwan, the new government released some beneficial programs and deregulated some laws to attract Taiwanese enterprises to IPO in Taiwan. In the meanwhile, ChiNext opened in 2009 for the purpose of offering an efficient capital-raising platform for those newly-formed enterprises. ChiNext gives Taiwanese enterprises an attractive opportunity to IPO in China, and therefore Taiwanese enterprises may decrease their willing to IPO in Taiwan. This paper starts from the opinion of Taiwanese enterprises who make a decision to IPO in Taiwan or ChiNext, analyzing by the side of regulation, market and environment to determine whether ChiNext will affect the willing of Taiwanese enterprises to IPO in Taiwan or not.
What attracts Taiwanese enterprises to IPO in ChiNext is its excellent PE ratio, high turnover rate and being easy to be qualified. In addition, owing to the rapid growth in Chinese economy, enterprises will raise much more capital in ChiNext. Contrary to ChiNext, Taiwan stock market is such a mature stock market that it could not expand rapidly as ChiNex. Also because of its maturity, Taiwan stock market is much steadier and much more international than ChiNext. To sum up, Taiwan stock market is still more outstanding than ChiNext, the appearance of ChiNext does not affect the willing of Taiwanese enterprises to IPO in Taiwan at present.
Finally, this paper makes a suggestion of "region conformity" as a direction for Taiwan government. Taiwan government should connect with Chinese-area stock market more intensely. If the stock market of Taiwan, Hong Kong and China could form a "Chinese-area Stock Exchange" like NYSE Euronext or other else, it will create an effect of synergy in Chinese-area stock market.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0098353035 |
| Creators | 陳端慧 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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