| 摘要註: |
本研究透過兩岸之間上市法規的差異對比來評估分析台商回台上市動機與意願。針對在中國大陸上市、返台上市、或不上市,以財務陎分析其優劣。自政府開放台商赴大陸投資以來,兩岸經貿發展互動頻繁,至 2008年12月,據經濟部投審會統計,台商赴大陸投資案件累計已經超過 37,181件,核准的台商對外投資總金額達 755億6,045萬美元。愈來愈多的台商前進大陸,不只是求生存,也是為在全球產業鏈中佔有一席之地,更顯示了全球佈局的國際化發展策略。企業佈局全球考量因素有：(1)生產資源成本：以較低資金成本取得勞力?擴建廠房用地等;(2)供應鏈整合：與上下游廠商進行整合,降低經營生產成本;(3)產業聚落：相關產業群聚發展,提高供應鏈整體效能相關產業群聚發展,達成規模經濟效益;(4)行銷策略：行銷通路開發,物流規劃,就近經營市場;(5)稅賦考量：營業稅,所得稅等各種稅賦規劃;(6)提升競爭優勢：擴大企業規模,提升競爭優勢。然而,企業為因應海外投資,也陎臨了擴大經營規模的資金需求以及全球原物料?能源價格上漲。研究結果發現，一、一般企業籌資的管道大致上有二種：從銀行等金融體系融資取得資金,或直接從資本市場取得資金；二、企業籌資的成本以上市籌資最低;三、對於外擴型、增長型的公司而言,上市的整體優點大過缺點;四、近年利率持續在低水帄,故福貞上櫃前後的集資優勢並不明顯;五、現階段上市地區,以台灣上市最佳（政策清晰度高、產業完整、訊息掌握與管理簡便、上市費用最低）。 The objectives of this study are to examine the difference of regulation and to analyze the decision of the oversea Taiwanese company to initial public offering (IPO) in China or in Taiwan. The examination is based on the results of the financial assessment of the oversea Taiwanese company.Because of the deregulation to the China investment by the Taiwan government, the trades between Taiwan and China become more frequent. In 2008, the approved number of the direct investment of the Taiwan corporations in China is over 37,181.The approved amount of the direct investment approved by the Ministry of Economic Affairs Investment Commission is up to 75,560,450 thousand NT dollars. The incentives of the Taiwan corporations directly investing in China are not only to survive in the business world, but to seek for the global market share. It indicates the strategy of the globalization of the Taiwan corporations. The factors for considering globalization strategy are as follows: (1) Production and resource cost, (2) Integrate of supply chain, (3) The Industry village, (4) The strategic of marketing, (5) Taxation consideration, and (6) Increase competitiveness. However, because of the foreign direct investment, corporations have the issues of size expanding, fund raising, and the increasing costs of raw materials and energy.The results indicate as follows: First of all, there are two ways for enterprises to raise funds. They can either obtain the fund from the financial system, such as bank, or directly finance from the capital market. Secondly, financing through IPO is the lowest cost to enterprises. Thirdly, as to the expanding companies, the advantage of the listed firm is bigger than the shortcoming. Fourthly, the interest rate is lower in recent years, so the advantage of Fuzhen Co. does not have obvious difference before and after the IPO. Fifthly, Taiwan market is the best area to IPO. |