| 摘要: | 近年來台灣企業在大陸初期經營有成後，隨組織營運規模擴充，對於營運資金需求與日俱增。為配合企業未來龐大資金需求，多數台商紛紛考慮於大陸資本市場籌資；而且自從大陸加入WTO後，中國資本市場政策逐步開放，使台資企業於大陸資本市場籌資計畫已成為其未來重要經營方針，因而引發一股IPO熱潮。因此，本文主要研究影響台灣企業赴大陸投資的總體因素、大陸市場資本大眾化(IPO上市)之動機目的、成本、效益等議題。實證結果發現，對台灣廠商大陸投資金額有顯著影響的三項總體因素分別是：台灣國民生產毛額GNP、大陸國民生產毛額GNP、台灣國內生產毛額成長率(GDPG)，三者和大陸投資金額皆呈現顯著正向關係，此顯示：影響台灣廠商大陸投資的主要因素是-台灣和大陸GNP成長、大陸廣大內需市場潛力，引發台商投資大陸動機，同時帶動台商資金需求。因此，有多數台商考慮以大陸上市籌資方式，支應未來資金需求，如此不須從台灣溢注資金，不受限於台灣法令規範，也不影響臺灣企業營運。至於利率因素和大陸投資金額的關係並不顯著，及台灣的籌資成本並非大陸投資上市的主要關鍵因素。而訪談結果發現，A股上市成本約需335~475萬元人民幣、B股約需585~835萬元人民幣，另加上之付籌資額1.5~3%承銷佣金，籌資成本可說相當高，而仍有許多企業考慮IPO上市，足見得資金成本不是最主要考量，而其主要目的，希望增加多元籌資管道，分散投資風險，增加國際知名度，有助於經營績效提升；進而長期發展策略，吸引知名國際企業合作，通路拓展，使企業可進入原無法進入市場，達成策略聯盟目標。所帶來的其他預期效益是多元化的，如：使原股東多角化投資，分散投資風險、提高股票變現力、提高公司價值穩定性、提昇公司形象、公司員工入股等有形及無形效益，兼顧到許多公司關係人利益。
至於其他考量因素，主要上市門檻、IPO程序中，改制為股份有限公司是主要關鍵程序。上市類股股選擇，因大陸政策時有變化，將視未來大陸政策走向而定上市地點以上海交易所掛牌上市為主。本文分別從迴紋針計量模型研究及質性研究中獲得這些初步研究結果，期望對台商赴大陸投資與上市的評估將有所助益。
Recently Because most Taiwan enterprises have operated successfully in China, it causes their increasing capital demand gradually. In order to meet large capital demand in the future, many Taiwan enterprises start to consider IPO in China Capital Market to raise Moreover; since funds. Moreover, since China become the member country of WTO, China government is opening their Capital Market Policy step by step. It makes the IPO program become their important operation policy , so it drives the great mass fever among Taiwan enterprises. Thus this paper investigates some relevant issues, such as: the Macroeconomic impact factors on the China investment, the motives, cost and benefit from IPO program. There are some findings from empirical studies. Three significant factors, which are positive relationship with the China investment, are GNP of Taiwan、GNP of China、GDP of Taiwan. The finding implies the impact factors on China investment are GNP growth from both Taiwan and China, which push China sale market demand and drive the motive and the operating capital demand on China investment. As a result, many Taiwan enterprises consider to raise funds by IPO in China By the way, Taiwan companies do not need to collect from Taiwan, limited by the law and decrees from Taiwan, and influence the parent companies’ operation in Taiwan. In addition, the relationship between interest rate and investment amount is not significant. It implies that the raising cost is not the key factor of China investment and IPO program. From the interview, this study also found that, although the raising costs are so high, many enterprises still consider IPO in China capital market. Therefore, the most critical considerable factor is not raising cost, but some tangible and intangible raising risk diversity, increasing intemational fame and operating performance. As for long term development strategy, IPO in China capital market may facilitate the cooperation with intemational enterprises. It will expand the sale routes and enter potential market that Taiwan company originally can’t enter. Other diverse intangible effects include stockholders’ investment risk diversity, increasing company value stability and imagine, employees stocks program. Therefore, there effects will take all advantages of related party (RP) into consideration.
In addition, other factors, such as: the standard, term, and the procedure for IPO, are also considered. As for the choice of stock categories-A or B share, owing to the fiequent variation from China capital market policy . it is suggested that the choice may be dependent on future policy. IPO place is to give priority to Shanghai Security Exchange mainly. From multiple regression econometric methodology and qualitative research, we have obtained these results, and hope these helpful to evaluate the China investment and IPO program for Taiwan enterprises. |
