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Author: 盧紀安
CHI-AN LU
Thesis Title: 台資企業海外上市之個案研究
Case study of Taiwanese Enterprises Overseas Listing
Advisor: 劉代洋
Day-yang Liu
Committee: 扈永安
Yung-An Hu
陳俊男
Chun-nan Chen
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2013
Graduation Academic Year: 101
Language: 中文
Pages: 96
Keywords (in Chinese): 台資企業海外上市柬埔寨
Keywords (in other languages): Taiwanese Enterprises, Overseas Listing, Cambodia
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  • 近年來隨全球經濟不斷的快速變遷,整體金融環境亦受到國際化趨勢之影響,不同國家與市場間之波動也日趨顯著。全球各大型企業正面臨著彼此的競爭與整合,台資企業亦不得不思考下一步該如改變經營策略以因應大環境的挑戰,故邁向國際化之潮流亦是不可避免的過程。為了因應此一變局,籌措發展所需的資金更是企業經營所不容忽視的議題,選擇上市之路亦是一個不可避免的趨勢。而該選擇國內上市或海外上市,其決策所考量的因素與層面相當廣泛與複雜,包括上市之成本、法律制度之規範、上市地之語言與文化差異、上市過程之難易度及上市後發展的限制與資金運用之彈性等因素,另該以何時上市對公司整體綜效最為有利又是另一個值得深思的議題。
    本研究主要探討台資企業海外上市決策過程中所考量的因素與影響。藉由探討台資企業海外拓展市場的決策、選擇海外上市的動機與目的、選擇海外上市的地點、海外上市後預期之效益及海外上市之成本與風險等因素進行分析,並針對個案台資企業海外上市過程中所面臨的問題與因應策略予以說明。面對海外上市所在地之語言文化、法令規章、行政制度、社會民情與其他不確定因素之干擾,台資企業所面臨的挑戰與風險又該如何作出適當的抉擇,另在有限的人力與時間下又該如何選擇適當的策略,完成組織架構之調整與上市掛牌之準備,以達成公司價值極大化之目標。本研究採個案研究法,針對個案公司自1997年至海外設廠到目前為止之發展與參考相關文獻所作之個案實務分析,提出該個案公司上市規劃的具體做法,與上市過程面臨問題之解決方案作為參考,以供未來擬赴海外上市台資企業作為決策參考之依據。


    In recent years, as the global economy has been rapidly changing, the overall financial environment is also influenced by the trend of internationalization and the volatilities among different countries and markets have also been increasingly significant. Every large enterprise worldwide is facing mutual competitions and integrations and Taiwanese enterprises also have to think, as next step, about how to change business strategies in order to respond to the challenges of macro environment; hence, the trend to internationalization is also an inevitable process. To respond to such a turbulent situation, to raise funds for the development is an issue that can not be neglected for the business management and to choose to go public is also an inevitable trend. Whether to choose domestic listing or overseas listing, the factors and aspects its policy decision takes into consideration are fairly extensive and complicated; the factors and aspects include the cost of listing, the regulations of legal system, the linguistic and cultural differences from the country where the securities are listed, the degree of difficulty of listing, post-listing development restrictions and flexibility of fund use, and so on. In addition, when to go public is most advantageous for the corporation’s overall synergy is another issue worth pondering. This study mainly discusses the factors and impacts Taiwanese enterprises consider in decision making process of overseas listing. This study provides analyses by discussing the factors, including policy decisions for Taiwanese enterprises to develop overseas market, motivations and purposes to choose overseas listing, the place of overseas listing, expected post-listing effects, costs and risks of overseas listing; this study is directed at and explains the problems Taiwanese enterprises confronted with and their corresponding strategies in process of overseas listing. To face the disturbances by language, culture, laws and regulations, administrative system, society and customs, and by other uncertain factors in the place of overseas listing, how shall Taiwanese enterprises make adequate decisions when confronting challenges and risks? Furthermore, within insufficient manpower and limited time, how shall Taiwanese enterprises choose adequate strategies and finish organizational structure adjustments and preparations for listing in order to reach of the aim of maximizing the value of the company? This study uses case study method, aims at the case company’s development from offshore factories established in 1997 to the present, refers to the case practice analyses from the relevant literary reviews, brings up case company’s concrete methods of listing planning and up solutions to the problems confronted with in the process of listing in hope of providing the references for Taiwanese enterprises to make decision on overseas listing in the future.

    摘 要 I 目 錄 V 圖目錄 VI 表目錄 VII 第壹章 緒論 8 第一節 研究背景與動機 8 第二節 研究目的 9 第三節 研究範圍與限制 10 第四節 研究架構與流程 10 第貳章 文獻探討 12 第一節 海外上市之動機 12 第二節 海外上市地點之選擇 15 第三節 海外上市之預期效益 18 第四節 海外上市之成本與風險 20 第參章 研究方法 22 第一節 研究設計 22 第二節 個案訪談 24 第肆章 產業分析與個案公司介紹 25 第一節 柬埔寨發展概況介紹 25 第二節 產業發展概況介紹 43 第三節 個案公司介紹 53 第伍章 個案分析 67 第一節 海外上市的背景與動機 67 第二節 海外上市的過程 77 第三節 海外上市預期之效益 84 第四節 未來之規劃 86 第陸章 結論與建議 87 第一節 研究結論 87 第二節 研究建議 91 參考文獻 93

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