台資企業在香港上市問題之研析

A Study on the Issue of Taiwanese Enterprises Listing in Hong Kong

自2005年2月鴻海集團將旗下手機代工事業富士康獨立分割在香港上市獲得佳績後，引發了新一波台資企業在香港上市的熱潮，且其規模有大型化的趨勢。針對此一問題，本文首先就歷年來在香港上市的55家台資企業，分析其集資金額、產業結構、股價表現及市值金額等概況；其次並從香港的優勢及我國對兩岸政策相關限制的角度，分析台資企業在港上市的可能原因；同時也探討未來台資企業在港上市的可能趨勢及對我國經濟可能造成的影響；最後，則針對前述問題提出吸引台資企業回台上市的政策方向與建議。

The successful IPO in Hong Kong by Foxconn International Holdings Ltd, a subsidiary of the Hon Hai Group, in February 2005, has encouraged a wave of Taiwanese enterprises to seek public listing on Hong Kong's stock market. Moreover, the size of firms joining this trend has been getting larger. To address this issue, this paper first gives an overview of the 55 Taiwanese enterprises listed on Hong Kong from 1990 to October 2007, with analysis of their IPO proceeds, business structure, share performance, value of market capitalization, etc. Secondly, the paper tries to find the underpinning forces behind this trend, by examining Hong Kong's advantages and Taiwan's restrictions on cross-strait economic links. Thirdly, the paper explores likely developments of this trend and its possible impact on Taiwan’s economy. The paper ends with conclusions and recommendations on how to attract Taiwanese firms back to listing on Taiwan’s stock market.