產業金融化：以台商發行歐洲美元債券為例

The Financialization of Enterprises –The Case Study of Euro-dollar Bonds issued by Taiwanese Firms

目前針對台商討論產業金融化的文獻，信用發展的結構與系統是重要的。本論文選擇「台商歐洲美元債券」做為研究範圍，目的在於：藉由文獻回顧整理，在台灣設立境外公司最多的五大避稅天堂，提出台商歐洲美元債券的類型、目的其限制。問題意識是：台商為什麼需要在國際市場上發行歐洲美元債券？又有何系統能夠支持這些融資需求？據此，本論文從貨幣信用，以及組織場域（organizational field）觀點考察，運用路透社的資料庫，分析台積電、富邦銀行所發行的歐洲美元債券，說明產業金融化的轉型及其限制因素。產業金融化轉型過程中，2004 年-2013 年台積電母公司，對於境外子公司TSMC Global 進行保證，透過投資銀行發行歐洲美元債券，取得資金；富邦集團透過香港子公司，將負債轉成信用。台積電和富邦將自己走到比較像是全球金融場域（globalfinance field）這個範圍中。本研究發現，全球台商產業金融化有著不同運作邏輯。面臨2008 年金融海嘯，富邦銀行在倫敦和盧森堡進行可轉換債的意願不斷減少，債券價格趨於快速波動的狀況下，致使逐漸從倫敦、盧森堡的證券交易所，台積電和富邦銀行轉變為當今以新加坡和香港的證券交易所，做債券與股票的轉換，不但能運用歐洲美元，更能募集亞洲美元。同時，大部分金融中心作為文明的轉轍器，為確保流動性而運用香港和新加坡，不但避免資本主義各部門運作「卡殼」情況，是台商邁向信用經濟—整合社會與全球資源—重要轉向。因此，需要充分瞭解及參與國際金融結構的轉型，同時也與相關信用與債務研究產生對話。

The structure and the system of credit developments are crucial in the documents about the financialization of enterprises from Taiwanese firms. The aim of this essay is to provide the types, the purposes and the limits of Euro-dollar bonds from Taiwanese firms via the analysis of five leading tax havens that Taiwanese firms have established overseas. The main concern is why Taiwanese firms have to issue Euro-dollar bonds in the international financial market and what systems are required for the needs of loan financing. Based on this, the data of TSMC (Taiwan Semiconductor Manufacturing Company) and Fubon Bank, derived from Reuters, will be analyzed from the perspectives of money credit and organizational field to elaborate the transformation and the limit for the financialization of enterprises. In the transformative process of the financialzation of enterprises, TSMC, the mother company in Taiwan, acquired more funds from 2004 to 2013 by having its offshore company, TSMC Global, issue Euro-dollar bonds via the bank guarantee. Fubon Bank transferred the debt into credit via its subsidiary company in Hong Kong. Both of the cases got involved in the global financial field. It is found in this research that there are different patterns for the financialzation of enterprises of Taiwanese firms all over the world. After the financial crisis in 2008, the transferrable debts that Fubon Bank kept in banks of London and Luxemburg decreased accordingly. In addition, with the everlasting changes of the bond prices, both TSMC and Fubon Bank transferred their bonds and stocks from the banks of London and Luxemburg to those of Singapore and Hong Kong, by which they could use Euro-dollars and also raise more Asian-dollars. Moreover, with the financial center being treated as the transformer of civilization, the transfer to Singapore and Hong Kong can avoid the over-centralization of capitalist organizations, which is an important turning point for Taiwanese firms to integrate both the social and the global capital, both being the foundation of credit economy. Therefore, it is crucial to fully understand, to take part in, and to interact with the transformation of global financial structure as well as related issues such as credit and debt.