台灣企業在大中華地區股票上市地點選擇之研究

A Study of How Taiwanese Enterprise Makes Decision in China Area and the Listing Location

隨著企業全球化佈局的影響，僅靠國內資本市場已無法滿足企業的資金需求。因此，企業的融資管道已擺脫傳統的、間接的銀行貸款，延伸至國際金融市場。然而，對於台灣而言，目前仍缺乏一套公正客觀的海外上市地點之評估依據。基於此，本研究透過問卷及公開可得的資訊，建立適用於海外上市地點之選擇，並應用分析網路程序法之多準則決策模式建構進行海外上市地點之評估模式，以作為其他企業發行股票上市時選擇市場之決策參考。研究結果顯示，企業發行股票上市時選擇市場以市場面為主，顯示出企業對於海外市場之市場面重視程度。而其主要之評估因素為「市場流動性」、「市場開放程度」、「總體穩定因素」、「會計原則及公開揭露」及「經濟發展程度」；此五項因素「市場面」及「經濟面」各包含兩項準則，顯示出企業發行股票上市時選擇市場需考慮「市場面」及「經濟面」，方能達成企業上市時之目標。再者，藉由實證結果探討海外上市股票市場之地點選擇，就綜合所有構面而言，以香港為最佳上市地點，其次為中國大陸，再次為新加坡，最後為台灣。

With the globalization, capital needs to develop business increased dramatically. Vehicles for corporate financing have been extended from traditional local banking loans to the global stock markets. However, for companies in Taiwan, currently they do not have a standard to evaluate which market is most suitable for issuing stocks. Therefore, this study aims to build up a selection model for companies who plan to issue their stocks in foreign markets by applying AHP method. Survey results show that corporations consider the market criteria most. Sub-criteria which are taken into consideration including: “liquidity” “regulation flexibility” “macro-economic stability” “accounting principle” and “economic developing status”. Above sub-criteria are related into the “market” and the “economic” criteria. It implies corporation who would like to issue stocks in foreign market should consider both aspects. Further more, after applying this selection model in Asia stock markets, this study found Hong Kong is the in the highest ranking, China afterwards followed by Singapore and Taiwan.