| 摘要: | 本研究經由探討台灣對外投資情況，發現台灣對香港、新加坡、美國及中國投資件數及投資金額比重相當高，當企業赴海外投資及銷售比重增加，便很有可能於當地上市。本文以香港、新加坡、美國及中國作為台資企業主要掛牌市場研究範圍，包含香港交易所、新加坡交易所、美國紐約交易所、美國納斯達克、上海交易所、深圳交易所。藉由台資企業海外上市現況，分析海外上市之台資企業行業特徵、交易狀況，並比較台灣與各交易所之市場環境、市場制度，進行優劣評分之評比。最後利用事件研究法探討台資企業赴海外上市於國內市場是否會產生異常報酬率。
美國在評比中獲得最高分，對企業來說是最具有引力的海外上市地點。利用事件研究法研究結果顯示，在上市前後30天之事件期，樣本公司累積異常報酬率皆大於對照樣本公司，表示投資人對台灣上市櫃公司赴海外上市之事件，抱持正面的回應；但針對赴不同國家上市又抱持不同看法，針對台灣上市櫃公司赴香港上市，投資人在上市前有正面回應，而上市後即作出反向調整；針對台灣上市櫃公司赴美國上市，在上市前後抱持較一致的看法，累積異常報酬率沒有明顯波動；針對台灣上市櫃公司赴中國上市，投資人在上市前、後皆抱持正面回應，相較於對照樣本公司，有較高的累積異常報酬率 。
By exploring Taiwan''s investment in foreign countries, we found that Taiwan''s investment in Hong Kong, Singapore, the United States and China is quite high, when the proportion of overseas investment and sales increase, it is likely to be listed in that country. This paper covers Hong Kong, Singapore, the United States and China as the main listing market of Taiwanese enterprises, including Hong Kong Exchange (HKEX), Singapore Exchange (SGX), New York Stock Exchange (NYSE), Nasdaq, Shanghai Stock Exchange, Shenzhen Stock Exchange. This paper analyzes the characteristics and trading status of Taiwanese enterprises listing on overseas exchanges and compare the market environment , listing requirements of Taiwan with other exchanges. Finally, we apply event study to discover whether TSE’s listed companies listed overseas produce abnormal return on listing day.
The United States obtains the highest score in the appraisal, is the most attractive overseas listing place for the enterprise. Event study shows that in the event period of 30 days before and after the listing, the cumulative abnormal return (CAR) of the sample is greater than control samples, indicating that investors have a positive response to the case of Taiwan listed companies going overseas. But investors have different opinion on listing in different countries. For Taiwan listed companies listing in Hong Kong, investors have a positive response, but after the IPO on overseas, they have reversed adjustment. For Taiwan listed companies listing in the United States, the CAR has no obvious fluctuation. For Taiwan listed companies listing in China, investors have positive response, compared to the control samples, there is a higher CAR. |
