臺商企業至香港上市之型態模式分析

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Title:	臺商企業至香港上市之型態模式分析
Other Titles:	The model analysis of listing types in Hong Kong for Taiwan enterprise 台商企業至香港上市之型態模式分析
Authors:	林明璇;Lin, Ming-hsuan
Contributors:	淡江大學財務金融學系碩士在職專班林蒼祥;Lin, William T.
Keywords:	香港IPO;台商企業;香港證券市場;中國大陸;IPO;Hong Kong stock market;Mainland China;restriction
Date:	2007
Issue Date:	2010-01-11 00:53:10 (UTC+8)
Abstract:	近幾年來，台商們先將人流及物流推向中國大陸；如今，40%的投資上限造成台商企業無法回台上市，進而使金流流向香港，帶動港股繁榮。港盛台衰，台灣股市正逐漸被邊緣化。而這些年來以大陸為發展基地的台商企業，紛紛在開曼群島、百慕達群島成立控股公司，以便赴海外上市。由於香港對上市公司的營運地點與籌資用途，完全未加以規範管制，使得香港成為台商選擇上市之新標的。本研究將對這些台商企業前進香港股市上市之模式及其法律規範與稅負考量做一分析探討。研究結果建議，在台灣已經上市櫃之台商企業（有根台商），可將海外轉投資事業單獨分拆，並將該轉投資事業獨立在香港上市，如此則不需經過投審會審議，還可就由香港上市公司之便，將企業集團佈局中國投資，集中運作，以解除企業集團投資中國大陸之風險。無根台商企業則適合採用直接在境外成立控股公司，因為其有對於投資者之高隱密性以及規避我國政府對企業投資大陸之限制的優點，企業或個人也可基於業務需要或其他各種不同目的而運用境外公司的名義，來達到節稅、調度資金、控股、間接投資與行銷等功用；因此，目前大多數的中小企業或個人皆採用此種模式。此兩種模式是目前大多數台商採用之運作模式，在法律規範與稅賦考量部分也是限制最少的兩種型態。 Recent years, Taiwan enterprises have set up the flows of labor and material in Mainland China; however, the 40% investment limitation to China makes Taiwan enterprises hesitate to go public in Taiwan, moreover, the capital flow makes Hong Kong stock market extraordinary blooming. The stock market of Taiwan becomes edged. Nevertheless, China-based enterprises have established interest-controlled corporation in Cayman or Bermuda Islands, easier for them to be listed abroad. Because there is no well regulations to “where you operate?” or “why you raise the money?” Hong Kong turns into a good choice for Taiwan enterprises going public. The main purpose of this study is to analyze the model of going public in Hong Kong, based on legislation and taxation. The result showed two parts: first of them, the Taiwan enterprises, which have been listed in Taiwan, can separate the oversea division of Investment and make it dependently go public in Hong Kong; therefore, it is not necessary to be reviewed by Investment Commission (MOEA) of Taiwan; and relieve the risk of investment in Mainland China by centralizing the capital. Second, the Taiwan enterprises, which have not been listed in Taiwan, are adaptable for establishing directly the interest-controlled corporation abroad, due to the advantage of high privacy and avoidance of Taiwan limitation to Mainland China. Enterprise or individual may apply tax saving, finance adjusting, etc. by the abroad interest-controlled corporation; that is the reason why this model is applied for most of the small companies and individuals in Taiwan. Both of the models are popular for Taiwan enterprises, with least restrictions.
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Thesis

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