證券承銷商輔導外國企業來臺第一上市櫃之法律風險研究

淡江大學機構典藏 > 商管學院 > 國際企業學系暨研究所 > 學位論文 > Item 987654321/54054

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Title:	證券承銷商輔導外國企業來臺第一上市櫃之法律風險研究
Other Titles:	A study on the legal risks of securities underwriters assisting foreign issuers to apply primary listing of securities in Taiwan
Authors:	王雅菁;Wang, Ya-Ching
Contributors:	淡江大學國際商學碩士在職專班林宜男;Lin, Yi-Nan
Keywords:	承銷商;外國企業;第一上市櫃;在台掛牌;法律風險;underwriter;foreign enterprises;overseas-registered companies;primary listing;Taiwan listing;legal risks
Date:	2011
Issue Date:	2011-06-16 21:55:02 (UTC+8)
Abstract:	台灣於2008年初步規劃對外國企業來台申請第一上市、第一上櫃者，引進香港及新加坡保薦人之輔佐制度，並將原本保薦人之職責轉由承銷商承擔，要求申請人必須於上市掛牌日起至其後二個會計年度止繼續委任主辦證券承銷商協助其遵循我國法令、規章及上市契約，使承銷商同時負有作為交易所、櫃買中心與上市、上櫃公司間橋樑之作用。鑒於外國企業主要營運地及設立地均在國外，台灣之承銷商對外國企業設立地所應適用之法律及其營運所設之法律風險，已無法如同本國承銷實務一般一手掌控，僅由承銷商撰擬外國企業之公開說明書，非但無法控管外國企業本身之遵法風險，承銷商本身亦暴露於極高之風險中。本文首先探討承銷商作為證券市場中介者角色重要性，進而藉由承銷商輔導外國企業上市上櫃過程中，承銷商協助其遵循台灣法令、規章及上市契約探討其應盡之義務、責任與法律風險。最後探討目前仍由主辦承銷商於發行人證券上市、上櫃後，繼續負有督導發行人履行規範操作、信守承諾及資訊揭露等義務；就此本文將探討香港、新加坡以及台灣採取之保薦人制度，藉以反映台灣制度可能之缺失，並提出幾項淺見，以期完善台灣相關承銷制度。 In 2008, Taiwan government expended the underwriter’s responsibility for foreign issuers which may apply for primary listing or primary OTC listing, required the foreign issuers should retain a lead underwriter, and should continue to retain the lead underwriter to assist in matters such as compliance with the relevant securities laws of Taiwan, the regulations and public announcements of the TWSE or GTSM and the listing contract for a period from the date of listing to the subsequent 2 fiscal years. Given that the jurisdictions in which overseas corporations principally operate and are established are located abroad, Taiwanese underwriters cannot firmly grasp, as they would purely domestic underwriting work, the laws of jurisdictions where overseas companies are established and the legal risks stemming from their operations. Where the underwriters alone draft the overseas company’s prospectus, they are unable to control the compliance risk of the overseas companies, and the underwriters themselves would also be exposed to high levels of risk. This thesis will explore the importance of underwriters in the financial intermediates position. Discussing under the relevant securities laws of Taiwan, the regulations of the TWSE and GTSM what the underwriters’ duties, responsibilities and legal risks are during the period of a foreign enterprises applying for primary listing and primary over-the-counter (OTC) listing in Taiwan. And then, this thesis will explore that Taiwan government expended the underwriter’s responsibility for foreign issuers which may apply for primary listing or primary OTC listing, required the foreign issuers should retain a lead underwriter, and should continue to retain the lead underwriter to assist in matters such as compliance with the relevant securities laws of Taiwan, the regulations and public announcements of the TWSE or GTSM and the listing contract for a period from the date of listing to the subsequent 2 fiscal years. This thesis will also refer the sponsor institutions of Hong Kong, Singapore and Taiwan, expecting some suggestions in this aspect for reference.
Appears in Collections:	[國際企業學系暨研究所] 學位論文

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