A Study on the Secondary Exchange-Listing of Issuing Taiwan Depositary Receipts by Foreign Issuers (Mainland Taiwanese Enterprises)

• Main Authors: Liao, Tzu-Yao, 廖子瑤
• Other Authors: Yang, Chyan
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/73986658137210503684

碩士 === 國立交通大學 === 管理學院經營管理學程 === 100 === Capital market is regarded as a window of a country’s economy. In recent years, Taiwan’s government has promoted listing in overseas for Taiwanese enterprises or foreign enterprises to list in Taiwan Stock Exchange in order to extend Taiwan Stock market to become a more global market. In the last two decades, more economic activities and trades between Taiwan and Mainland China had developed constantly and closely. Many Taiwanese enterprises made their investment in Mainland China, and raised their most funds in overseas markets, mostly in Hong Kong and Singapore. Taiwanese enterprises have an identical preference to choose their IPO in the Chinese-oriented regions. The major considerations of raising funds in overseas markets for Taiwanese enterprises include the capital market liquidity, lower costs of raising capital, promoting enterprises popularity, and the restrictions by the law or government’s policy on private investments in Mainland China. To accommodate the changes in global economy, Ma’s administration implemented deregulations greatly on Taiwanese enterprises’ capital, to encourage enterprises secondary exchange- listing in Taiwan stock market. Thus the TDR (Taiwan Depositary Receipt) became a convenient financing channel for Taiwanese enterprises. By using the three case studies as typical Mainland Taiwanese enterprises issuing TDR in Taiwan, the purpose of this research is to investigate the reasons why they issue TDR and the relevant responses to capital market after their TDRs were issued. Want-Want China, denoted as a successful Taiwanese firm in Mainland China, is the pioneer company which first issued TDR in April 28, 2009, and the first successful case for Ma’s administration encouraged Taiwanese enterprises listing in Taiwan stock market. Many other Taiwanese enterprises also followed to issue TDR, including Ju-Teng International, Tingyi (Cayman Islands) Holding Corp., Oceanus group, Super group, Yangzijiang Shipbuilding, and Digital China. By the end of December 2011, more than 30 foreign enterprises have been listed on TWSE (Taiwan Stock Exchange) and GTSM (GreTai Securities Market). After the deregulation policy and the promotions of Taiwan stock market competitiveness, the success of issuing TDR indicates that the Taiwanese capital market has significantly attracted companies originating from Taiwan and also number of foreign enterprises to expand the scale and enhance the globalization of Taiwan stock market. Through literature reviews, collecting official data, and making interviews of the three mentioned case studies, some similar problems in the TDR developing period are found. Discussions and suggestions on present rules and policies of TDR has been presented in the context. In addition, from the Elpida TDR case, try to make some suggestions for future policy design of TDR for protecting Taiwanese investors. Finally, try to make some conclusions and suggestions from the research regarding TDR.