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Student Number 984300009
Author Ching-Chien Wu(吳錦乾)
Author's Email Address No Public.
Statistics This thesis had been viewed 571 times. Download 11 times.
Department Executive MBA
Year 2011
Semester 1
Degree Master
Type of Document Master's Thesis
Language zh-TW.Big5 Chinese
Title 資本流動模式對所有權與經營權效果分析─以F上櫃公司為例
Date of Defense 2011-10-05
Page Count 87
Keyword
  • Backdoor listing
  • Capital mobility
  • Right of man
  • Abstract Foreign investments in Taiwan can facilitate our national development and. Al-though foreign investments can stimulate the economy, such investments may also cause economic overheating and other negative effects. The reason is that some for-eign investing companies may take the advantage of backdoor listing and capital im-mobility.
    Recently, China economy is growing rapidly, but it has complex and rigorous re-strictions on foreign investment. Some foreign investing companies, thus, have tries to invest in China through Taiwan’s companies because China provides some privileges only to Taiwan’s companies. Under such circumstances, foreign investing companies attempt to control Taiwan’s companies and back-door listing in order to obtain the right of capital mobility and then invest in China indirectly. However, back-door list-ing may cause negative effects on corporate governance. It is a critical problem in Taiwan.
    This study focuses on understanding the impact of back-door listing on corporate governance. Using financial analysis, we compare the financial indexes of a back-door listing company and those of other six foreign capital listing companies. The results show the back-door listing company has relatively poor performance and corporate governance. Our main research findings are as follows:
    The incentive of back-door listing has decreased after Taiwan’s government canceled the restrictions on capital mobility to China.
    The incentive of foreign companies to become the listing companies in Taiwan depends on China’s policies and investment opportunities.
    Capital mobility can impact a firm’s strategies, corporate governance and agency performance.
    Back-door listing cannot facilitate economy growth in Taiwan and has negative effects on stockholders.
    The followings are the suggestions and implications of the research:
    Taiwan’s government should amend the laws of stock depository and prescribe that the stocks of the Stock Limited Corporation cannot exchange through contracts.
    The government should monitor and audit back-door listing companies, and the costs should be paid by such companies.
    The government should facilitate proper foreign capital mobility and prevent back-door listing.
    The government should let Taiwan’s capital market more involve in Asia capital market in order to enhance Taiwan’s capital market with suitable capital mobility that can help companies build proper corporate governance and achieve greater agency performance.
    Table of Content 第一章 序論1
    1.1 研究背景1
    1.1.1開放外資與全球資本市場接軌1
    1.1.2外資參股與併購台資企業3
    1.2 研究動機8
    1.2.1外資與我國傳統產業合作借殼誘因8
    1.2.2取消限制對資本市場效果8
    1.2.3借殼上市對我國經濟發展之影響9
    1.3研究目的11
    1.3.1借殼上市對公司治理的影響11
    1.3.2借殼上市對代理制度影響11
    1.3.3研究目的12
    1.4研究架構與流程12
    第二章 文獻回顧15
    2.1外資收購我國上市(櫃)公司相關法令與過程分析15
    2.1.1證券交易與公司法修訂消除國際資金流動阻礙15
    2.1.2外資收購股權方式15
    2.1.3外資收購設立比發行設立便捷17
    2.2公司治理對資本市場的影響21
    2.2.1公司治理發展21
    2.2.2 董事會與稽核制度監控效果23
    2.3資本流動的排擠效果24
    2.3.1資本流動方式24
    2.3.2兩權分離與公司治理26
    2.3.3兩權分離與董事會指揮權27
    2.3.4資本(股權)流動影響代理行為29
    第三章 研究方法30
    3.1 方法基礎30
    3.2 財務分析方法32
    3.3 研究對象32
    3.4 資料蒐集來源與方式33
    3.5 資料分析方法40
    3.5.1傳統公司治理分析變項40
    3.5.2以資本流向探討外資對本土企業影響42
    第四章 分析46
    4.1 個案簡介46
    4.1.1個案公司股本來源與經營狀況46
    4.1.2外資借殼上市的誘因47
    4.2 個案分析48
    4.3個案發現51
    4.3.1資本管制下資本流動模式51
    4.3.2資本流動對原始股東財富效果55
    4.3.3借殼上市與申請上市總合比較57
    4.4 個案分析總結60
    4.4.1外資取得所有權對公司治理的影響60
    4.4.2外資取得經營權對代理制度影響62
    4.4.3代理行為對公司治理的影響64
    第五章 結論與建議65
    5.1結論65
    5.1.1外資借殼上市誘因減低65
    5.1.2外資在台申請上市仍看大陸市場66
    5.1.3資本流動對公司治理的影響67
    5.1.4外資取得經營權對代理制度影響68
    5.1.5外資借殼上市與申請上市對我國經濟成長的影響68
    5.2建議69
    5.2.1修訂強制集保制度69
    5.2.2對四不管企業進行監理70
    5.2.3政府應扶植外資促進資本流動70
    5.2.4不能自絕於亞洲資本市場之外71
    參考文獻73
    一、中文部分73
    二、英文部分73
    三、參考網站75
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    Date of Submission 2011-10-12

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