近年來由於高科技電子產業加速發展，為了擴廠及尋求更低的製造成本，產業紛紛外移。根據經濟部投審會統計，台商赴大陸地區投資金額，占政府核准對外投資國家的第一位。當企業邁向跨國多元化發展，企業經營所需資金亦相對的增加且時程迫切。因此，大陸台商的籌資管道不再只有本國銀行，當地的中資及外資銀行提供之間接金融，以及直接在資本市場掛牌籌資，皆是台商規劃範圍。究竟大陸台商選擇籌資管道及掛牌地點，有何偏好存在、又面臨何種困境呢？本論文藉由探討在大陸設廠的個案公司「巨騰國際控股」，其國際化過程中的籌資模式及其掛牌決策。本研究亦探討台商長期為人詬病的債留台灣現象，可否隨著兩岸政策鬆綁有所改善？ 本研究先就既有文獻探討，整理出大陸台商現有之籌資管道，與面臨困境；接著比較台灣、香港、新加坡及中國大陸四地主板上市相關規範，及市場熱絡程度與其掛牌成本；並藉由分析個案公司赴大陸設廠發展過程之籌資決策，其中包括香港主板上市及今年於台灣第二上市之規劃，最後得出幾項結論： 1.大陸台商成立初期資金來源較仰賴金融機構借款，若依循合法管道申請投資大陸，並有健全的會計及內控制度，與主力銀行培養良好關係，則成長階段擴廠所需資金取得會較為順利。 2.大陸台商的資金取得順利與否，與其投資計畫成敗息息相關。大陸台商若著重技術開發，並能提高公司於產業的知名度，較能獲得投資人青睞，增加資本市場籌資管道。 3.台商掛牌地點的選擇與政府兩岸政策息息相關，若台灣法令陸續鬆綁，可吸引績優台商回台上市，讓資金回流活絡台股。 In recent years, rapidly growing competition of the electronic industry has propelled companies to migrate offshore for business expansion and lower manufacturing costs. According to recent statistics from the Investment Commission of MOEA, China has ranked as the first in Taiwanese businesses’ foreign investment amount. Therefore Taiwanese company should not rely solely on domestic banks, but also the foreign ones including Chinese banks, or even go public in Chinese stock market to acquire enough funds. This study takes Ju Teng Int’l Holdings Ltd., a company migrating to China with funds successfully raised, as an example to analyze a Taiwanese company’s capital raising model and her choice of stock exchanges for public listing. Besides, the study also discuss if the current open-up cross- strait policy could avoid Taiwanese companies to leave behind their corporate debt in Taiwan as before. This study starts with a review of literature of capital-raising methods used by Taiwanese companies as well as the predicament they encountered. Next, it compares the cost and regulations of public listing, and the characteristics of stock exchanges among Taiwan, Hong Kong, Singapore and China. Finally, by analyzing Ju Teng’s financing decision processes, the study ends with the following three conclusions: 1) At the initial stage of establishment in China, Taiwanese businesses get their funding primarily from banks. From the prospective point of view, a company with successful accounting system and proper information disclosure would be easier to get financial support from their major partner bank later in the development stage. 2) Technical advance of a company can improve its visibility and reputation in the industry, drawing investor’s attention and increasing the ways a company raises its fund. 3) Since government cross- strait policy has great influence on company’s chosen location for public listing, deregulation of the stock market would attract excellent businesses to go public in Taiwan and draw more funds into the stock market as well.
