本研究從股務代理機構之角度探討其代理股務事務之上市、上櫃及興櫃公司全面發行無實體有價證券作業之必要性。政府推動全面無實體作業制度，除順應國內民情採循序漸進方式外，是否搭配法規強制規範較有效率？問券研究結果為代辦股務代理機構雖會尊重發行公司決策者是否採行無實體作業之決定，然基於減少作業成本及增加作業效率等因素考量，亦多數會建議發行人採行無實體發行作業，並且一致認為採行無實體作業最有效率之方式係以法規強制規範。 此外，為配合政府推動無實體作業，發行公司及其股務代理機構均希望登錄機構之相關費用如登錄費用等應適時給予調降，以增加發行公司決策者採行無實體發行之誘因，且就股務代理機構而言，更希望登錄機構（集保結算所）能設計一套簡單且容易記載股東股份之帳務架構；至於無實體發行之公司撤公開發行後，必須辦理終止登錄，目前應按各集保帳戶以股東名義印製一張不定額實體股票之退場機制，雖顧及投資人權益，然既已無實體發行，再印回實體股票，將增加財務緊縮之公司成本負擔，實不符合效益，應研議較合理之退場機制。 最後，雖建議以法規強制規範發行公司發行全面無實體作業，然應採循序漸進方式，先推動上市、上櫃及興櫃公司發行之有價證券，再擴及公開發行公司發行之有價證券，以達到有價證券全面無實體化。 The research is to study the necessity of dematerialization for listed companies. The most effective and efficient way toward dematerialization is that all issuances are mandatory issued in scriptless form. The outcome of the survey shows that most of the transfer agents would suggest issuers to issue scriptless securities in view of less handling cost and more operational efficiency however the issuers may retain the final decision. To cope with Government’s dematerialization policy, both transfer agents and issuers hope TDCC to lower the registration fee as the incentive for issuing companies. In addition, a structured book-entry system could help transfer agents’ to process the registration of shares more easily. Once the issuers become non-public companies whose issuances are no longer the eligible securities for custody under TDCC’s present regulations. In that case, TDCC has to terminate those securities’ registration. Currently, TDCC requires the issuers to reprint those dematerialized shares into certificate under each shareholder’s name, which raises some discussion among issuers, especially those companies in financial difficulty. It is recommended that Government facilitate dematerialization by steps. As we know that IPO and SPO of shares and corporate bonds issued by listed companies are mandatory issued in scriptless form with effect from 1 July, 2006. This could be applied to all issuances of public companies as the following step.