論美國直接上市制度與引進我國之監管措施

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题名:	論美國直接上市制度與引進我國之監管措施
作者:	呂易錚;Lu, I-Jeng
贡献者:	產業經濟研究所
关键词:	直接上市;首次公開募股;財務顧問;承銷商;投資人保護
日期:	2024-07-23
上传时间:	2024-10-09 16:35:53 (UTC+8)
出版者:	國立中央大學
摘要:	本研究旨在探討直接上市模式及其在我國的潛在適用性。近年來，直接上市作為一種新興的公開市場進入方式，已在全球引起了廣泛的關注，相比傳統的首次公開募股，直接上市模式能夠有效降低企業的上市成本，縮短上市流程，同時提高股票的流動性，此外，因不涉及承銷商的參與，直接上市可為企業帶來更大的靈活性和自主性。然而，直接上市的潛在問題亦不容忽視，首先，直接上市缺乏承銷商擔任市場守門人，取而代之係由財務顧問擔任協助企業上市、訂定參考價格之角色，則在承銷商降級為財務顧問後，是否仍適合令其負傳統承銷商公開說明書不實之法律責任;其次，缺乏承銷商的參與可能導致對企業的盡職調查不夠詳盡、上市後亦不再有承銷商實行價格穩定機制，故可能會使投資者面臨較高的市場波動性等保護不周問題。本文詳細比較了直接上市與傳統首次公開募股、特殊目的收購公司之特點，並通過案例研究分析了直接上市在美國的實際應用情況。此外，儘管直接上市在美國等市場已取得一定的成功，惟觀察我國特有的市場環境、家族企業型態以及監管體系，直接上市的實施可能會在我國產生不同效果，故結論上，本文認為我國仍應引進直接上市制度，增加多元上市管道，以利我國資本與國際接軌，法律上，則應令財務顧問負公開說明書虛偽不實之責任，惟應將責任範圍限縮於「參考價格」之訂定基礎及合理推斷是否符合專業，兼顧投資人保護與財務顧問在直接上市中之權責，並配合相關措施，諸如強化揭露業績預測基礎、估值計算基礎、企業自主實施閉鎖期協議、提升投資者教育、明文確認財務顧問之法律責任及令財務顧問之利益與公司未來上市之表現掛鉤，以牽制並強化其負責之態度等，作為實行此制度之配套措施，確保能夠在保護投資者利益的同時，促進市場的健康發展，並期透過本文提供制度概覽與相關建議，以推動更高效、透明的公開市場籌資機制的發展。;This study aims to explore the direct listing model and its potential applicability in Taiwan. In recent years, direct listing has emerged as a novel entry method into the public markets, attracting global attention. Compared to the traditional initial public offering (IPO), direct listing can significantly reduce the costs and duration of going public while enhancing the liquidity of stocks. Moreover, by not involving underwriters, it grants companies greater flexibility and autonomy. However, the potential issues associated with direct listings cannot be overlooked. Firstly, a direct listing lacks underwriters serving as market gatekeepers. Instead, financial advisors assume the role of assisting the company in going public and setting the reference price. After underwriters are downgraded to financial advisors, it remains to be seen whether it is still appropriate for them to bear the legal responsibility for False Prospectus Statements. Secondly, the lack of underwriter involvement may lead to insufficient due diligence on the enterprise and the absence of price stabilization mechanisms by underwriters after listing. Consequently, investors may face increased market volatility and other issues related to inadequate protection. This paper provides a detailed comparison between direct listings, traditional IPOs, and Special Purpose Acquisition Companies (SPACs), and includes case studies on the practical application of direct listings in the United States. In addition, although direct listing has achieved certain success in markets such as the United States, observing Taiwan′s unique market environment, family business type and regulatory system, the implementation of direct listing may have different effects in Taiwan. Therefore, in conclusion, this article believes that Taiwan A direct listing system should still be introduced and diversified listing channels should be added to facilitate the integration of our country′s capital with international standards. Legally speaking, financial advisors should be held responsible for False Prospectus Statements, but the scope of liability should be limited to the “reference price” Establish a basis to balance investor protection and the rights and responsibilities of financial advisors in direct listings, and cooperate with relevant measures, such as strengthening the disclosure of performance forecast basis, valuation calculation basis, voluntary implementation of lock-up period agreement, improving investor education, and clear confirmation the legal responsibilities of financial advisors and the linking of the interests of financial advisors with the company′s future listing performance, in order to contain and strengthen their responsible attitude, etc., as supporting measures for the implementation of this system, to ensure that the interests of investors can be protected while promoting market stability and healthy development. This article provides an overview of the system and relevant suggestions to promote the development of a more efficient and transparent open market financing mechanism.
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