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    Please use this identifier to cite or link to this item: http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/86252


    Title: 外國企業來台上市-F股與TDR之比較研究
    Authors: 蔡佳怡
    Tsai, Chia-Yi
    Description: GH02101076507
    碩士
    經營管理碩士在職專班
    Date: 2014
    Keywords: 外國企業;第一上市;第二上市;台灣存託憑證;杜邦分析
    Foreign issuer;Primary listing;Secondary listing;TDR;DuPont analysis
    Abstract: 近年來,為促進海外企業積極參與台灣資本市場,滿足投資人多元化投資需求,並同時提升台灣證券市場國際化與競爭力,政府積極推動外國企業來台第一上市(簡稱F股)和第二上市暨發行台灣存託憑證(簡稱TDR)。
    不過外國企業顧名思義是登記註冊於海外之公司,其註冊地可能遍及全球,且受當地國之法令規範。其公司治理、會計揭露、股東權益之保障及監理標準等,或存有差異。因此,無論F股或TDR現在表現如何,對投資人來說,皆具有一定潛在風險。
    故本文研究希望讓投資人可以熟悉外國企業所遵循之法規及股東權益相關規範。同時,藉由透過F-再生與旺旺這兩家具指標性與代表性意義的企業,分別做為外國企業來台第一上市與第二上市暨發行TDR的個案研究,並利用杜邦分析法來了解兩家的經營績效,進而探討在2013年普遍表現亮眼的F股是否背後仍有隱憂?而近年負面評價不斷傳出且重創投資人信心的TDR是否仍不乏有績優公司?
    本論文將採四個階段,分別以文獻探討法、法規探討法、現況比較法及個案研究法進行分析研究,並採杜邦分析法穿插其中作為數據佐證,以兩種外國企業來台上市為背景,進行探討。
    In recent years, in order to promote the active participation of foreign issuers in Taiwan’s capital market and meet investor’s demand for investment diversification, and also enhance Taiwan’s stock market internationalization and competitiveness, the government actively promotes primary listing and issuance of Taiwan Depositary Receipts.
    However, the foreign issuer registered overseas, its registration may be throughout the world, and it is subject to local country law norms. Regarding the corporate governance, accounting expose protect shareholders' equity and supervision standards, it is different from Taiwan’s law. Therefore, whether the primary listing or TDR, it is important for investors to evaluate the potential risks.
    This paper will adopt four stages, respectively, literature review, laws and regulations review, comparison analysis and case studies analysis. Moreover, using DuPont analysis interspersed among them as a data corroboration to two foreign companies listed in Taiwan.
    URI: http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/86252
    Source: http://thesis.nthu.edu.tw/cgi-bin/gs/hugsweb.cgi?o=dnthucdr&i=sGH02101076507.id
    Appears in Collections:[經營管理碩士在職專班] 博碩士論文

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