本文主要在探討影響台商上市地點決策的因素，以香港、新加坡、泰國、越南及上海、深圳市場上市之台商為主，就主板上市門檻而言，香港、新加坡及大陸方面有較為嚴格的上市要求，而泰國、越南則較為寬鬆；而海外上市市場平均有較高的經濟成長率及較佳的市場報酬率，另外，新上市家數固然海外市場均較台灣為多，但股市流動性除了大陸外，大多比台灣低。在本益比方面，除了大陸較高、泰國較低外，其他與台灣相差不大，因此總體而言台灣除了流動性外，優勢並不大。
就台商海外上市的現況，我們發現在香港上市台商有鞋類、創新板公司群聚之情形，而市值及籌資額較大。在新加坡方面，產業分布廣而籌資額有較小的現象。而泰國、越南及大陸則以傳產、營建、民生相關為主。另外，海外台商上市時平均成立年限較長，因此總體而言，各上市地點展現出不同台商的特色。
關於影響台商上市的因素，我們以總經因素、市場因素、產業因素、上市制度因素及公司個別面因素等五面向，利用二元羅吉斯模型進行實證分析，發現公司的海外上市的決策與總經面(經濟成長率)、市場面(當年及前年股市報酬率、當年新上市家數、本益比)及政策面(上市要求嚴格程度)有顯著相關。當海外經濟成長及證券市場報酬率較國內高時，較容易吸引到台商前往上市籌資。而當海外上市地點IPO家數較多時，也會吸引台商前往掛牌上市。但與直覺相反的，低本益比之海外上市地點掛牌並不影響台商掛牌意願，因此台商不以本益比高低為上市阻隔。另外，上市要求愈嚴苛並不阻擋更多台商海外上市，因此我們認為證交所純粹降低上市要求並不會吸引更多台商回台。
最後，本研究提出以多元台商回台上市制度、減少國內籌資用途的限制及加強台灣上市公司的群聚產業等來當作擴大台商回台上市的建議。

The article is about the factors that influence the Taiwanese businesses’ decision to go abroad for listing. Our data are mainly about the Taiwanese businesses’ in Hong Kong, Singapore, Thailand, Vietnam, Shanghai, and Shenzhen. The requirements of main board listing in Hong Kong and Singapore are strict and those in Thailand and Vietnam are loose. There are higher average economic growth rate and better market return in foreign listing market. Although the new listing number is higher than Taiwan, the stock liquidity is lower than Taiwan except Shanghai and Shenzhen market. As the P/E ratio , foreign market is similar to Taiwan except Shanghai、 Shenzhen and Thailand markets. Overall, the advantages of Taiwan IPO market are not too many except the liquidity.
As overseas Listing of Taiwanese businesses, we find that shoes companies and growth enterprise will get together in Hong Kong, and the average market values and money- raising ability are higher. In Singapore, the industries of Taiwanese business are widely distributed. Moreover, the industry in Thailand, Vietnam and China are mainly construction and living- related. The founding years before listing of foreign Taiwanese business are longer than those listing in Taiwan. Therefore, Taiwanese businesses display different styles in different listing market.
We divided the influencing factors into macro factors, market factors, industry factors, listing requirement factors and unique factors. We used binary logistic regression as our model and found that the macro factors, the market factors, and listing requirement are related to the Taiwanese businesses’ decisions. When there was higher economic growth rate, higher stock return rate or there were more new listed companies in overseas security markets, more Taiwanese business went abroad for listing. But opposite to our intuition, Taiwanese business did not list in a market with higher P/E ratio. The strict listing requirement did not stop Taiwanese business to list there. Therefore, we think only by lowering the listing requirement will not attract Taiwanese business to come back to Taiwan for listing.
Finally, we command that by setting three different ways of Taiwanese businesses’ listing, reducing the money limit and strengthening the collecting industries in Taiwan, we can attract more overseas business coming back to Taiwan for listing.

目錄 .................................................................................................... i
表目次.................................................................................................. iv
圖目次..................................................................................................vii
第一章 緒論......................................................................................1
第一節 研究背景與動機................................................................1
第二節 研究目的與貢獻.............................................….…......…2
第三節 研究架構及流程.............................................….…..……2
第二章 文獻探討................................................................................4
第一節 海外上市動機之相關文獻................................................4
第二節 上市市場選擇之相關文獻................................................6
第三節 海外上市之相關利益......................................................10
第四節 海外上市之相關成本與風險..........................................11
第三章 各國上市制度及證券市場發展情形..................................12
第一節 香港市場..........................................................................12
第二節 新加坡市場......................................................................20
第三節 泰國市場..........................................................................29
第四節 越南市場..........................................................................34
第五節 大陸市場..........................................................................36
第四章 台商海外上市之掛牌分析..................................................46
第一節 台灣核准投資外國情形..................................................46
第二節 台商上市掛牌地點之選擇因素分析..............................50
第三節 香港市場..........................................................................63
第四節 新加坡市場......................................................................69
第五節 泰國市場..........................................................................73
第六節 越南市場..........................................................................77
第七節 大陸市場..........................................................................79
第五章 研究方法..............................................................................82
第一節 研究議題..........................................................................82
第二節 研究限制..........................................................................83
第三節 研究期間、樣本選取與資料來源..................................84
第四節 變數定義與衡量..............................................................85
第五節 實證設計與模型建立......................................................89
第六章 實證結果與分析..................................................................91
第一節 敘述性統計......................................................................91
第二節 實證結果........................................................................101
第七章 結論與建議........................................................................105
第一節 研究結論........................................................................105
第二節 研究建議........................................................................111
參考文獻............................................................................................112
附錄一 海內外相關公司對照表......................................................115
附錄二 海外掛牌公司名單..............................................................117

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