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https://nccur.lib.nccu.edu.tw/handle/140.119/119138
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| Title: | 證券櫃檯買賣中心於IPO市場之挑戰
The challenges of taipei exchange in ipo market |
| Authors: | 陳怡君
Chen, Yi-chun |
| Contributors: | 郭維裕
Kuo, Wei-Yu
陳怡君
Chen, Yi-chun |
| Keywords: | 台北
IPO市場
挑戰
Taipei
IPO Market
Challenges |
| Date: | 2018 |
| Issue Date: | 2018-08-01 16:32:51 (UTC+8) |
| Abstract: |
According to World Federation of Exchanges statistics, 2017 was a comeback year for IPOs since 2007. However, the stock markets in Taiwan had opposite results to the global IPO performance. For the period from 2011 to 2017, the number of IPO on Taipei Exchange shrank by 55%, from 51 to 23 companies, and the amount of IPO proceeds shrank by 33%, from NT $9,448 million to NT $6,340 million. This report tried to analyze the causes to the declining IPO number and propose some recommended solutions.
The causes to the weak IPO activities includes the levying of capital gains tax, the slowing down of SMEs growth, the private firms unwilling to go public, and the competition from Greater China. As to the main strengths in terms of IPO, Taipei Exchange has advantages of high transparency, high turnover rate and P/E ratio, lower listing costs and the industry clustering. The weakness lies in the limited market scale compared to other emerging stock markets. One major opportunity is the high potential of foreign companies in South-Eastern Asian countries and Mainland China which have tight linkage with Taiwanese. The greatest threat facing Taipei Exchange is the rapidly rising stock markets of Greater China. Any of new policy launched in the competitor markets will inevitably impact on Taipei Exchange.
Taipei Exchange should take actions to turn challenges into opportunities. It can collaborate with Taiwan Stock Exchange and make use of the well-established multi-layer markets to encourage SMEs enter the capital market. In addition, Taipei Exchange has to enhance the cooperation with other global exchanges, strengthen the IPO ecosystem, find IPO incentives of private companies, and loosen regulation of listing rules and on-going requirements. |
| Reference: | 1. EY Global IPO trends report: Q4 2017, published by Ernst & Young
2. EY Global IPO trends report: Q1 2018, published by Ernst & Young
3. WFE market highlight of 2012-2017, published by World Federation of Exchanges
4. 「證所稅影響評估報告」,published by Taiwan Securities Association, Oct. 20, 2014
5. SMEs Statistics report 2014-2016, published by Small and Medium Enterprise Administration, Ministry of Economic Affairs, R.O.C.
6. Report on SME exchanges, jointly published by World Federation of Exchanges and Milken Institute, July 18, 2017
7. Report on SME Financing and Equity Markets, published by World Federation of Exchanges, February 22, 2017
8. OECD Equity Markets Review: Asia 2017, published by OECD
9. 「大陸資本市場改革對亞太地區資本市場之影響及我國因應對策」,Taiwan Stock Exchange, June. 2016
10. 「台資企業A股上市指南」, 畢馬威會計師事務所(中國), 2017
11. Insight to the Chinese tax and stock markets, by Joy Lin, Deloitte & Touche
12. Review and outlook of the IPO markets of Chinese Mainland and Hong Kong in 2017 and 2018, published by Deloitte & Touche, December 19, 2017
13. 「擁抱新經濟，香港上市制度迎來新時代, Hong Kong’s Listing Regime Enters New Era, Featuring Emerging and Innovative Firms」Press release and related materials of Hong Kong Stock Exchange, April 24, 2018
14. 「從創櫃板之建構看台灣證券市場的發展」, 林建甫、吳孟道, No168 of Gretai Securities Market Monthly Magazine, December 2013
15. Article “NYSE Challenges Nasdaq in the race for Tech IPOs”, Institutional Investor website, August 24,2011 |
| Description: | 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
100933028 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0100933028 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.IMBA.038.2018.F08 |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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| 302801.pdf | 1185Kb | Adobe PDF2 | 625 | View/Open |
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