| Summary: | 博士 === 輔仁大學 === 法律學研究所 === 93 === The rising of new form of knowledge economy has caused changes on global economic structure. Start-up and emerging business, benefited from the development of high technology, has been growing fast and creating a new board of capital market, i.e., emerging stock market. The emerging stock market provides funding for start-up small and medium companies for their growth to solve their fund raising problem. It also provides an exit for the withdrawal of risky venture capital. In the meantime, the emerging stock market becomes an integral part of the new economy, as it adjusts capital market structure to achieve a sound capital market system. The essence of the new economy is in fact a result of the combination of modern high technology and contemporary financial system. In the process of the new economic development, the emerging stock market fully supports the growth of start-up and emerging business. For example, the multi-level securities market for start-up and emerging business in the United States has brought prosperity for the economy. Many other countries followed the pattern with an effort to enhance the development of start-up and emerging small and medium enterprises.
The new economy is affecting Taiwan. Enterprises are able to cost down by utilizing cheap resources resulting from globalization. Therefore, Taiwan’s competitiveness depends on information and technology. The rising of Mainland China’s economy may bring up new challenge for Taiwan’s economic development. As small and medium business has always been a core competence of Taiwan’s economy, we have to face the new board of capital market and endeavor to promote our high technology businesses to the international market as well as enhance our securities market for start-up and emerging enterprises. As such, with respect to the development and improvement of emerging stock market, Taiwan should learn the success stories from other countries’ emerging stock markets and avoid repeating their mistakes in order to lead the growth of start-up and emerging small and medium enterprises and establish sound capital market.
It is an attempt of this dissertation to study, in a systematic way, the emerging stock markets in the United States, United Kingdom, Japan and Mainland China. The research referred to their regulations and operation system, and then concluded the right direction for Taiwan’s emerging stock market at the aim of promoting the overall competitiveness of Taiwan’s capital market, activating the start-up, emerging and venture capital businesses, cultivating the knowledge economy in Taiwanese enterprises, and taking advantage of Taiwan’s vital geographic position in Asia-Pacifica area. Eventually, the variety and high value of the capital market may lead Taiwan to compete globally and to play an important role in the world.
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