| Summary: | 碩士 === 中原大學 === 企業管理研究所 === 97 === Capital market is regarded as an economy window. Many studies have analyzed the key success factors that affect firm’s decision-making motivation and strategic consideration for selecting a list abroad market. Previous studies indicate that Taiwanese enterprises have a partiality for Chinese capital market as the ideal IPO place. Moreover, enterprises generally like to apply for IPO in their principal operation site as the first priority. Few literatures investigate the decision-making motives and the effect on enterprise's management strategy, particularly aimed at Taiwan Depositary Receipts (TDR).
The considerations of raising funds in overseas markets for Taiwanese enterprises include the market liquidity, enhance enterprises popularity, and reduce costs of raising capital, even the law and government policy impose restrictions on private investments in foreign countries. After many years of political wrangling, new government made deregulation for returning on Taiwanese enterprises capital, to encourage enterprises list in Taiwan stock market. Thus the TDR became a convenient financing channel for Taiwanese enterprises.
While Stock Exchange of Hong Kong (SEHK) was absent in the permitted list of Taiwan stock market for secondary listing. Taiwanese enterprises listed in SEHK were unable to issue TDR in Taiwan Stock Exchange. It would be beneficial to spur enterprises staying in Taiwan if issue TDR is allowed. Besides, many Taiwanese enterprises probably list in Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) in the future. Taiwan stock market will be international and strategic considerable standing, provided that SSE and SZSE are in the permitted list for primary listing.
The global financial crises impact the economic environment and lead to rapid change. Moreover, economy and trade between Taiwan and Mainland China constantly developing, it provides a crucial opportunity for Taiwanese enterprises issuing TDR in Taiwan stock market to raise capital.
Wang-Wang Group, denoted as a successful Taiwan firm in Mainland China, enjoys prosperous experiences in that market. In 2009 (April 28), Wang-Wang Group is the pioneer of Taiwanese enterprise issue TDR. This case would be a good example for the study that Taiwanese enterprises issue TDR. Hence, the purpose of this research is to probe into the relationship between motives and decision-making for issuing TDR. This study focus on the Taiwanese enterprises listed abroad which those are willing to issue TDR. (Wang-Wang, Foxconn, Delta Networks, Master Kong, Ju-Teng International etc.) Due to the factors of decision-making was deep thoughts and information restrictions, this research is based on in-depth interviews and case study research to be the framework and propositions.
This research consulted relevant documents and carried on the practice interview by case, to make conclusions and suggestions. Also anticipates finding the factors that are appropriate for the business groups to develop financing strategies face the competitive environment. Furthermore, the results provide government guidelines to formulate laws and regulations, and references for overseas Taiwanese enterprises.
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