| Summary: | 碩士 === 國立政治大學 === 會計研究所 === 99 ===
After the second return of the governing party in Taiwan, the new government released some beneficial programs and deregulated some laws to attract Taiwanese enterprises to IPO in Taiwan. In the meanwhile, ChiNext opened in 2009 for the purpose of offering an efficient capital-raising platform for those newly-formed enterprises. ChiNext gives Taiwanese enterprises an attractive opportunity to IPO in China, and therefore Taiwanese enterprises may decrease their willing to IPO in Taiwan. This paper starts from the opinion of Taiwanese enterprises who make a decision to IPO in Taiwan or ChiNext, analyzing by the side of regulation, market and environment to determine whether ChiNext will affect the willing of Taiwanese enterprises to IPO in Taiwan or not.
What attracts Taiwanese enterprises to IPO in ChiNext is its excellent PE ratio, high turnover rate and being easy to be qualified. In addition, owing to the rapid growth in Chinese economy, enterprises will raise much more capital in ChiNext. Contrary to ChiNext, Taiwan stock market is such a mature stock market that it could not expand rapidly as ChiNex. Also because of its maturity, Taiwan stock market is much steadier and much more international than ChiNext. To sum up, Taiwan stock market is still more outstanding than ChiNext, the appearance of ChiNext does not affect the willing of Taiwanese enterprises to IPO in Taiwan at present.
Finally, this paper makes a suggestion of "region conformity" as a direction for Taiwan government. Taiwan government should connect with Chinese-area stock market more intensely. If the stock market of Taiwan, Hong Kong and China could form a "Chinese-area Stock Exchange" like NYSE Euronext or other else, it will create an effect of synergy in Chinese-area stock market.
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