A Comparative Legal Study on the Listing Requirements Related to the Par-value Stock in Taiwan--Focusing on the Foreign Companies’ IPO in Taiwan

• Main Authors: Hsiu-shen Chu, 朱修身
• Other Authors: 謝易宏
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/20483339896141301555

碩士 === 東吳大學 === 法律學系 === 100 === This research tends to conduct a comparative legal study on regulations of Japan、Singapore and the US as pertaining to their features of no par value shares system. It tries to analyze the pros and cons with regards to the foreign companies’ IPO in Taiwan. Moreover , this research also provides possible measures after deregulation on the stock par-value for the foreign company. The research is composed of seven parts as follows: Part one-- “Introduction ” The capital market in Taiwan has been a substantial increasing since 2008, and many foreign companies come to Taiwan for IPO, such as TPK and so on. However, the par-value system in Taiwan is quite different as in the world. To strengthen Taiwan's capital market, this research tries to review the history of the adoption of the par-value system, and analyze pros and cons of the foreign companies’ IPO in Taiwan. Moreover, this research also provides possible measures after the deregulation on the par-value stock for the foreign companies while IPO in Taiwan. Part two-- “The background of foreign companies came to Taiwan for IPO and legal considerations they might be encountered” The features of the capital markets have become the major concern while the foreign companies determine whether to seek for IPO in Taiwan.When the foreign companies do decide to come to Taiwan, there are two possible approches. In other words, either through TDR, or IPO, these legal alternatives are further examined by this research. Part three-- “the metit of the foreign company IPO in Taiwan ” It is bound to have a significant impact that the foreign companies come to Taiwan for IPO. This article will attempt to analyze the advantages and disadvantages of it. Part Four-- “The Introduction of par value system in Taiwan” The research focusing Introduce the History of the Taiwan stock par value system Part Five-- “The Introduction of par value system inVarious countries” It is based on Japan、Singapore and American regulations to study the characteristics of no par value shares system. Part Six-- “Feasibility analysis of non-par value system in Taiwan and the provide supporting measures ” In response to the par value system in Taiwan, many companies choose to set up holding companies in the third country to restructure the stock value before IPO in Taiwan. It may not only cause the tax problem itself, but also may cause difficulties in the commissioner and other ills. Therefore, if Taiwan could deregulate the existing par value system, it would very much attract more foreign companies come to Taiwan for IPO, and that would benifet capital markets in Taiwan too. On the other hands, supporting measures in this regard should also be considered , and the Securities and Exchange Act in Taiwan is applicable to foreign companies and other related issues., in the sense of promoting investors protection Part Seven-- “Conclusion” To facilitate the development of the capital market in Taiwan, we should be more open to the foreign companies with regards to the par value system and hopefully provide incentives to the globalization of Taiwan.