臺灣自1980年代之後，臺幣匯率與工資大幅升值，臺商企業為了因應國際競爭與擴大生產營運和降低勞務成本等，開始往海外尋求發展，企業赴海外投資金額呈現逐年攀升的趨勢，隨著中國經濟逐漸起飛與快速發展，擁有廣大的消費市場、豐富的原物料與低廉的勞力資源，因此選擇經濟自由開放的國際金融中心香港證券市場掛牌上市，往往是成為臺商最優先掛牌地選擇。

本個案公司上市主體雖然是位於東南亞本研究選擇以國內知名汽機車製造公司在越南所投資的百分之百子公司前往香港進行第一掛牌上市作為個案研究對象，主要研究目的是希望藉由收集相關文獻資料、深度訪談與研究者個人經歷作為研究探討，可提供若預計前往香港掛牌的傳統製造業臺商企業之參考

新興市場-越南的一個傳統製造業，但考量以下幾個主要因素促使本個案於香港上市的決定：一、母公司於大陸設有二座工廠，考量人員支援與市場接近性，因此香港資本市場雀屏中選。二、母公司主體與相關主要人力資源皆在臺灣，以香港、新加坡的旅程比較，香港在臺灣業者眼中，不論心理或實質距離，仍有「距離近」的優勢。三、本個案與母公司皆是傳統產業，本身外語人才較為缺乏，相較於新加坡，香港普通話的普及，當然讓管理高層更為放心。四、香港股市成交量與活絡程度，也是本個案選擇上市的主因。

SUMMARY

After 1980s, Taiwan experienced a significant elevation in both NTD value and hourly wage and many Taiwanese businessmen began to venture in foreign market to look for lower labor cost in order to remain competitive on global stage. The aims of entering foreign market included reducing operation cost, pursuing higher profit promote brand recognition and expanding global markets. In the past two decades many Taiwanese businesses have set up foreign branches and investments and moved capital oversea and such trend still continues to develop even today.

After the rise of Chinese economy and its rapid development in infrastructure, with its vast market, bountiful natural resource and low labor cost, it has naturally become an ideal place for Taiwanese businesspeople to invest and expand market. The most ideal place for foreign investment in China is the more economically liberal Hong Kong and this research chose one known motor vehicle manufacturing company in Taiwan whose branch in Vietnam advanced in Hong Kong and was listed on Hong Kong stock exchange as subject to our case study.

INTRODUCTION

Foxconn International Holdings Limited was listed on Hong Kong Stock Exchange in 2005 with the share price of 3.88 Hong Kong Dollar. In 2006, it entered Hang Seng Index Stocks jointly with Sang Send Company limited and the combined value of the company exceeded 200 billion HK dollar. At the time Taiwanese businesses entering Hong Kong stock market was a popular trend and many of those businesses were listed on both Taiwan and HK stock exchange markets in order to take advantages of Hong Kong’s status as a global financial center and capital raising. Taiwanese companies first entered Hong Kong stock market in early 1990s and the number of joining companies began to boom from year 2003. However, what are the major reasons Taiwanese businesses wanting to be listed on Hong Kong stock exchange markets and what’s behind the strength and attractiveness of Hong Kong stock markets? This research will investigate the background and motivation behind Taiwan businesses venturing in Hong Kong and other oversea companies.

MATERIALS AND METHODS

This research chose a Taiwanese motor vehicle manufacturing firm, which has stock listed on Taiwan stock exchange, and entered Hong Kong stock exchange markets with its subsidiary company in Vietnam in order to comprehensively study the development and operational conditions of companies in Taiwan entering Hong Kong. This research will conduct its study through basic stock information of the company, in-depth interview and the researcher’s personal experience in related fields and seek to provide a practical reference for manufacturing companies in Taiwan which have intention to enter stock exchange market in Hong Kong.

RESULTS AND DISCUSSION

Since the stock market in Singapore is relatively inflexible and the profit ratio is lower than its Asian counterparts, many Taiwan businesses have withdrawn their investment in Singapore stock market or are planning to do so. For a manufacturing company which has subsidiaries in Vietnam that decided to venture Hong Kong stock markets, several reasons are behind such a decision: (1) The headquarter has two factories in China and Hong Kong offers high quality employs and stock market in proximity; (2) Since the headquarter is based in Taiwan, for decision makers Hong Kong, which people also speak Mandarin Chinese, is both physically and culturally closer to Taiwan than to Singapore. (3) Manufacturing sectors in Taiwan traditionally lacks managers that are fluent in English and the English speaking market condition in Singapore has become a less attractive option once the route to Hong Kong was available; and (4) The superb trade volume and dynamics of stock markets in Hong Kong provide hope for profit. The trend of entering Hong Kong stock market exists across all different industrial sectors, from textile to IT, why are those companies trying so hard to enter Hong Kong even though the capital requirement for entering Hong Kong stock market is high and its trade volume and profit ratio, while being attractive, sometimes still lags behind Taiwan? One major reason may be that many Taiwanese companies are facing the need of expanding their factories in China but do not want to deal with the 40% investment cap set by the Chinese government, therefore investing in Hong Kong has become a good method to avoid the investment cap. There are also other concerns such as lack of legal protections and corruptions in Mainland China that encourage companies Taiwan to first invest in Hong Kong market before moving into China directly.

CONCLUSION

After the company in this case study successfully entered Hong Kong stock exchange market, it has undergone internal power struggles over ownership, in conjunction with decline in revenue and major shakeups in management level, the company has demonstrated an unstable financial statement; and the annual market entry fee of 10 million HK dollar also added extra burden to the already precarious finance, hence the current stock price per share of the company is not attractive; yet if we review the company from the perspective of its initial goals upon the time the company entered Hong Kong, this company can still be counted as an example of successful entry. Also, this company issued Taiwan Depositary Receipt in 2009 to cooperate with the state strategy of encouraging oversea companies to reinvest Taiwan, hence overall speaking, this company is still one of the successful examples of foreign stock market entry.

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三、網站部分
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2.恆指服務有限公司 http://www.hs.com.hk
3.雅虎香港財經網站 https://hk.finance.yahoo.com/
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5.臺灣證券交易所 http://www.twse.com.tw/ch/index.php
6.cnYES鉅亨網 http://www.cnyes.com