宏觀調控對大陸台資企業之銀行融資行為與策略的影響

To slow down the too hot investments of some industries, such as steel, cement, and electrolytic aluminum industries, the Chinese Premier Mr. Wen Jiabao announced the astonished “Macro Adjustment” in April 29 2004, when he was visited by Reuters’ reporter. By means of administrative control, market discipline, finance tightening, land control and industry policy, the government wanted to keep the economic growth at a moderate way.
According to statistic data of Taiwan Stock Exchange & OTC Market, 742 listed companies have investments in China. The total amount is more than TWD 399.2 billion. The more money they put in China, the more finance they need. However, the finance tightening policy of China made the Taiwanese companies in China hard to meet their requirement. The finance problems prevailed in all kinds of company, no matter traditional company or high tech company. Sometimes, even the famous Taiwanese conglomerates were not satisfied with the finance service. Hence, the finance problems of Taiwanese companies in China are not only the old problem of fund transfer, but also the critical issue of future development.
By means of reviewing the related literature, in-depth interviews with representative Taiwanese companies as well as local commercial banks and foreign banks in China, this study concludes five hypotheses that Taiwanese companies in China may face the finance problems and should adjust their strategy to overcome the “Macro Adjustment” effects. To testify the hypotheses, a large scale of questionnaire was applied to the Taiwanese companies gathered in major cities in China, including Kwandong, Fu-Jian, Zhe-Jiang, Shanghai and Jiang-Su. 2,000 samples, taken by random way, were sent by all kinds of channel, and 311 returned. The return ratio is 15.55%, and the effective samples are 302.
This study reveals that 61.8% of finance resources for Taiwanese companies comes from DBU (domestic banking branch), OBU (offshore banking branch) or Hong Kong branch of Taiwanese banks, 27.4% from Chinese banks, and only 8.5% from foreign banks. The five hypotheses are well testified by the questionnaire. According to the questionnaire, Taiwanese companies changed their correspondent banks after the “Macro Adjustment”. The new first priority that they want to deal with the banks is the OBU or Hong Kong branch of Taiwanese banks. The second choice is foreign banks and the third is Chinese banks.
Here concludes five strategies that Taiwanese companies can avoid the negative effect of “Macro Adjustment”. The strategies are, (a) Intensify Strategy, (b) Diversify Strategy, (c) Deepen Strategy, (d) Hedge Strategy and (e) IPO Strategy. Based on this study, here proposes several comments to Taiwanese companies, and the finance regulators of China and Taiwan for their reference.


Key Word:
(a)Financial Strategy
(b)Macro Adjustment