林筠臺灣大學：商學研究所碩士在職專班財務金融組黃景重2007-12-032018-06-292007-12-032018-06-292004http://ntur.lib.ntu.edu.tw//handle/246246/63929自1987年起,我國開放大陸探親,同時讓台商另創一片商機,秉著同文同種的認知,進入大陸投資近年來有如雨後春筍,台灣過去低成本時代也在這期間慢慢消失,相對競爭優勢更加艱辛,在土地取得不易,各類成本相對增加,台商只好轉進大陸創造第二個春天。 台商趁大陸改革開放,釋放出不少商機,是否能把握及掌握這機會再創造事業佳績? 這與企業創新能力及企業主的雄心,公司有否一套風險控管機制,並遵循當地法規運行息息相關,台商如以短期經營的心態是無法建立大陸永續的經營獲利目標,到頭來是一場空。 台商中小企業無法如大型企業有投資部門進行投資前評估,草率投資大陸是風險相當高的,其中涉及中國大陸人制色彩太濃,研究中探討的主題大多隸屬中央權限範圍,台商投資不可輕信地方行政官員的說辭,要進一步研究相關法規為憑,應回到基本面以循各項法規,方為永續之道,否則地方官員的異動,將造成企業的經營風險。 本研究以台商大陸投資及籌資進行評估。『資金面』:資本及週轉金來源是值得研討,從研究文獻可分析出以現金註冊有往上調升的趨勢,這與台商早期非現金當註冊資本引申不當作價有關;週轉金部分近來有往大陸國內銀行融資趨勢,但隨著大陸經濟發展過於熱度,大陸政府有調控降溫作用,台商在中國大陸在經營要有所體認。『政策面』:大陸相關政策對台商投資決策之影響甚鉅,本文針對投資應注意產業政策,優惠措施,稅賦問題,海關監管,外匯控管為重心進行探討。『資金管理風險面』:內外銷在資金管理風險與對策上進行研究,從資金外匯管制的風險面及稅賦成本的風險面進行研究,提供台商投資前的認知及歸避。『融資面』:如何與大陸國內銀行及大陸外商銀行在融資方法進行研究,兩岸三地間如何進行融資安排,對台商長期國際化及資本市場的選擇進行研究分析及規劃,以利於台商大陸經營資金供需不困難。 『資本市場面』:台商海外投資最終期陳鄔騝磽a或海外資本市場籌措資金,在大陸的台商更是期盼,希望資金需求不長期由台灣供應,本研究對大陸,香港,台灣資本市場的選擇進行研究分析,尤其在兩岸政治狀態下,如何協助台商在資本市場籌資,回台上市應是政府的政策,當務之急輔導台商在金流更透明化及回台生根從事經濟活動,創造雙贏局面,提高海外投資不得超過淨值40%的設限或取消回台上市後發行海外籌資ECB等不列入大陸投資金額之測算等措施,吸引台商回台上市,是政府可進一步深思的問題。Since 1987, the government opened up travel for the Taiwanese people to visit relatives in Mainland China. The new policy also created new business opportunities for the Taiwan business people. Benefited with same culture and same dialects, many business people invested in China. At the same time, Taiwan lost its low cost advantages. The competition became fiercer as lands became harder to acquire and costs increased. As a result, the Taiwan business people entered China to exploit better business environment。 As China reformed, it also provided many business opportunities. However, the main issue is whether the Taiwan companies can capitalize on this opportunity. The company's ability to capitalize on this opportunity is dependant on its innovation, aggressiveness, risk management and legal adaptability. If an organization comes in with the mentality with the goal to make short-term profit, then it will never develop the long-term profit making mentality。 Rarely do the Taiwan investors in China perform investment and fund raising analysis. It is very risky to invest blindly because personal relationships supercede normal business ethics. Most of the investigated topics involve the China central authority. The Taiwan business people shall not easily believe in the sayings of the regional officials because it will only induce more operation risk when there are personnel changes. Instead, following every regulation is the better choice。 This study analyzes different facets in investing and fund raising in China from Taiwan business people perspectives. For the fund facet, the capital and the source of cash flow worth investigation. The Taiwan business people did not register their cash early, thus resulting in the recent increase in cash registration. It has been a trend that the Taiwan business people financed with China banks. However, the China government tried to cool down the overheating economy with various measures. The Taiwan economy people shall be aware of this. For the policy facet: China's related policy has tremendous on Taiwan business people's investments. The article focuses on the industry policies, benefits, taxing issues, custom monitoring and foreign currency control. For the financial risk management, it discusses the financial risks involve in import and export risks and resolving strategies. The article hopes to provide Taiwan business people with the knowledge to prevent risks prior to investing by looking into foreign currencies monitoring risks and taxation risks. For the financial facet, the study illustrates how to develop financial relationships with China banks and foreign banks and how to arrange for financing in Taiwan, Hong Kong and China. It provides analysis and planning on long-term internationalization and financial market, thus eases the operational cash flow of Taiwan business people 。 The ultimate goal of Taiwan business people is to raise capital either domestically or from overseas. The Taiwan business people in China hope the capital will become independent from Taiwan. The research focuses on the selection of the financial market on China, Hong Kong or Taiwan. At the current political situation, the Taiwan government shall prioritize on how to attract those business people back to participate in economic activity and result in win-win situation. By relaxing the constraint of net assets at 40% or canceling the issuance of ECB could eliminate after companies went IPO in Taiwan could attract business people back to Taiwan. The government shall look at this issue carefully。摘要-----------------------------------------------------Ⅰ Abstract-------------------------------------------------Ⅱ 誌謝-----------------------------------------------------Ⅲ 目錄-----------------------------------------------------Ⅳ 表次-----------------------------------------------------Ⅵ 圖次-----------------------------------------------------Ⅶ 第一章 緒論 第一節 研究動機---------------------------------------1 第二節 研究方法與架構---------------------------------2 第二章 文獻探討 第一節 企業成長投資之階段性資金來源-------------------4 第二節 台商投資大陸之資金來源-------------------------5 第三節 大陸投資風險的認識-----------------------------8 第三章 大陸相關政策對台商投資決策之影響 第一節 台商大陸投資現況------------------------------11 第二節 投資決策-產業政策面---------------------------14 第三節 投資決策-優惠政策面---------------------------23 第四節 投資決策-外匯政策面---------------------------29 第五節 投資決策-海關政策面---------------------------34 第四章 台商外銷型企業之資金管理風險與對策 第一節 加工外銷型企業面對外匯管理風險----------------41 第二節 外銷型稅賦問題面臨資金積累問題及對策----------44 第三節 外匯管制下企業利潤規劃及資金安排---------------45 第五章 台商內銷型企業之資金管理風險與對策 第一節 進入大陸市場面臨的風險-------------------------47 第二節 大陸內銷資金壓力問題與對策---------------------48 第六章 台商在兩岸三地銀行融資之探討 第一節 中小型企業銀行融資方法-------------------------50 第二節 中大型企業銀行融資方法------------------------54 第三節 兩岸間融資規劃--------------------------------55 第七章 台商在兩岸三地上市籌資與回臺上市之探討 第一節 大陸上市籌資----------------------------------58 第二節 香港上市籌資----------------------------------65 第三節 回臺上市之探討--------------------------------67 第四節 現階段考量與選擇-------------------------------70 第七章 結論與建議 第一節 結論-------------------------------------------75 第二節 建議-------------------------------------------77 附錄(一) 外商投資產業指導目錄------------------------79 附錄(二) 中國海關企業分級制度------------------------93 參考文獻 -----------------------------------------------96en-US資金來源財務規劃大陸投資融資策略Finance StrategyCapital ResourcesInvestment in Mainland ChinaFinancial Planningother