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題 名 | 海外存託憑證--公營事業民營化釋股方式之選擇=Global Depositary Receipt--Another Choice of Collecting Funds for Government Owned Companies |
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作 者 | 閻菊芳; 陳立民; 李集發; 吳喜旺; 黃宇翔; | 書刊名 | 公營事業評論 |
卷 期 | 1:1 1998.10[民87.10] |
頁 次 | 頁155-190 |
分類號 | 563.538 |
關鍵詞 | 海外存託憑證; 存託憑證; 公營事業民營化; Global depositary receipt; Depositary receipt; Privatization; |
語 文 | 中文(Chinese) |
中文摘要 | 近年來政府積極推展我國加入世界貿易組織及成為亞太營運中心,市場自由化及 國際化是重要的訴求,然而公營事業長久以來低落的經營績效,壟斷市場資源而未能發揚市 場效能,反而遲緩了我國投身國際舞台的腳步,因此公營事業民營化乃成為當前民意認同的 走向及政策重要的主題。雖然公營事業民營化是全國上下累積的共識,但是如何在短期內釋 出政府之股份讓民間承接且不會過分動搖現有之市場經濟,卻是值得深思之問題。考慮到如 此龐大之資金需求以承接政府釋出之股份,我國經濟市場之吸納程度應是不足以應付,因此 本研究乃提供另一種籌措資金之選擇 -- 海外存託憑證,以因應國內資金不足之問題。民國 八十二年十月十四日,中央銀行開放公營企業在海外發行之可轉換公司債和存託憑,可以有 條件地兌換成新台幣使用,民國八十五年初又放寬外匯管制,使得國內企業籌措資金之方式 更加多元化,亦使其本身之財務結構更能靈活運用,而發揮最大的效益。因此公營事業應把 握目前對企業越來越有利的的發行環境,利用發行股票關聯債券的方式,不但可以取得最大 和長期穩定的資金,對於降低負債比率和健全財務結構相當亦有助益。本研究之目的即是探 討海外存託憑證在協助台灣公營事業民營化的腳步申可扮演的角色。 |
英文摘要 | Recently, Taiwan government has been putting lots of effort on joining WTO and developing the operation center of Asia Pacific area. With these regards, how to open our market to be freely and internationally accessed by other communities is an important issue. However, the government owned companies deliberate our steps for performing on the international stage, since they have been criticized with low operating performance. Therefore, how to privatize the government owned companies efficiently and effectively is of major interest for the government and the public. Nevertheless, the huge amount of government owned shares from the government owned companies might not be entirely taken over by the public within a short period. The domestic market in Taiwan does not possess the ability to deal with the transactions which are issued by the whole privatization program. Therefore, we propose another way for releasing the government owned shares, which will not affect the domestic market too much, by issuing global depositary receipt. This study introduces the process of issuing global depositary receipt, and also describes how global depositary receipt can play a role in privatization. |
本系統中英文摘要資訊取自各篇刊載內容。