Academic literature on the topic '上市制度'

碩士<br>國立政治大學<br>會計研究所<br>84<br>Most of researches about bankruptcy prediction seek for the cut-off point to classify the corporations into two groups: bankruptcy or nonbankruptcy; only few consider that bankruptcy is a gradual process and build a model to describe it. On the other hand, bankruptcy or financial restructure means the misuse of social resources. The impact of this misuse depends on the scale of the corporation The larger the corporation scale is, the greater the impact is, especially those corporations whose stocks traded publicly. This study intends to build a multiple-stage model to desribe the bankruptcy process of those corporations. 　　This study set research hypothesises based on models of Beave (1996), Altman (1968), Ohlson (1980), Lau(1987) and other empirical studies and use factor analysis, discriminant analysis and logistic model to analysis the data of original and holdout samples. The conclusions of this study are shown as follwing: 　　1. Indeed, bankruptcy is a gradual process. 　　2. The process of bankruptcy can be effectively described by financial ratios and very stage of the process doesn''t have the same significant financial factors. 　　3. Analysis financial data one to four years prior to bankruptcy by factor analysis, this study draw seven factors with largest factor loading: turn-over on equity, percentage of currcnt assets, debt to equity, trun-over on account receivable, percentage of sales growth, rate of gross profit and turn-over on total assets. 　　4. In the process of bankruptcy, debt to equity raises rapidly three to four years before bankruptcy and trrn-over on total assets slips down between one to two years before bankruptcy. 　　5. Validating the stability of the model with holdout samples appears that the correct prediction percentage of the discriminant model is 82%in average between one to three years before bankruptcy.

碩士<br>國立中正大學<br>高階主管管理碩士在職專班<br>102<br>To heighten the international visibility of Taiwan’s capital market and to enhance trading activities that improve the market, the Taiwan government set up a policy in 2008 enabling overseas enterprises (known as F shares) to undertake an initial public offering (IPO) in Taiwan, providing foreign companies an opportunity to list securities on the stock exchange as well as a way to raise expansion capital in this country. However, a number of problems emerged as the policy was executed, and concerns and doubts about the feasibility and sustainability of F shares’ primary listing system have also arisen. This thesis aims at an investigation into the problems resulted from the regulations and stock prices of F shares. F shares that held a primary listing in Taiwan between 2008 and 2014 and domestic firms that held an IPO within the same period were studied; relevant laws and regulations of the period were also examined. Through an analysis of the development of primary listing regulations for F shares, this study reveals that there are different primary listing regulations and standards for F shares and domestic firms. A significant finding of this study is that, at the early stage of the policy’s enactment, the admission requirement for listing concerning the company’s scale was set higher for F shares than for domestic firms; however, with inherent advantages, overseas companies enjoyed less restrictive listing censorship and surveillance than domestic companies. A number of problems appeared and made the authorities amend the laws and regulations to protect domestic investors by more scrupulous practices. A comparison of the diverse systems of underwriting counseling for overseas and domestic companies suggests that the chief dissimilarity between them lies in the responsibility of the underwriter. Considering that foreign companies are located and mainly operated abroad and that it takes more time and effort censoring and supervising the listing procedures, the government set rules that require the underwriter to provide foreign issuers with two-year counsel, which has, to some degree, transferred the risks and liabilities to the underwriter. For market maturity and internalization, the authorities have been actively encouraging foreign enterprises to list in Taiwan. This thesis argues that the policy lacks supplementary measures which results in a number of issues and unresolvable problems, and that fundamental improvement of the policy’s operation framework could help raise the stock value of both foreign and domestic listed companies and benefit the underwriting system in Taiwan.

碩士<br>東吳大學<br>國際貿易學系<br>91<br>Abstract It has been years in Taiwan for companies adopting the stock bonus for employees. According to current ROC GAAP, the value of employees’ stock bonus has been recognized as the distribution of after-tax earnings in the par value, instead of expenses. Therefore, the financial reports can hardly reflect the truly operation costs. It may cause adverse effects to the investors who make their decisions depending on the open financial information. In accordance to the principle of honest representation, accounting process should effectively express an enterprise’s operational statuses, and recognize the events on accrual basis with their substantial economical value. No matter what the kinds of payments (cash or stocks) are the bonus given to the employees are physically the operation costs. These costs would decrease shareholders’ benefits. Hence, the value of distributed shares as the bonus for the employees’ should be treated as expenses, in order to disclose the enterprise’s real cost. The research concentrates 188 profited companies sampled from the Taiwan stock market and the over-the-counter, and investigates the effects of employees’ stock bonus on dividend policy, capital inflation and the investors’ return. The empirical study supports the volume of employees’ stock bonus is significantly correlated to the dividend policy, the rate of capital growth and the rate of net after-tax return. The further suggestions would be shown in conclusion according to the results.