(Author: Wu Zonghan)
Although newspapers and media have continued to emphasize that Taiwan stocks have once again exceeded the 10,000 -point mark in the near future, how long this market can be maintained and is very questioned.Because 2017 is the first year for Taiwan businessmen to publicize (IPO) since the opening of Taiwan stocks. Only 30 operators have been successfully released in Taiwan ’s listing and on -counter markets throughout the year.The media also reported that accountants have "sang decline" and believe that the situation in 2018 will only be worse than 2017.
One of the very important factor is that many mainland Taiwanese businessmen began to choose A shares as the first priority consideration, and no longer "salmon returned to the home" to return to the Taiwan Stock Exchange, and even some large groups considers from Taiwan and Hong Kong.The US market will be changed directly to the mainland.It can be said to be "Dongfeng overwhelm West Wind."
Taiwanese may not be able to accept this emotion. A financial and foreign exchange in the mainland are highly controlled. It is difficult to make money to be exchanged for US dollars.IntersectionThe answer is basically for the high "Ben Yibue" (the mainland is called "P / E ratio").
For example, if Company X decided to return to Taiwan to go public, as long as he could get 15 to 20 times the Ben Yimi in the short term, he was a good result.However, there are more funds in the mainland and small investment channels. As long as they can be included in the threshold of A shares, they will undoubtedly find a way out for the free funds of a large number of retail investors.If the company's physical fitness is better, it is not impossible to reach 40 to 50 times the interest ratio in A shares.
The so -called Ben Yimi, for manufacturers, not only whether the price is cost -effective when selling stocks, but also affects the cost of the company's funds.For example, a small and medium-sized enterprise's bank borrowed money in Taiwan. There was no 6-8%interest rate. The mainland did not have 10%-13%interest rates. It was not easy to borrow money.Moreover, the bank sometimes has a small size. The smaller company borrows money from the bank, and it can only be described as a very locomotive.
But once the company X goes on the A -share market, if it can reach a 25 -fold interest -ratio, it can use a 4%interest rate to raise money.If the stock price of Company X rose sharply one day, the interest ratio rose to 40 times, then the company X was equivalent to raising money with a interest rate of 2.5%.According to mainland bank interest rates, the cost of interest after listing saves several times.
Some people may be puzzled. How can Taiwanese businessmen think of such a "good Kang" thing now?In addition to the market's market in recent years, more importantly, since last year and the previous year, the mainland officials have no longer such a hard regulation on the number of companies listed on the company, and the review speed has been greatly accelerated.Therefore, in practice, the "queuing time" that has been calculated from the application of Taiwanese businessmen to the listing of A shares to the real specific review has been from the previous three years, and it is expected to fall to about 1 year.This makes many industry players eager to try.
Because of the relationship between running business in the mainland, the author needs to often contact Taiwanese businessmen from different industries.In fact, this wave of Taiwanese businessmen went public in the mainland, and it had "undercurrent" as early as three or four years ago, but most of the Taiwanese businessmen at that time were "watching and seeing".The company's physical fitness and finances were adjusted to a state where they could be prepared, but there were not many operators who were determined to go to A shares at that time.
However, people who have been in Shanghai for a long time will know that some investment banks, accounting firms, law firms, financial advisers, etc., have already put their eyes on the listing scale, butTaiwanese businessmen who have not yet been listed.In the past two years, the A -share listing symposiums of investment banks and accounting firms alone can be said to be almost every month, at least several games.
Especially at the end of 2016, the topic of Taiwanese businessmen such as Suzhou Yaxiang, 2017 Ai Jingong successfully landed on A shares.When Zhang Zhijun, director of the Taiwan Affairs Office of the State Council at the end of last year, discussed with Taiwanese businessmen at the end of last year, publicly mentioned that it would help Taiwanese businessmen to go public in A shares and even develop into A shares.A cold sweat.But for more than a month, the Cai government seems to be indifferent to this, which also surprised the author.
Although objectively speaking, the results of Taiwanese businessmen go to A -share listing need to be observed for a long time, but now that the Taiwan Affairs Office has noticed this problem, according to the strict discipline and efficiency of the mainland's officialdom,The office is already collecting opinions with Taiwanese businessmen, and even the difficulty of listing can be resolved.As long as these non -company's constitutional institutional factors are determined, the author believes that the mainland will definitely help Taiwanese businessmen solve as soon as possible within the scope that can be handled.
The economic strength of the country is the competitiveness of the country.If the economic prospects in Taiwan are good, Taiwanese businessmen will go on the market and invest in Taiwan.Without the government to attract investment, everyone will come back automatically.The most terrible thing is the government and the people of Taiwan, and it seems that they don't know what the outside world has become.I thought the Taiwan market was still like a young girl, and most of them were to chase.
Where a company's choice of listing marks that it believes in which country's financial market and where to pay taxes, and put more about its company's most important legal, finance, accounting, administrative departments over there.Hong Kong, Singapore, New York, London, and even Tokyo, why is the center of the global service industry, the reason is this.
From the perspective of national development, the quality of the financial market and the degree of internationalization will affect the direction of investment and employment markets.In the past, we did not compete with the mainland. Now we can imagine that if the mainland really launched a preferential policy for Taiwanese businessmen, and even the exclusive listing of Taiwanese businessmen, the "green channel", then the Taiwan market is hollowed out.It will be you and I can't accept it.
Furthermore, if Taiwanese businessmen really choose to go to the mainland in the future, the cross -strait division of labor in the past "Taiwan order, mainland production" or "Taiwan operation, and mainland production" will no longer exist.The Taiwan market will be completely eaten by the mainland or even marginalized immediately.
