20160922 taiwan day in korea introduction of taiwan mkt
TRANSCRIPT
![Page 1: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/1.jpg)
臺灣資本市場Taiwan Capital Market
2016 年 9 月 22 日周世昊 Albert ChouVice President, Corporate Communications Dept.,Taiwan Stock Exchange
![Page 2: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/2.jpg)
2
市場優勢Market Advantages
1
2 最新發展Recent Development
![Page 3: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/3.jpg)
3
市場優勢Market Advantages
1
2 最新發展Recent Development
![Page 4: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/4.jpg)
創櫃GISA
臺灣證交所 TWSE
櫃買中心 TPEx
興櫃 ESB
群眾募資Crowd
Funding
4
724 / 91B
901 / 843B
73 / 7M
282 / 27B
家數 No. of listings
市值Mkt. Cap. (US$bn)
完整多層次市場Comprehensive Multilayer Capital Market
392 家科技公司 392 from ICT sector
資料來源 Source :臺灣證券交易所 (TWSE) 、證券櫃檯買買中心 (TPEx) , 2016.07 。Note : ESB – Emerging Stocks Board. GISA – Go Incubation Board for Startups
![Page 5: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/5.jpg)
股票Stocks88%
ETFs10%
權證War-rants2%
科技Tech-
nology54%
金融Finan-cials13%
基礎工業Tradi-tional14%
其他Others
18%
證交所概覽 TWSE: Market Overview
市值Market Cap.(US$bn)
75 外國 Foreign
826 本國 Domestic
901
上市公司家數Listed Co.
843B
本國自然人
Individ-ual In-vestors
52% 本國法人 Do-mestic Inst. In-vestors
18%
外國法人Foreign Inst. In-vestors
30%
成交值Trading Value
413B
日均成交值ADV(US$bn)
2.6B
資料來源 Source :臺灣證券交易所 (TWSE) , 2016.08( 成交值為 1~8 月合計 ,trading value from Jan.-Aug. 2016)
![Page 6: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/6.jpg)
國際化程度提升 Increased Foreign Participation
2011 2012 2013 2014 2015 425830
102030405060708090
100
-1%0%1%2%3%4%5%6%7%8%9%
52 5764 67
72 756.3%
8.3%
外國發行人增加Increase of no. of Foreign Listings
外國企業家數 ( 第一上市 +TDR) (no. of F-listings)
2011 2012 2013 2014 2015 4258305
1015202530354045
21.8%
30.2%31.0%
40.9%
外資持股及交易比重提升Foreign trading value &
market cap. hit historical high
外資交易金額比重 % (% of mkt. turnover)外資持股市值比重 % (% of market cap.)
%
資料來源 Sources : TWSE, 2016.08 6
![Page 7: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/7.jpg)
殖利率高,本益比合理High Dividend with Reasonable PER
0% 2% 4% 6%0
10
20
30
40
50
60
台灣Taiwan
日本 Japan
香港Hong Kong
南韓 S. Korea 新加坡 Singapore上海 Shanghai
深圳 Shenzhen
美國 US
英國 UK
殖利率Dividend Yield
本益比 PER • 全球最佳的高殖利率傳統,吸引國際投資人History of high dividends that attracts int’l investors• 本益比合理,與亞洲臨近市場相當
Reasonable PER similar to Asian markets
資料來源 Source : Bloomberg , 2016.08
殖利率 4.0% 本益比 17 倍
![Page 8: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/8.jpg)
上市公司財務績效佳Strong Performance of Listed Companies
58B
67B 68B
15.6%
1.4%
2013 2014 2015現金股利Cash Dividend 20B 25B 31B2016 年第 2 季 , 78% 上市公司呈現獲利
57% 上市公司每股盈餘優於去年同期2016 年 1~8 月 , 上市公司已發放 30B 現金股利
資料來源 Source :臺灣證券交易所 (TWSE) , 2016.08
稅前淨利Net Income
十億美元 US$bn
TWSE-listed companies gained profit, while
reported better EPS than last year.
For Q2 2016
Between Jan.-Aug. 2016, 30B USD in cash dividends have been paid out.
十億美元 US$bn
![Page 9: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/9.jpg)
2013 2014 2015 2016H1
2.71.9 2.1
1.3
內部人股權異動申報違規次數Fewer violations of reporting on
changes to insider holdings( 月平均 monthly average)
市場品質優良 Improved Market Quality
9
2013 2014 2015 2016H1
6347
26 22
國內上市公司違反重大訊息、記者會及資訊申報規定罰款家次減少Fewer companies are fined for
information reporting violations
過去三年投資人平均違約率 < 0.01%
2013 2014 2015 2016H1 2013 2014 2015 2016H1
資料來源 Source :臺灣證券交易所 (TWSE) , 2016.H1
Average investor default rate for the last 3 years
![Page 10: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/10.jpg)
公司治理顯著提升 Significant Progress in CG
資料來源 Source :臺灣證券交易所 (TWSE) , 2016.H1 。 註: 2016 年預計將有 280 家上市公司申報 CSR 報告書,較 2015 年增加 6% 。Note: In comparison with the 263 companies that filed 2014 CSR reports, a 6% increase is expected for 2015 CSR reports due in 2016.
766/ 85% 設置獨立董事 have set up independent directors較前年度增加 20% 20% increase from 638
614/ 68% 股東常會採逐案票決 have adopted voting by poll較前年度增加 56% 56% increase from 393;
且 93% 公司於股東會當天即於 MOPS 公布決議情形93% disclose result on the MOPS on the same day as AGM
475/ 53% 採行電子投票 have adopted e-voting voluntarily較前年度增加 86% 86% increase from 256
424/
47% 董監事選舉採候選人提名制 have adopted a nomination system for directors and supervisors較前年度增加 32% 32% increase from 322
263/
30% 編製 CSR 報告書 filed their 2014 CSR reports in 2015*較前年度增加 54%; 170 家強制 /85 家自願54% increase from 171 ; 170 mandatory / 85 voluntary
10
在所有 TWSE 上市公司中 Of all TWSE-listed companies,
![Page 11: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/11.jpg)
2013H1
H2 2014H1
H2 2015H1
H2 2016H1
0
1
2
3
4
3.08
1.51% 1.37%1.03%
2.71%
7.12%
8.73%
9.96%
ETF 蓬勃發展 Booming ETF Market
53ETFs
資料來源 Source :臺灣證券交易所 (TWSE) , 2016.8
雙幣交易機制Dual
Currency Trading
海外指數Offshore
Equity
台股型Domestic
Equity
QFII A股QFII A Share
槓桿 / 反向及期貨型
L/R & Futures
11
臺股 ETF; 25%
海外股票ETF; 21%
期貨 ETF; 3%
槓桿反向ETF
- 臺股 , 28%
槓桿反向ETF
- 海外股票 , 23%
9.5十億美元
US$bn
ETF 成交金額及占市場比重 %ETF turnover & % of Market turnover( 十億美元 US$bn)
ETF 資產規模AUM of ETF
Domestic ETFsL/R ETFs-offshore equity
L/R ETFs-domestic equity
Futures ETFs
Offshore Equity ETF
![Page 12: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/12.jpg)
12
市場優勢Market Advantages
1
2 最新發展Recent Development
![Page 13: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/13.jpg)
2012 2013 2014 2015 2016(F)
14
22
14 14
810
710
本國Domestic
外國Foreign
13
推動國內外優質企業上市Expand Domestic and Foreign Listings
外國企業 Foreign: “ 新南向政策”
“New Southbound Policy”
本國企業 Domestic:
五大創新產業Five Innovative Sectors
10~15(F)
前進東協市場 ASEAN Markets 越南 , 泰國 , 馬來西亞 , 新加坡Vietnam, Thailand, Malaysia, Singapore,…
亞洲矽谷 Asian Silicon Valley, 綠能科技 Green Energy Tech, 智慧機械 Intelligent Machinery, 生技醫療 Biomedicine 國防產業 National Defense
新上市家數New listings
![Page 14: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/14.jpg)
推動公司治理 Promote Corporate Governance
14
建置公司治理中心網站及電子報 Build the CG Center’s website and newsletter
參與國際會議 Global Outreach(WFE, ICGN, GRI,IOSCO,ACGA…)
編製企業社會責任指數Launching CG/CSR indices
上市公司及投資人教育Education Training
機構投資人盡職治理守則Stewardship
Principles
修訂公司治理實務守則Revise CG/ CSR Best Practices
and Rules
成立公司治理中心CG Center
持續推動公司治理評鑑Conduct CG Evaluations
擴大編製CSR 報告書
CSR Report
公司治理藍圖2013-2017CG Roadmap2013-2017
每年檢視推動成果Review on a rolling basis
![Page 15: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/15.jpg)
• 訊息面暫停交易機制Mechanism of Trading Halt during Information Assessment Period• 簡化外幣資產申報程序
Simplify process for entry and reporting• 擴大當沖標的範圍
Expand scope of targets for day trading• 預備逐筆交易
Prepare for continuous trading
• 開放當日沖銷 Day trading allowed• 新一代交易系統
New trading system launched
提升市場品質及流動性 Enhancing Liquidity and Quality
• 放寬漲跌幅至 ± 10%±7% to ±10%• 法規鬆綁 Deregulation:
− 當日沖銷 Day trading− 信用交易 Margin trading− 放空 Short selling• 開收盤前資訊揭露
Enhanced disclosure before market opening and closing• 放寬融資擔保品運用範圍
Enhancements of SBL collaterals
15
2014
2015
2016
![Page 16: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/16.jpg)
推動 ETF 多元化發展ETF Diversification and Expansion
16
US6
Europe1
China15
India3
Hong Kong5
Japan7
Taiwan17
Korea
ASEAN
• 近期已推出 Already in place: 槓桿 / 反向型 ETF 、商品期貨ETF 、 ETF 雙幣交易機制 Leverage/Inverse ETFs , Commodity Futures ETFs, ETF Dual-Currency Trading Mechanism
• 研議推出 In pipeline: 貨幣 ETF 、期貨槓桿 / 反向ETF 、波動率 ETF 、債券 ETF
Currency ETFs, Leverage/Inverse Futures ETFs, VIX ETFs, Bond ETFs
![Page 17: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/17.jpg)
強化資訊揭露Improved Information Disclosure
• 上市公司記者會 Press conferences
• 法人說明會 Investor conferences• 上市典禮 Listing ceremonies• 研討會 Seminars
17
TWSE網站 Website
公開資訊觀測站 MOPS
WebPro 3.0 影音傳播網
基本市況報導網站 MIS
TWSE Facebook, Twitter, Google+, Plurk
![Page 18: 20160922 taiwan day in korea introduction of taiwan mkt](https://reader036.vdocuments.net/reader036/viewer/2022081520/58864f7f1a28ab32768b6f55/html5/thumbnails/18.jpg)
布局全球Reach Global
投資台灣Invest Taiwan
連結亞太Connect Asia
謝謝 Thank You!