Introduction to Taiwan's Securities Industry
Mr. Henry Wang 王關生 先生
President, United Investments, Taipei, Taiwan
摘要：
The presentation will briefly go over the history of the Taiwan's securities market and its major players. Although Taiwan's securities market is relatively young, its progress has been staggering compared with that of other major markets. The liquidity of the stock market is of the highest level in the world.
There are two major development for Taiwan's securities market in the future: more liquid trading of debt securities and effective expansion of earnings from listed stocks.
The corporate bond market is currently burdened with high transaction taxes and, as a result, has very limited after-market trading. The lack of liquidity has stopped further development of direct debt financing by listed companies. As more banks are under pressure from non-performing loans, the corporate bond market will have to be the most important route for corporate borrowings.
As listed companies expanded overseas further, their accumulated investment and experience will begin to pay off. Their healthy balance sheet will afford them the added risk of overseas expansion as evidenced by the financial turmoil in the past 18 months.
簡歷：
Mr. Wang graduated from National Cheng Kung University in 1983 with a BS degree in Electrical Engineering. He earned his MS degree in Electrical Engineering from Rice University in 1988. He had joined Lockheed in 1987 as a contractor for NASA designing a robot intended for the space station. From 1988 to 1990, he joined Paradyne (later AT&T Paradyne) to design data communication network management system. From 1990 to 1992, he was in MIT Sloan School of Management, and he worked for the General Motors in the summer of 1991. Mr. Wang joined the Investment Banking Division of Goldman, Sachs & Co. in August 1992 and was involved in several international financing and M&A deals. In June 1996, he was promoted to Executive Director of the Investment Banking Division. In June 1997, he started an asset management firm called United Investments. The firm began operations in late January 1998 and its asset under management is approximately US$200 million.