http://www.chinatimes.com/newspapers/20140305000088-260202
依照證券交易法第43條之6及台灣證交所有價證券上市審查準則規定，上市（或上櫃）公司辦理私募有價證券，應自該私募有價證券交付日起滿3年後，先取得證交所（或櫃買中心）核發符合上市（或上櫃）標準的同意函，才能申報補辦公開發行，在股票市場從事交易。
舉例言之，倘有1家外資企業想參與國內1家上市公司的私募有價證券，不論以策略投資人或財務投資人的身分匯入大筆資金參與私募的現金增資，由於私募股價可以較市價打八折計價，策略投資人的價格還可以再便宜，所以要遵守「3年閉鎖期」的規定，才能在股票市場公開交易。
問題在於「3年閉鎖期滿」，外資股東的私募股票能否在公開市場交易，還是未知之數，必須取得證交所（或櫃買中心）同意後，才能補辦公開發行；換言之，外資參與私募股票時，無法確定繳款的股票將來能否上市交易，而同樣是投資人，閉鎖3年期滿還不能取得一般普通股股東相同交易的權利，這樣的不可預期性及權利的不對等，會讓外資乾脆直接到公開市場買股票，或者外資拒絕參與私募認購，讓私募有價證券的制度形同虛設！
昨天與共同融資方MS共進午餐，提到難纏客戶某公司，不願意按照先前約定好的事項，進行設質，推託說因為這樣要公告，會影響股價，MS大老闆歪果J哥說，除非是Margin Loan(公告後可能引發其他股票投資人退場，造成股價下挫)，的確會有影響股價的疑慮，否則應該依約設定。
什麼是Margin Loan?
簡單來說就是借錢來買股票。[節錄]自己出一部分资金（可以是股票或现金），然后向银行贷款购买同一股票(贷款一般不超过总投资的80%，各股票不同）。这部分贷款的利息可以扣税。但是如果股票价格跌去买入价的一定范围（通常5%），银行会要求你补充资金。marging lending的利息在8%左右，期限为一至3年。
[下方節錄]A margin or investment loan is a form of gearing that lets you borrow money to invest in approved shares or managed funds, using your existing cash, shares or managed funds as security. The amount that you can borrow is determined by the securities in your portfolio, their Loan to Value Ratio and a credit limit based on an assessment of your financial position.
In the context of the credit market, “most favored nation” or “MFN” generally refers to the concept that an existing lender will be entitled to at least as favorable terms as any subsequent lender. The concept can apply to a multitude of terms and conditions – e.g., where a creditor wants to ensure it receives the same yield as a future permitted creditor, where an unsecured creditor wants to make sure it becomes secured on a pari passu basis if the borrower secures any other permitted debt, where a creditor wants to make sure the incurrence or refinance of permitted debt is on terms no more favorable than those governing the existing debt it holds, etc.
