企業股票上市策略之研究-以A公司為例

本研究背景與動機，是以企業全球化與體質強化的重要性及永續經營為前提。再以A公司為例，比較五大地區企業股票上市的證交所規定、以何種方式上市是操作最方便、企業研究如何規劃公司上市優勢和策略、如何更改原有的商業模式以利上市，最後再接再厲，將「成功範例」轉換成『最佳實證作法』。玩具產業是幾十年來傳統熱門的產業之一，所衍生的商機非常龐大，但也是屬於非常競爭的『紅海市場』。如何透過公司的治理和財物面資本市場的調節，以期能導入『新的藍海市場』，亦是不可忽略的議題。在於比較五大證券交易所上市的綜合分析，依上市費用、獲利能力、實收資本額和市值、上市成交金額、本益比、成交值週轉率、上市公司數、櫃買市場總成交值概況、上櫃股票每股市值、本益比、周轉率之比較及興櫃全面加以分析。再依個案公司為例，透過綜合比較個案資金籌組的決策和上市動機，選定最佳上市地區。研究結果顯示，以A公司為例，最佳的進入資本市場的模式是先以進入興櫃市場為先，提升公司形象及知名度、且同時測試市場價格機制。正式規劃上市之前的前置作業。以期增加日後，正式規劃上市順利和成功。本研究以質化研究的深度訪談法，訪談台灣已上市和未上市的產業中，具有代表性業者及專家，收集上市相關資訊及文獻資料，並使用歸納法將資料加以分析及整理，對中小型企業和台商對於規劃上市的籌劃和布局，經過個案分析及探討，有一個深刻的了解，來做為「資本擴展的平台」(Capital Extend Platform)。並針對確定IPO目標市場，訂定「優勢策略組合」(Excellent Strategies Portfolio)模式的依循。提供日後台灣中小型企業業者和台商進行實務上市策略規劃之參考等等。除了有此理念之外，如何能落實有效「永續經營」，才是最終極的標的。企業經營的長期願景(Long Term Vision)，除了追求一定利潤，擴大規模經營之外，「永續經營」(Sustainable Operation)將是最終追求的願景。加上永續經營的理念和訂定標竿之外，「有效能」及「有效用」永續經營才是最能落實盡到「企業公民」(Corporate Citizenship)的良性義務及善盡企業社會責任！

關鍵字

IPO企業股票上市」；新流動空間」；「擴展方程式」；「永續性的指數」；「資本擴展的平台」； z優勢策略組合」；「新流動一體化網路空間」；「利益均沾」；「階梯轉移理念」； z首選棲息地理論」

並列摘要

The foundation of the research background and motivation is constituted the signification of corporate globalization and sustainable development to enhance the premise. Then as A company, for example, Comparision of five regional stock exchange regulations of corporate stock listing,in which way is the most executive operation of listed companies. How to remold company listed strengths and strategies and alter the current business model for the sake of facilitating the listing is the essential mechanism , passageway and circulation. Eventually ,how to make persistent efforts to transfer 『Successful Model』 into 『The Best Empirical Practice』is the ultimate target. Toy industry for decades is one of the most popular traditional industries which is derived from huge commercial opportunities at markets. But it is also part of a very competitive "Red Sea Market" and also essential issue, being not neglect how to corporate governance and through the capital market modulation, in order to be able to ingress the "New Blue Ocean Market”. Comprehensive analyses that compares the selected stock exchanges, in the light of listing fees , profitability, paid-in capital and the market value of listed turnover, PE ratio ,turnover ratio of listed companies, the trading value of the OTC securities market overview, OTC stocks market value per share, emerging stocks. Then to designate the possible case as an example after through decision-making and comprehensive comparison of the cases which well-considered to select listed areas attaching listed motivation and organize the funds. The results showed that the best model for the A company is in the priority to enter emerging market of the capital. There will be weighed up the gains and losses to highlight company's image and reputation and also to test the“Market Price Mechanism. To energize official listing of a smooth and successful planning in the near future is essential approach to operate the formal listing of pre-planned operation in priority . This research is adopted the meticulous qualitative and the inductive reasoning after interviewed with Taiwanese listed and unlisted industries, experts and the representatives of Securities Companies. To collect some relevant information banks and literatures under collecting and processing the inductive method to analyze Taiwanese listed for layout projects through special case studies and penetrative discussion. There will be an elaborate and meticulous analysis to do for 『Capital Extend Platform』 and position 『Excellent Strategies Portfolio』for the IPO target market accordingly .Furthermore, it will be quoted extensively and available to provide the planning practices listed reference for the small and medium enterprises in Taiwan. It will be the ultimate target how to implement an effective the vision of “Sustainable Operation” in addition to this above-mentioned cardinal principle. Beside this image, how to achieve effective “Sustainable Operation” will be last shift and long-term vision at the least significant end .To embrace the pursuit of a profit and expand the scale of operations beyond “Sustainable Operation”is the optimal and critical juncture. Effective and efficacy sustainable development is the best way to implement the outstanding obligations and preferential corporate social responsibility.

並列關鍵字

『IPO(Initial Public Offerings)』；『New Space of Flows』；『 Extend Formula、Sustainable Index』；『Capital Extend Platform』；『Excellent Strategies Portfolio』；『New Flow Network Space』；『Share Equal Profit at Compound Interest』；『Rank Transfer Conception』；『The Preferred Habitat Theory』

參考文獻

12. 臺灣證券交易所，2012年世界主要證券市場相關制度，臺灣證券交易所，民

5. 深圳證券交易所：http://www.szse.cn/。

6. 上海證券交易所：http://www.sse.com.cn/。

8. New York 證券交易所。

5. 朱文儀、陳建男、黃豪臣(2010)譯，策略管理第九版/Gareth R. Jones, Charles W. L.Hell原著，華泰文化。

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企業股票上市策略之研究-以A公司為例

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