本研究以民國93年至99年間已於興櫃股票市場掛牌之公司為研究樣本透過Logistic迴歸模型探討影響興櫃公司轉上市(櫃)公司之成功因素成功轉上市(櫃)之關鍵因素。其中關鍵成功因素包含資產報酬率、每股盈餘、毛利率、研發支出密度、營收成長率、負債比率、顧客退貨率、公司規模、應收帳款週轉率、存貨週轉率、董監事質押、董事長兼總經理、獨立董監及產業別等。 實證研究顯示每股盈餘愈高之公司愈容易取得上市(櫃)之成功;負債比愈低之公司愈容易取得上市(櫃)之成功;公司規模愈大之公司愈容易取得上市(櫃)之成功;存貨週轉率愈高公司愈容易取得上市(櫃)之成功;最後,公司若屬於電子業則也愈容易取得上市(櫃)之成功。
This study uses the sample of firms listed in emerging stock market from 2004 to 2010 to examine the key success factors of company listing from emerging stock market to over-the-counter (OTC) market or stock exchange market by using logistic regression model. The key success factors include return on assets (ROA), earnings per share (EPS), gross profit rate, R&D expenditure intensity, sales revenue growth rate, debt ratio, sales return percentage, firm size, accounts receivable turnover, inventory turnover, shares collateralized by board of directors, the duality of board chair and CEO, independent directors and supervisors, and industry. The empirical results indicate that the EPS, firm size, and inventory turnover of the emerging firms are positively related to the probability transferring to listed markets. In addition, the debt ratio of the emerging firms is negatively related to the probability transferring to listed markets. Finally, the results also show that the emerging firms with electronic industry are more likely to transfer to over-the-counter market or stock exchange market.