檢視台灣證券市場IPO策略
並以私募基金導入之可行性分析

本研究主要目的是檢視台灣證券市場以新股發行(Initial Public Offering; IPO)為主的策略是否得當? 藉由文獻分析得知:台灣產業及資本市場籌資沿革，1979年推動建立科學園區，奠定基礎。1980-90年代經濟起飛，IPO快速成長。但近年企業IPO的難度高，籌資量能不足，而中介的證券商面臨承銷業務收入下降。參考國際知名交易所主流商品:一、近二年在美國的交易所 SPAC IPO大幅成長，主因新冠疫情所致，講求迅速逆向籌資的SPAC方式制度，成為爭相借鏡的對象，我國的GOGORO(睿能公司)也循此籌資。二、在歐洲的瑞士、盧森堡交易所巿值排名前茅，主因商品多元、操作策略靈活，避險基金以財務工程技術，幫助投資人獲取絕對報酬。本研究提出此項看法，也藉專家實證方式建議如下:借由私募基金導入，除了幫助新興企業籌資，也增加巿場交易量、擴大資本巿場規模。由證券商本身擔任基金管理者角色，節流而開源，提升競爭力。

關鍵字

IPO ；私募基金； SPAC ；證券商

並列摘要

The main purpose of this study is to examine whether the Taiwan stock market's strategy of focusing on IPO (Initial Public Offering; IPO) is appropriate? Through literature analysis, we know: the evolution of Taiwan's industrial and capital market financing, and the establishment of a science park in 1979, laying the foundation . The economy took off in the 1980s and 1990s, and IPOs grew rapidly. However, in recent years, the difficulty of corporate IPOs is high, and the amount of funds raised is insufficient, and the intermediary securities companies face a decline in the income of the underwriting business. With reference to the mainstream commodities of international well-known exchanges: in the past two years, SPAC IPOs on exchanges in the United States have grown significantly, mainly due to the new crown epidemic. Energy companies) also follow this to raise funds. 2. The Swiss and Luxembourg exchanges in Europe are among the top in terms of market value, mainly due to the diversity of commodities and flexible operation strategies. The hedge fund uses financial engineering technology to help investors obtain absolute returns. This research puts forward this view, and also suggests the following through the empirical method of experts: the introduction of private equity funds, in addition to helping emerging companies to raise funds, also increases the market transaction volume and expands the scale of the capital market. The securities firms themselves play the role of fund managers, reducing expenditure and increasing open source to enhance competitiveness.