興櫃公司轉上市櫃影響因素之研究

The correlation of the company listing from emerging stock market to IPO market

王錦雲(Ching-Yun Wang)

指導教授 ： 丘邦翰

元智大學/管理學院/管理研究所/碩士(2009年)

摘要

公司股票上市不僅可以提升企業的社會形象，吸引優秀的人才而且也是企業籌措營運資金最快速也是成本最低的一種方法，所以企業經營者莫不希望能透過股票上市的方式，來達到增加企業能見度及籌措資金的目的。傳統的績效衡量聚焦於財務面，過去的文獻在探討上市櫃影響因素時也在此處多所著墨；本研究從法令規範及平衡計分卡四個構面探討興櫃公司轉換為上市櫃公司的影響因素，並以Logistic迴歸建立預測模型。 首先，針對發行公司申請上市上櫃的法律條件及程序加以分析，整理出發行公司上市上櫃的法律基本條件，提供規劃上市上櫃的企業参考。在分析關鍵決定性因素方面，本研究分別由平衡計分卡之財務、顧客、內部流程、學習與成長四個構面篩選出資產報酬率、銷貨毛利率、淨現金流量、顧客忠誠度、顧客退貨率、研發效益指標、存貨週轉率、應收帳款週轉率、員工生產力及員工延續率等十個績效指標為預測變數及興櫃掛牌時間為控制變數進行討論。實證結果發現模型整體預測準確率達85.5％，資產報酬率是預測興櫃公司轉換為上市櫃公司的主要預測變數，另銷貨毛利率、淨現金流量、顧客忠誠度、研發效益指標、應收帳款週轉率、員工生產力具有正相關。

關鍵字

興櫃 ； 上市櫃 ； 平衡計分卡

並列摘要

Initial public offering (IPO) is not only increasing the enterprise image and attracting high quality employee, but also the most effective and low-priced way to expand capital. Therefore, company owners want to get better enterprise image and capital collection by IPO. The traditional achievement evaluations focused on financial affairs. This research will discuss the influence of company listing from emerging stock market to over-the-counter market or stock exchange market by using legal regulations and four aspects of balance score card. We also build the Logistic regression model to analyze it.
At first, we analyze the IPO legislations and procedure to find out the basic rules of IPO, and it can be the reference for enterprises which are planning to IPO. This research base on Balance Score Card, and it also includes Financial Performances, Major Customer, Internal Process, and Enterprise Learning and Developing aspects.
Accounting to those four aspects, we input ten effective variables and listing schedule of emerging stock into the Logistic regression. The ten effective variables are ROA (Return On Assets), Gross Profit, Net Cash Flow, Customer Loyalty, Customer Returning Rate, R&D Effective Index, Inventory Turnover Rate, Account Receivable Turnover Rate, Employee Productivity, and Employee Continuance.
It demonstrates that the model’s accuracy is 85.5%.The major variable of company listing from emerging market to over-the-counter market or stock exchange market is ROA. By the way, Gross Profit, Net Cash Flow, Customer Loyalty, R&D Effective Index, Employee Productivity, and Account Receivable Turnover Rate have positive relative with our regression model.

並列關鍵字

Emerging Market ； Initial public offering ； Balance Score Card

參考文獻

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