| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 88 === The purpose of this study is to analyze and summarize the decision factors for a Taiwan company to be considered in choosing listed market for initial public offerings(IPO).
For a company in the process of expansion and growth, it is necessary to raise funds from the capital market to enlarge business scale and maintain growth. The decision factors to choose IPO market are (A). Listing Requirement: company''s performance and industry characteristics that meet the requirement for IPO. (B).Strategy Concern: the effect of synergies in core competence, network and business scope. (C).Cost and Benefit: evaluation of stock listing costs and maintenance cost versus benefit received.(D).Investor''s Acceptance: the acceptance of a company''s business strategy and corporate structure. (E) Other Factors: Including the difference for accounting treatment and reporting, corporate governance, underwriting system, tax planning, information disclosure, employee''s option plan in different listed markets.
It is necessary for a Taiwan''s company to have a throughout consideration to apply for IPO market. The first suggestion is to apply for IPO listed in TIGER(Taiwan Innovative Growing EntrepreneuRs) market as a steppingstone. A company listed in TIGER can increase the corporate image and set up the required corporate structure and systems in strategic planning, internal control and financial accounting and reporting. Management can learn how to manage and supervise the corporation structure in the capital market and also accumulate the experience. Although it is not permitted to raise funds from the public in the TIGER market, with the good operating performance, it is easy to raise funds from specific investors. Furthermore, after listing in the TIGER market, a company can apply for listed in OTC market and then transfer to be listed in TSE with the simplified application process and listing requirements. With the growth of the scale and needs of working capital, the company will have many sources such as issuing overseas convertible bonds, ADR listed in USA stock market to raise funds.
Key Words: IPO, listed market
|
|---|
