本論文利用證券交易所提供的日內成交資料可以追蹤投資人的交易記錄，並研究1995-2003年208家初次發行上市公司(IPO)的新舊投資人基礎以及其變動對於資金成本的影響。研究結果發現，大部分IPO確實能增加投資人基礎，而且投資人偏好報酬率與報酬率波動較大的股票；另外，投資人基礎的變動可以解釋Merton(1987) investor recognition hypothesis，即投資人基礎增加可以降低資金成本。 由第二章的分析可知大部分IPO的確能吸引更多的投資人交易，平均而言，第二年新增14.2%的投資人交易，而且有43.8%的公司增加投資人交易；另外，61.5%的公司吸引更多的新投資人，只有39.4%的公司吸引更多的舊投資人。投資人增加的比率與持有期間超額報酬有關，這可以解釋為何上市公司以及交易所皆努力提升投資人基礎。另外，新投資人在市場較熱絡時增加較為顯著，而且較偏好報酬率波動較大的股票。 除了研究第二年投資人基礎增加的情形，本論文亦研究第一年的投資人在第二年的股票持有變化情形，如果投資人在第一年曾經持有該公司的股票，並於期末前賣掉，則第二年股票的持有期間超額報酬率愈高時，將吸引愈多的投資人繼續交易該股票；但是如果投資人在第一年期末持有該IPO股票，當股票的第二年持有期間超額報酬率愈高時，投資人會傾向賣掉手中持股。 第三章檢驗Merton (1987) ‘investor recognition hypothesis’，即公司增加愈多投資人基礎將降低因為資訊不完全所產生之資金成本，並增加公司的價值。相對於之前針對投資人基礎增加會降低資金成本的研究，本論文以交易該公司股票的投資人代表知道該股票的投資人基礎，此代理變數較先前研究更能代表“awareness of the firm”。利用市場模型，發現公司在第二年平均減少超額報酬率，若將樣本分成電子與非電子產業，仍然得到類似的結果。最後，本論文發現投資人變動的確能解釋異常報酬的變動，即符合Merton (1987) investor recognition hypothesis，此現象不論在產業分類或法人皆得到一致的結論。 / A unique dataset is analyzed in this study comprising of data obtained from the TSE transactions record database on trading activity for the 208 IPO firms. The investor’s identity can trace investor’s trading records. Thus, we can define new and old investors. Additionally, the identification of the type of investor (as either an individual or institutional investor) facilitates the examination of investor behavior for either type. From the analysis in the chapter 2, we can see that there is an increase over time in the number of investors which IPOs are able to attract. An increase of 14.2 percent is found in the mean number of investors per firm, while 43.8 percent of firms are found to experience increases in the overall number of investors from the first year to the second year after their initial listing. On average, the mean rate of increase for new investors is larger than that for old investors, with 61.5 percent of IPO firms experiencing increases in the total number of new investors, as compared to the 39.4 percent of firms which experience increases in old investors. The results reveal that the rate of increase in investors has a positive correlation with holding period excess returns (HPERs), which helps to explain why both firms and stock exchanges have such similar strong desires to see improvements in the overall number of investors. A significant increase in new investors is discernible in a ‘hot’ market, and in those firms with higher return volatility levels. Furthermore, all investors naturally prefer firms with higher returns. The analysis of the changes in the investor base suggests that if investors do not hold the stock in first year, then the higher the HPERs, the greater the overall increase in the total number of investors; however, where investors had previously held the relevant stocks, we find that they will tend to sell their winning stocks. Chapter 3 undertakes an examination of the Merton (1987) ‘investor recognition hypothesis’, in which he argues that an increase in the total number of investors with prior knowledge of a firm will ultimately lower the expected returns of investors by reducing the ‘shadow cost’ arising from the lack of knowledge on a particular security; the end result of this will invariably be an increase in the market value of the firm’s shares. In contrast to the prior studies, we employ the total number of traders to represent the awareness of any given firm among investors. We examine the reduction in the costs of equity capital associated with listing using the ‘market model’ to compute the abnormal returns, and find a decline in the average daily abnormal return in the second year. Similar patterns are discernible for firms in both the non-electronics and electronics industries. Finally, our test of the Merton (1987) investor recognition hypothesis is undertaken by regressing the firms’ average abnormal returns against the changes in the overall numbers of traders. The results confirm the association between investor recognition and the costs of capital.

This thesis studies how the investor attention proxied by Google search volume affects different aspects of market behavior. My results show that a surge in online attention is associated with an increase in trading activity and stock price volatility, but no effect is detected for daily returns. Yet, if market sentiment is taken into account, the relationship comes to the surface for returns as well. The returns tend to decrease with attention hikes in negative sentiment periods and the opposite is observed for periods of positive sentiment, suggesting that Google web search captures predominately attention of sentiment investors. Moreover, I demonstrate that with the outburst of financial crisis, the interdependence between attention and trading activity was intensified. Lastly, I provide evidence that web search may shed some light on IPO-related puzzles. The initial returns seem to be higher for IPOs that receive above average attention, and are likely to be reversed in long-term. In addition, it is ascertained that web search volume may act as a proxy for market overreaction to the offerings. Powered by TCPDF (www.tcpdf.org)

One of the puzzles regarding IPO’s is that the issuers rarely get upset about leaving substantial amounts of money on the table due to underpricing. The cost of underpricing is the number of shares sold multiplied by the difference between the first-day closing price and the offer price. The research sample of IPOs and JSE databases comprised, respectively, 160 and 321 new applicants for the years 1995-1999. New applicants comprising the research sample raised R12.55 billion with an underpricing cost exceeding R2.85 billion i.e., 22.71 percent of the IPO capital raised. This cost was found to be nearly 10 times greater than the R295 million paid in fees to the corporate advisors by the issuing companies. The prime beneficiaries of this discount were a select grouping of private placement investors at the discretion of the corporate advisors and directors. Mean unadjusted initial first day returns amounted to 55.04 percent. Public Offer IPO’s (solely or as a component of a Hybrid Offer) follow UK influenced corporate legal systems– both in legislative norm and empirical results. First day initial returns were presented per issuer List Board, Method and Type of Listing, IPO capital raised and disclosed use of proceeds. Internationally many theories have been raised as to what has become to be known as the short-run underpricing puzzle. The winner’s curse hypothesis is directly tested flowing from and the unique data availability. It was shown that South African Public and Hybrid IPO Offer methods bear an exceptionally close correlation to UK influenced corporate legal systems and as such proved a reliable empirical testing ground for the winners curse phenomena using the same methodology and equations as their international counterparts hereunder. The UK based corporate law and institutional arrangements in South Africa allow a direct test of the empirical implications of the winner’s curse hypothesis in pricing unseasoned new issues.

This paper investigates the effects of going public on firm innovation by comparing the innovation activities of firms that go public with firms that choose to not undergo an initial public offering (IPO) and remain privately held. Going public here is a transformation of a privately held firm into a public firm, i.e. the first time for the firm to publicly trade in stock markets. The combination of a propensity score matching (PSM) and a difference-in-difference (DiD) methods are adopted to measure the innovation trends in terms of patent applications. Using the patent-based metric, firm innovation increases following IPOs. Comparing to the innovation activities of privately held peers, going public can boost the patent growth rate of firms and delay the downward trend of patent growth in the two years following IPOs.

本研究觀察台灣新上市公司上市後業績衰退的特殊現象，並參酌有關國內股票上市的規定，及股市相配合之資訊與競爭環境，由求實性會計理論之推衍，以探討公司於上市後經營績效之惡化，是否係因公司若於上市前進行盈餘管理以利於上市申請之審查過程，然損益操縱有其限度、且上市後應計項目迴轉的結果。 　　為驗証上市後業績衰退與上市前盈餘管理之關聯，本研究以民國73年至民國81年於台灣証券交易所初次上市，而於上市後業績呈衰退之新上市公司，比較其上市前後之應計項目、與營業有關之應計項目及營業外損益之差異尺度是否顯著，以偵測衡量業績衰退之新上市公司於上市前是否進行盈餘管理，及其所使用之盈餘管理工具。實証結果顯示： 　　(1)業績衰退之新上市公司，上市前後總應計項目並未呈顯著差異。 　　(2)就與營業有關之應計項目，上市後業績衰退之公司，其上市前顯著大於上市後之平均水準；就上市前各年而言，上市前二年及上市前三年之與營業有關之應計項目顯著大於上市後。 　　(3)而營業外損益，業績衰退之樣本公司則有上市後顯著大於上市前的現象。 　　綜合上述實証結果，業績衰退之新上市公司應計項目，上市前後並無顯著差異，可能係公司進行損益平穩化的結果；進一步分析探討，與營業有關之應計項目及營業外損益，於上市前後呈相反方向之變動，且上市前後呈顯著之差異。由於與營業有關之應計項目，與營業外損益，於財務報表之揭露及使用者的分析方式上，皆具有不同的特性及意義。故而結論，公司於面臨不同的外在經濟環境壓力下，進行之損益操縱策略時，將會審慎考慮該經濟環境壓力之因素，俾達其預定目標。

<p>IPO underpricing is a phenomenon found in all markets worldwide. Investors are always looking for a good opportunity of short-term abnormal positive returns, and the IPOs first-day trading returns have been a good investment strategy for both institutional and private investors in all markets of the world.</p><p>This study consists at an investor’s perspective analysis of the first-day returns of 59 IPOs listed on the Brazilian Stock Exchange Market from January 2004 to April 2007, where I have found a significantly mean positive underpricing of 6,60%.</p><p>I have found also some evidences of a sprouting “hot-market” period in Brazil, since the number of the IPOs in Brazil has been growing almost in an exponential speed, taking advantage of the constant growing cash inflow and liquidity of the Brazilian market, followed by the high evaluation of the Ibovespa Index, with return of 140% on the study time frame.</p><p>When categorizing the study by year, by underwriter (investment bank) and by market segment, I always have found positive adjusted initial returns, which corroborates the fact that underpricing is a constant phenomenon in the Brazilian market.</p><p>Other important facts that were identified in this study is that the average returns of the IPOs are decreasing along the years and that companies that depend to a large extent on their human capital and are in the business areas that are staff intensive have a high level of underpricing while companies that have a high level of fixed assets have a low level of underpricing.</p><p>Finally, after performing a multivariate linear regression analysis with the chosen independent variables on the full sample and some categorized samples, the results did not have enough statistical significance and consistence that could make them useful to create a statistical model to explain the underpricing level of Brazilian IPOs between January 2004 and April 2007.</p>

IPO underpricing is a phenomenon found in all markets worldwide. Investors are always looking for a good opportunity of short-term abnormal positive returns, and the IPOs first-day trading returns have been a good investment strategy for both institutional and private investors in all markets of the world. This study consists at an investor’s perspective analysis of the first-day returns of 59 IPOs listed on the Brazilian Stock Exchange Market from January 2004 to April 2007, where I have found a significantly mean positive underpricing of 6,60%. I have found also some evidences of a sprouting “hot-market” period in Brazil, since the number of the IPOs in Brazil has been growing almost in an exponential speed, taking advantage of the constant growing cash inflow and liquidity of the Brazilian market, followed by the high evaluation of the Ibovespa Index, with return of 140% on the study time frame. When categorizing the study by year, by underwriter (investment bank) and by market segment, I always have found positive adjusted initial returns, which corroborates the fact that underpricing is a constant phenomenon in the Brazilian market. Other important facts that were identified in this study is that the average returns of the IPOs are decreasing along the years and that companies that depend to a large extent on their human capital and are in the business areas that are staff intensive have a high level of underpricing while companies that have a high level of fixed assets have a low level of underpricing. Finally, after performing a multivariate linear regression analysis with the chosen independent variables on the full sample and some categorized samples, the results did not have enough statistical significance and consistence that could make them useful to create a statistical model to explain the underpricing level of Brazilian IPOs between January 2004 and April 2007.

Bakgrund: Under de senaste två åren så har svenska Private Equity-bolag ökat sina investeringar signifikant. Enkelheten i att anskaffa kapital, såväl som billig skuldsättningsgrad har lett till en ökad aktivitet från PE-bolagen genom uppköp av marknadsledande bolag med starkt kassaflöde. Konkurrensen för attraktiva företag som är till salu har ökat nämnvärt, vilket i sin tur har lett till prisökningar på de utsatta bolagen. De högre värderingarna från PE-bolagen påverkar också antalet börsintroduktioner på Stockholmsbörsen. Ett skäl för de allt färre börsintroduktioner kommer av att bolagen har blivit högre värderade av PE-bolagen jämförelsevis med en värdet av en börsintroduktion. Syfte: Avsikten med denna uppsats är att, från aktieägarens synvinkel, analysera och beskriva de olika skäl som finns för att gör en börsintroduktion istället för att sälja till ett PE-bolag. Metod: Undersökningen är baserad på att samla och förstå information gällande specifika personers val och motiv med ett kvalitativt synsätt. Urvalet från undersökningen innehåller alla företag som har genomfört en börsintroduktion på Stockholmsbörsen mellan 1 januari 2005 och 1 april 2006. Intervjuerna har genomförts med varje styrelseordförande, i och med att författarna tror att dessa företrädare är de bästa representanterna för aktieägarna. De personer som lät sig intervjuas fick tala fritt, även om de större frågorna var tvungna att följas i kronologisk ordning. Slutsats: Alla motiv för att genomföra en börsintroduktion kunde ha uppfyllts genom att sälja till ett PE-bolag, förutom motivet om att uppnå likviditet i aktierna. Ett av de attraktiva motiven för likviditet i aktier är att aktieägarna kan välja mellan att minska ägandet, öka ägandet eller bibehålla de nuvarande aktierna. Ett annat attraktivt skäl är att finansiella institutioner normalt ansluter sig som aktieägare, vilket i sin tur ökar trovärdigheten av företaget. Åtta av det tio företagen hade parallella planer längs med arbetet med börsintroduktionen. De flesta av bolagen hade i åtanke att sälja till ett PE-bolag vid eventuellt gynnsamt bud. Dock fanns det inga PE-bolag som bjöd ett tillräckligt bra pris för de individuella bolagen. Antingen så erhöll de dåvarande ägarna ett bättre pris från börsintroduktionen, eller så trodde de återstående ägarna på att börsen i framtiden skulle prestera bättre än PE-bolagens bud. Enligt teorierna har buy-outs fler fördelar jämförelsevis med börsintroduktioner, men de empiriska undersökningarna visar att de två alternativen var likvärdiga. Den enda fördelen med en eventuell buy-out var att det skulle begära mindre eller samma arbetsbelastning i termer av förberedelser. Dock så ansågs en börsintroduktion vara dyr såväl som att den tar energi och fokus från ledningen. / Background: During the last two years, Swedish Private Equity (PE) companies have increased their investments significantly. Easy access to capital, as well as inexpensive leverage, has led to an increase in activity of PE buy-outs of market leaders with strong cash flow. The competition for objects that are for sale has amplified, which has resulted in price increases of the objects. The higher prices offered by the PE companies also affects the number of initial public offerings (IPO) on the Stockholm Stock Exchange. One reason for the small number of current IPOs is that the objects simply have been valued higher by PE companies than they would do in an IPO. Purpose: The purpose with this thesis is, from a shareholder’s point of view, to analyze and describe the reasons of making an IPO instead of selling to a PE company. Methodology: Since the research is based on gathering and understanding information regarding specific persons’ choices and motives, a qualitative approach has been conducted. The research sample contains of all companies that made an IPO on the Stockholm Stock Exchange between 1 January 2005 and 1 April 2006. Interviews have been made with each company’s Chairman of the Board of Directors, since the authors believe that these individuals are the ultimate shareholder rep-resentatives. The interviewees were allowed to speak freely, even though the major questions had to be followed in a chronological order. Conclusion: All the main motives of the IPO could have been achieved by selling to PE company, except the motive of attaining share liquidity. One of the attractive reasons for share liquidity is that shareholders easily can choose between reducing ownership, increasing ownership or remain with existing shares. Another attractive reason is that financial institutions normally become share-holders, which in turn increases the credibility of the company. Eight out of the ten companies had parallel plans to the IPO; most of them including a possible PE buy-out scenario. However, no PE company offered a price high enough for the individual companies. Either the existing owners received a better IPO price, or the remaining owners believed that the stock exchange would out-perform the PE price offers in the long-run. Theory means that buy-out has got its advantages compared to IPO, but the empirical findings show that the alternatives were on the contrary quite similar. The single advantage with a possible buy-out was that it would demand less, or at most equal, work load in terms of preparation before the sale. However, the negative part with the IPO was that it was considered expensive as well as it took energy and distraction of focus it took from the management team.

<p>Bakgrund: Under de senaste två åren så har svenska Private Equity-bolag ökat sina investeringar signifikant. Enkelheten i att anskaffa kapital, såväl som billig skuldsättningsgrad har lett till en ökad aktivitet från PE-bolagen genom uppköp av marknadsledande bolag med starkt kassaflöde. Konkurrensen för attraktiva företag som är till salu har ökat nämnvärt, vilket i sin tur har lett till prisökningar på de utsatta bolagen. De högre värderingarna från PE-bolagen påverkar också antalet börsintroduktioner på Stockholmsbörsen. Ett skäl för de allt färre börsintroduktioner kommer av att bolagen har blivit högre värderade av PE-bolagen jämförelsevis med en värdet av en börsintroduktion.</p><p>Syfte: Avsikten med denna uppsats är att, från aktieägarens synvinkel, analysera och beskriva de olika skäl som finns för att gör en börsintroduktion istället för att sälja till ett PE-bolag.</p><p>Metod: Undersökningen är baserad på att samla och förstå information gällande specifika personers val och motiv med ett kvalitativt synsätt. Urvalet från undersökningen innehåller alla företag som har genomfört en börsintroduktion på Stockholmsbörsen mellan 1 januari 2005 och 1 april 2006. Intervjuerna har genomförts med varje styrelseordförande, i och med att författarna tror att dessa företrädare är de bästa representanterna för aktieägarna. De personer som lät sig intervjuas fick tala fritt, även om de större frågorna var tvungna att följas i kronologisk ordning.</p><p>Slutsats: Alla motiv för att genomföra en börsintroduktion kunde ha uppfyllts genom att sälja till ett PE-bolag, förutom motivet om att uppnå likviditet i aktierna. Ett av de attraktiva motiven för likviditet i aktier är att aktieägarna kan välja mellan att minska ägandet, öka ägandet eller bibehålla de nuvarande aktierna. Ett annat attraktivt skäl är att finansiella institutioner normalt ansluter sig som aktieägare, vilket i sin tur ökar trovärdigheten av företaget. Åtta av det tio företagen hade parallella planer längs med arbetet med börsintroduktionen. De flesta av bolagen hade i åtanke att sälja till ett PE-bolag vid eventuellt gynnsamt bud. Dock fanns det inga PE-bolag som bjöd ett tillräckligt bra pris för de individuella bolagen. Antingen så erhöll de dåvarande ägarna ett bättre pris från börsintroduktionen, eller så trodde de återstående ägarna på att börsen i framtiden skulle prestera bättre än PE-bolagens bud. Enligt teorierna har buy-outs fler fördelar jämförelsevis med börsintroduktioner, men de empiriska undersökningarna visar att de två alternativen var likvärdiga. Den enda fördelen med en eventuell buy-out var att det skulle begära mindre eller samma arbetsbelastning i termer av förberedelser. Dock så ansågs en börsintroduktion vara dyr såväl som att den tar energi och fokus från ledningen.</p> / <p>Background: During the last two years, Swedish Private Equity (PE) companies have increased their investments significantly. Easy access to capital, as well as inexpensive leverage, has led to an increase in activity of PE buy-outs of market leaders with strong cash flow. The competition for objects that are for sale has amplified, which has resulted in price increases of the objects. The higher prices offered by the PE companies also affects the number of initial public offerings (IPO) on the Stockholm Stock Exchange. One reason for the small number of current IPOs is that the objects simply have been valued higher by PE companies than they would do in an IPO.</p><p>Purpose: The purpose with this thesis is, from a shareholder’s point of view, to analyze and describe the reasons of making an IPO instead of selling to a PE company.</p><p>Methodology: Since the research is based on gathering and understanding information regarding specific persons’ choices and motives, a qualitative approach has been conducted. The research sample contains of all companies that made an IPO on the Stockholm Stock Exchange between 1 January 2005 and 1 April 2006. Interviews have been made with each company’s Chairman of the Board of Directors, since the authors believe that these individuals are the ultimate shareholder rep-resentatives. The interviewees were allowed to speak freely, even though the major questions had to be followed in a chronological order.</p><p>Conclusion: All the main motives of the IPO could have been achieved by selling to PE company, except the motive of attaining share liquidity. One of the attractive reasons for share liquidity is that shareholders easily can choose between reducing ownership, increasing ownership or remain with existing shares. Another attractive reason is that financial institutions normally become share-holders, which in turn increases the credibility of the company. Eight out of the ten companies had parallel plans to the IPO; most of them including a possible PE buy-out scenario. However, no PE company offered a price high enough for the individual companies. Either the existing owners received a better IPO price, or the remaining owners believed that the stock exchange would out-perform the PE price offers in the long-run. Theory means that buy-out has got its advantages compared to IPO, but the empirical findings show that the alternatives were on the contrary quite similar. The single advantage with a possible buy-out was that it would demand less, or at most equal, work load in terms of preparation before the sale. However, the negative part with the IPO was that it was considered expensive as well as it took energy and distraction of focus it took from the management team.</p>

經濟全球化的潮流之下,企業在國際市場中的競爭日益嚴酷,企業母體與全球子公司分工體系緊密結合早已是企業生存與提升競爭力最重要也是最基本的策略。 跨國公司若要落實執行其全球策略,海外子公司的政策,必需與母公司有密切的動態配合,尤其是企業全球佈局策略演進變化方面,才能達到全體目標一致的加分效果。 本研究旨在探討跨國公司,尤其是大型通路商,在進行企業內部資源以及分工策略時,以何種策略安排可以達到最佳績效。 通路商的經營模式較品牌大廠複雜,其國際採購處的經營模式,更有別於一般資訊品牌的國際採購的經營模式。 因其面對和管理的供應廠商,為數龐大,產業別多樣,通路商的國際採購處,必需針對不同產業有不同的產品開發模式,這又增加了管理上的難度,再加上產品多樣,非打國際品牌,相對稀釋採購量( Buying Power )。 與供應商的協商技巧和管理策略更形重要。 台灣向來為資訊品牌大廠設立國際採購處的第一選擇。 但是近年來,由於台灣勞力成本增加,產業外移已成生存趨勢,加上兩岸交通成本偏高,各知名國際採購處紛紛將遠東總部移往中國。 駐台的國際採購處要如何保持其競爭優勢為學界與實務界應同時注意的主題。 本研究個案為美國大型通路商在台灣設立的採購處,其在台灣設立三十年餘,由驗貨中心,演變為策略採購重鎮,經歷組織縮編,再因變革成效顯著,得以擴大台灣組織規模,其過程值得深入探討。 本研究透過個案公司之發展,先從國際採購產業界之整體環境機會,繼而分析了解個案公司競爭優劣勢,由外而內探討其企業經營模式並歸納出為來發展之建議。 研究結果發現,創新與增加競爭力是企業唯一生存的法則,創新不侷限於產品創新,個案成功於商業模式創新,經營方式創新,以及找到台灣產業與母公司配合的最佳模式,才能在遠東區勝出,勝於香港彈性的經貿制度以及中國大陸低廉的成本。然而,這樣的競爭力能持續多久,除了企業本身必須持續創新與增加競爭力,由於出貨生產工廠大都位於中國,台灣政府對兩岸的政策也會影響台灣的競爭力。 / Globalization, procurement automation, outsourcing, and supply market instability have simultaneously elevated the procurement discipline and increased supply management challenges. Procurement executives recognize that responding to these challenges will require them to upskill their teams, adopt new sourcing, compliance, and supply management strategies, and improve systems infrastructures to drive continuous improvements in supply costs and performance and demonstrate strategic value to the enterprise. However, moving from tactical or transactional sourcing operation to a more strategic view often starts with combining buys across divisions and consolidating suppliers can enable better negotiating leverage. Globalization is driving this interest in strategic sourcing operation and analytics because it has vastly multiplied the complexity of supplier relationships. IPOs ( International Procurement Office ) are "dancing with a lot of partners," says Dr. John Vande Vate, executive director of the Executive Masters in International Logistics program at Georgia Tech University. These partners include the contract manufacturers themselves, their suppliers, and third-party logistics providers. This operation complexity has sourcing managers looking beyond lowering costs to assuring supply. That requires buying organizations to shift methodology. They need to use technology not to beat suppliers up on price, but to get more flexibility. Expect the trend in global sourcing to increase. Driving the trend are cost advantages, best-market capabilities, and shared risk. Leading procurement practices include: * A strong procurement infrastructure that enables strategic supply initiatives. * Rationalization of the global and regional supplier base, including supplier-managed inventory and replenishment. * Electronic sourcing to manage requests for information, quotations, and requests for proposal and supplier awards. * Electronic procurement order processing for non-strategic goods and services. * Daily performance monitoring and supplier scorecards. The case company in this essay, RadioShack Corporation, is executing its Strategic Growth Plan aimed at reinvigorating the retail experience and leveraging the company's sourcing expertise. This research is aimed to discuss how an IPO ( or Global Sourcing ) in Taiwan can lead the way to comply and complement company’s Strategic Growth Plan; how to renew RadioShack Global Sourcing’s vision and strategic focus; how to add value to the products by entering product life cycle at early stage; how to enhance RadioShack brand through third party channels; and how to transform current transaction buying organization to Strategic Sourcing Function Team.