碩士 / 元智大學 / 資訊管理研究所 / 92 / The purpose of this research is to probe into the influential factors of IPO decision-making processes in domestic or overseas markets with the view of enterprises of our country. By discussing the differences of every capital market and the government''s relevant encouragement policies, this research explained which factors would influence enterprise’s decision; meanwhile, how enterprise chose the correct place for IPO by taking proper strategies in order to reach the purpose of company''s value maximization. Besides, this research consulted relevant documents and carried on the practice interview by case; the conclusion of this study is to sum up as below:
First, considerations of IPO and raising funds in domestic or overseas markets for enterprises are different. The main differences lie in 1. strategic goals are different, 2. cost structures are different, 3. the follow-up maintenance costs are different.
Second, except the motive of raising funds, the major consideration for IPO domestically is for the sake of keeping and attracting outstanding talents; however, IPO abroad is to match up the planning of enterprise''s other strategy goal. The domestic IPO decision is influenced by several main factors: listing condition, policy and decree, underwriter’s coaching ability, enterprise''s earning capacity, and enterprise''s exposure. For overseas IPO, however, enterprise''s exposure as well as underwriter’s suggestion and ability are important considerations. In addition, company supervision and accounting system are obviously required to be improved much more as compared with domestic IPO.
Third, regarding the key components of overseas IPO successfully, underwriter’s ability, IPO timing, enterprise''s earning capacity and industry''s prospect are all important. Nevertheless, there are three major elements causing the unexpected failures for overseas IPOs. They are enterprise''s earning capacity, industry''s development prospect, and taking the IPO costs of fund-raising proportion respectively.
Fourth, in regard to enterprise’s IPO place, Taiwanese enterprises have a partiality for Chinese capital market as the ideal IPO place. Moreover, enterprises generally like to apply for IPO in their principal operation site as the first priority.
Fifth, the government''s policy of the capital market will influence enterprise’s IPO decision indeed; however, the result depends on the whole interests of enterprise''s own managerial tactics. Such as the 40% of the investment restriction imposed on the Taiwanese enterprises, which have already transferred their headquarters to Mainland, would reduce their will to go back to Taiwan for IPO.
Sixth, as for the effect on enterprise''s management strategy after IPO, the enterprise that applied for IPO in Taiwan would adjust their management tactics and plans in Mainland owing to domestic regulation restraints. The enterprise that applied for IPO in America would be influenced on the consideration of the managerial costs after IPO.
| Identifer | oai:union.ndltd.org:TW/092YZU00396013 |
| Date | January 2004 |
| Creators | Wen-Tsai, Tseng, 曾文燦 |
| Contributors | Bing-Jyun, Wang, 王秉鈞 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 147 |
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