台灣資本市場申請IPO成功與失敗關鍵因素研究 以物流產業D公司為例

Abstract

企業經營在不同階段面臨不同的競爭，而進入資本市場以獲取更多資源以因應這些競爭是大多數企業的階段性目標之一。台灣每年在幾百家申報輔導的企業中有二、三十家會申請上市櫃，經過層層考驗，約有八成的案件會通過審查。 本研究以歸納整理分析台灣資本市場申請IPO送件成功或失敗的原因找關鍵因素，以物流產業的D公司為個案對象，以這些關鍵因素為申請上市的參考依據。在公司的營運管理上去加強成功的關鍵因素並規避失敗的關鍵因素，同時依據審查重點對經營策略提出建議。 研究結果顯示，IPO關鍵因素可依照審查重點分為財務、業務、研發、公司治理、內部控制、承銷價及其他七大類，同時審查委員會針對企業風險、營運合理與穩定性及企業成長提出廣泛性的問題。 依據本研究的發現，以初期規劃、審查重點與經營策略三大方面對D公司在IPO的準備過程中提出相關建議，幫助公司有系統地解決關鍵問題以提高IPO的成功率，同時為未來有意朝向IPO之公司提供系統性的思考方向。

Companies are facing different competition in different stage, that is why IPO is the common aim for them to achieve to acquire more resources to copy with the competition. In Taiwan, there are 20 to 30 companies out of hundreds of companies whom have been under on-site guidance by securities firms file IPO application every year, and the average success rate is around 80%. This study is to find the key success and failure factors of IPO applications based on search, collect and synthesize the related literatures in Taiwan. In the meantime, we take company D in logistic industry who is getting start of IPO as an example to show how we can use the findings of this study as a guide line to help this company. Study shows, key factors can be classified by the IPO Review Points into seven categories which are finance, business, corporate governance, internal control, underwriting price and others. Also, the review committee will have strategical questions on corporate risk management, operational stability and rationality and business growth. Based on the findings of this study, we suggest company D’s IPO preparation in three directions, preliminary planning, major review points and business strategies. Our aims are helping company D to solve the related problems systematically and increase the probability of IPO success, also providing logical thinking for future IPO applicant companies.