台灣興櫃公司的機會與挑戰

Abstract

公司在商業模式取得成功後，為因應公司擴張與規模化，逐步走向興櫃市場，本研究探討登錄興櫃公司基本財務比率對掛牌首日股票報酬之影響。實證對象為2021年間登錄之興櫃公司，共計57家公司。研究結果顯示，原始資料經迴歸分析後，本研究所選取之毛利率、負債比率等五種財務比率，僅流動比率對掛牌首日股票報酬率具顯著影響力，且不論財務比率之高低，顯示掛牌首日股票報酬幾乎為正數。 研究中亦針對認購價格最高的公司進行個案分析，試圖在分析過程中更貼近興櫃公司經營實務，進而評估認購價格高之原因。而依據股票評價方法，因成本法及現金流量折現法之諸多限制，使得推薦券商偏好使用本益比法評價興櫃股票，其中與公司財務資料相關者僅包括稅後純益。因此，未來在評估及計算登錄興櫃公司股票合理價格時，可將本益比法所忽略的部分如速動比率及現金流量比率等因素納入考量。

After the company's business model becomes successful, in response to the company's expansion and scale, companies gradually move towards the emerging stock market. This study explores the impact of the financial ratios of emerging companies on the rate of return on the first day of listing. This study uses 57 companies registered in emerging stock market in 2021 as the research sample. The results of the research show that after regression analysis of the original data, among the five financial ratios selected in this study, including gross margin and debt ratio, only the current ratio has a significant impact on the rate of return on the first day of listing. Regardless of the level of financial ratio, it shows that rate of return was almost positive on the first day of listing. In this study, two companies listed on emerging stock market were chosen for case study in order to analyze their business model and high IPO price. According to the evaluation method of IPO price, due to the limitations of the cost method and the discounted cash flow method, recommended securities companies prefer to use the price-to-earnings ratio method to evaluate the price of emerging companies. In the future, when evaluating the price of emerging companies, factors such as quick ratio and cash flow ratio, can be taken into consideration.