臺灣新創企業海內外掛牌地點決策之研究：以SaaS企業個案為例

Abstract

本文旨在探討臺灣新創企業選擇掛牌地點的考量要素，並以軟體服務（後稱SaaS, Software-as-a-service）企業為討論對象。過去臺灣的SaaS企業多尋求併購，較少經上市出場，但在2021年卻有多家企業宣布至海外掛牌。豐碩的上市成果，不僅為同業樹立海外上市之典範，更吸引原已申請國內上市的新創企業緊急撤回遞件，並重新考慮掛牌地點，顯示掛牌地點決策已然是企業經營的重要議題。 儘管海外上市蔚然成風，既有研究卻多侷限於探討單一要素對企業決策之影響；且影響要素眾多繁雜，卻未有完整分類標準，難以形塑與實務連結的全面性建議。此外，過往國內研究仍侷限於探討臺灣企業赴新加坡、香港掛牌或留在本地上市之選擇，與現今新創企業有意赴日掛牌的規劃已有所差距，正待新興案例補充。 有鑑於此，本研究將系統性分類上市地點選擇的多項要素，並檢視近年各國為吸引企業上市所放寬的條件及成效。最後以同在2021年、卻在不同地點上市的三間臺灣SaaS新創企業：Appier、91 APP、以及大猩猩科技，分別作為日本、臺灣、美國上市代表，比對其上市地點決策與先前整理出的上市地點決策要素清單之差異。研究最終發現「產品行銷」與「公司治理人物背景」等兩項策略動機為SaaS型企業決定上市地點時最重要的影響因子；至於「代理權收回考量」與「隱私法規考量」則是過往學者尚未提出，但經個案研究後，本論文認為值得考量之要素。

The research aims to discuss Taiwan SaaS (Software-as-a-service) startups’ decisions about the choice of a listing location and the factors that influence their decisions. Local SaaS startups used to be acquired in the past; however, many of them announced to list abroad in 2021. The incredible listing performance not only becomes role models for companies in the same industries but also attracts a few firms to withdraw their domestic listing decision and consider foreign listing possibilities. Reviewing past research, we find out that scholars usually focus on one or just a few factors that affect firm decisions but overlook the whole decision picture. In addition, sometimes the influencing factors are too broad without proper classification. Lastly, local studies tend to focus on companies that float their shares in Hong Kong and Singapore, but not in other overseas stock exchanges such as Japan. Under these observations, we include such a case in our study and offer some practical suggestions for companies. Given the reasons, the essay will first list down influencing factors. We classify them as firm-specific factors (i.e., financial and strategic incentives), and macro environment incentives. To learn more about the macro environment effect, we then review seven potential listing locations, their listing standards, and the recent performance in attracting foreign companies. Finally, from the case studies of three local SaaS firms and their listing decision, we find out that “marketing benefits” and “the background of key influencers” will be the two critical factors that influence the listing location for Taiwan SaaS companies. We complement prior research by suggesting that “the SaaS licensing models” and “privacy consideration” are two additional factors that firms should also take into account when they make listing decisions.