臺灣新創公司赴海外上市與國內上市之案例研究－以Appier與騰雲科技為例

Abstract

本研究的核心目的，即是旨在深入比較分析臺灣與日本新創企業的IPO市場選擇，並系統性地探討影響其上市決策的關鍵因素。研究方法上，我們將主要採用質性研究方是，透過文獻回顧，對兩地資本市場概況、具體的上市要求、獨特的投資者結構、市場流動性特徵，以及估值趨勢進行詳盡的梳理與分析。本研究亦選取兩個具有高度代表性的案例進行深入剖析：一是沛星互動科技（Appier Group Inc.），這家臺灣AI新創選擇在日本東京證券交易所成功上市，展現了跨國資本市場的魅力；二是騰雲科技（Turn Cloud Technology Service Inc.），這家深耕臺灣零售數位轉型的軟體企業，選擇在臺灣櫃買中心上櫃，彰顯了本土市場的策略價值。 本研究主要貢獻在於，透過這兩個鮮明案例的比較分析，揭示了IPO市場選擇並無絕對的「最佳」答案，而是企業基於其產業特性、國際化策略與創始人願景的綜合權衡結果。研究發現，日本市場對AI及SaaS等新興科技題材的高度接受度，為Appier這類全球化AI新創提供了有利的估值與募資環境；而臺灣資本市場對本土軟體服務業的政策支持與對在地化價值的認可，則為騰雲科技這類深耕垂直領域的企業提供了穩健的成長平台。本研究並進一步提出「Company-Investor Fit」的觀點，強調企業尋求上市市場的歷程，實則類似產品尋求市場契合的過程，唯有與投資人形成價值認同與信任基礎，方能確保IPO成功與後續發展。期望本研究能成為新創企業規劃IPO策略的重要參考依據，協助其在複雜的全球資本市場中做出最適選擇。

The core objective of this study is to conduct an in-depth comparative analysis of IPO market choices for Taiwanese and Japanese startups, systematically exploring the key factors influencing their listing decisions. Our research primarily employs a qualitative paradigm. Through extensive literature reviews, we provide a detailed examination and analysis of both regions' capital market overviews, specific listing requirements, unique investor structures, market liquidity characteristics, and valuation trends. This study also includes an in-depth analysis of two highly representative cases: Appier Group Inc., a Taiwanese AI startup that successfully listed on the Tokyo Stock Exchange, showcasing the appeal of cross-border capital markets; and Turn Cloud Technology Service Inc., a software company deeply rooted in Taiwan's retail digital transformation, which opted to list on Taiwan's GreTai Securities Market, highlighting the strategic value of the local market. The main contribution of this study lies in revealing, through a comparative analysis of these two distinct cases, that there is no absolute "optimal" IPO market choice; rather, it is a comprehensive strategic decision based on the company's industry characteristics, internationalization strategy, and founding vision. This research finds that the Japanese market's high acceptance of emerging technology themes like AI and SaaS provided a favorable valuation and fundraising environment for global AI startups like Appier. Conversely, the Taiwanese capital market's policy support for local software service industries and its recognition of localized value offered a stable growth platform for companies like Turn Cloud Technology Service Inc., which are deeply rooted in vertical sectors. Furthermore, this study introduces the concept of "Company-Investor Fit," proposing that a startup's journey to a successful listing is akin to a product seeking product-market fit. Success hinges on establishing value alignment and a foundation of trust with investors, which is crucial for both a successful IPO and subsequent development. We anticipate that the findings and frameworks presented in this study will serve as a strategic guide for startups considering an IPO, enabling them to make optimal market choices based on their organizational characteristics, growth objectives, and alignment with investor expectations.