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研究生:曾愛芬
研究生(外文):Ai-fang Tseng
論文名稱:導線架產業申請上市之資金評估-以A公司為例
論文名稱(外文):Analysis of IPO Motivations in the Lead Frame Industry – A Case Study of Corporation A
指導教授:陳怡凱陳怡凱引用關係
指導教授(外文):Yi-kai Chen
學位類別:碩士
校院名稱:國立高雄大學
系所名稱:高階經營管理碩士在職專班(EMBA)
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:45
中文關鍵詞:上市加權平均資金成本財報分析
外文關鍵詞:Initial Public Offering (IPO)Weighted Average Cost of Capital (WACC)Financial Statement Analysis
相關次數:
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我國公司法規定,資本額在新台幣二億元以上之公司,其股票必須強制辦理公開發行。一般而言,公司的資金來源,可分為內部資金及外部資金;內部資金來源是為公司營運所產生的保留盈餘及內部權益資金,而外部資金來源則為對外舉債及發行新股等。由於這些資金來源的比例不同,就構成公司資本結構的差異化。為能向社會大眾募集資金,則只有具備上市或上櫃資格的公開發行公司,依法也只有公開發行公司,才具備向不特定的大眾募集所需資金;以達到「資本證券化、證券大眾化」的目標。
本文以A公司期許在未來幾年內能掛牌成為上市公司之可行性做研究,其A公司為何選擇上市?另上市前後的融資成本差異情形以依據產業界之佼佼者的財務報表與A公司現階段的財報做比較分析。
分析結果發現:依公司規模、獲力能力等均為影響A公司邁向上市公司之因素,故尚有再議的空間。建議先經由券商輔導以符合「上櫃審查準則」之規定,藉此引導公司進行重大的企業改造。
According to the Company Law, the corporation with more than 2 thousand million New Taiwan Dollars (NTD) is forced to make its shares go public. In general, the sources of the funds of a corporation can be categorized into two sources. One is the internal fund and other is the external fund. The major source of the internal funding is the retain earnings from the operation. Issuing bonds or stocks are the major sources of the external funding. The capital structure of a firm might be different because of the different funding sources. Becoming a listed firm in the Taiwan Stock Exchange Market or the GreTai Securities Market benefits the listed firm raising funds in public. It reaches the objectives of capital securitized and security publicized.
The objective of this study is to examine the possibility of Firm A becoming a listed firm in the Taiwan Stock Exchange Market (TSEC). This study will also discuss the reason that Firm A choose to become a listed firm in TSEC. The costs of capitals will also be examined based on the comparison with the leading firms in its industry.
The results shows that the potential of Firm A becoming a listed firm in TSEC might depend on the factors of size and profitability. Firm A might be suggested to re-organize by the assistance of the security firm of the investment bank to fulfill the requirement of the GreTai Securities Market to go public.
圖目次 iv
表目次 v
第一章 緒論 1
第一節 研究背景動機 1
第二節 研究目的 2
第三節 研究範圍及架構 3
第二章 文獻探討 4
第一節 影響公司首次上市的動機 4
第二節 公司上市前後績效的差異 6
第三章 研究方法 9
第一節 上市櫃之基本條件 9
第二節 上市櫃之優缺點 10
第三節 上市之決定因子 12
第四章 個案研究與探討 14
第一節 半導體產業介紹 14
第二節 A公司的背景介紹 16
第三節 A公司所處產業之分析 16
第四節 財務分析 17
4.1 A公司之財務分析 17
4.2 產業主要上市櫃公司財務分析 20
4.3 A公司與產業主要上市櫃公司財務分析比較 20
4.4 A公司之加權資金成本概估 21
第五章 結論與建議 23
參考文獻 24
國內文獻
吳振生(2001),不同交易制度對新上市股票承銷價低估影響之研究,私立東吳大學企業管理研究所碩士論文
黃植信(2000),新上市(櫃)公司上市(櫃)後經營績效衰退因素之研究,國立台北大學會計學系研究所碩士論文
黃惠君(1995),公司上市前後盈餘操縱與上市後營運績效及盈餘操縱動機之關聯性研究,台灣大學會計研究所未出版碩士論文

國外文獻
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Arbel, A., S. Carvell, and P. Strebel (1983), “Giraffes, Institutions and Neglected Firms.” Financial Analysts Journal 39: 57–63.
Baker, H. Kent and Richard. B. Edelman (1992), “AMEX-to-NYSE Transfers, Market Microstructure, and Shareholder Wealth.” Financial Management 21(Winter): 60-72.
Baker, H. Kent and Martha Johnson (1990), “A Survey of Management Views on Exchange Listing.” Quarterly Journal of Business and Economics 29: 3-20.
Baker, H. Kent and G. Pettit (1982), “Management’s View of Stock Exchange Listing.” Akron Business and Economics Review 13: 12-17.
Baker, H. Kent, Gary E. Powell, and Daniel G. Weaver (1999), “The Visibility Effects of Amex listing.” Quarterly Review of Economics and Finance 39: 341-361.
Cai, J. and K. C. Wei (1997), “The Investment and Operating Performance of Japanese Initial Public Offerings.” Pacific-Basin Finance Journal 5: 389-417.
Chemmanur, T. J. and P. Fulghieri (1995), “Information Production, Private Equity Financing, and the Going Public Decision.” working paper, Columbia University.
Chemmanur, T. J. and P. Fulghieri, (1999), “A Theory of the Going-Public Decision.” Review of Financial Studies 12: 49-279.
Dharan, B. G. and D. L. Ikenberry (1995), “The Long-Run Negative Drift of Post-Listing Stock Returns.” Journal of Finance 50(December): 1547-1574.
Elyasiani, Elyas, Shmuel Hauser, and Beni Lauterbach (2000), “Market Response to Liquidity Improvements: Evidence from Exchange Listings.” The Financial Review 41: 1-14
Grammatikos, R. T. and G. Papaioannou (1986), “Market Response to NYSE Listings: Tests of the Marketability Gains Hypothesis.” Journal of Financial Research 9(Fall): 215-227
Jain, B.A., and O. Kini (1994), “The Post-Issue Operating Performance of IPO Firms.” Journal of Finance 149: 1699-1726.
Jensen, M., and W. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structures.” Journal of Financial Economics 3: 305-360.
McConnell, J. J. and G. C. Sanger (1987), “The Puzzle in Post-Listing Common Stock Returns.” Journal of Finance 42: 119-140.
Mikkelson, W. H., M. M. Partch, and K. Shah (1997), ”Ownership and Operating Performance of Companies that Go Public.” Journal of Financial Economics 44: 279-307.
Myers, Stewart C (1984), “The Capital Structure Puzzle.” Journal of Finance 39(3): 575-92.
Rock, K. (1986), “Why New Issues are Underpriced.” Journal of Financial Economics 5: 187-212.
Van Horne, J. (1970), “New Listings and Their Price Behavior.” Journal of Finance 25: 783-794.
Yosha, O. (1995), “Information Disclosure and the Choice of Financing Source.” Journal of Financial Intermediation 4: 3-20.
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