企業IPO動機及IPO後效益分析-以C公司為例

Abstract

本研究係探討企業IPO（Initial Public Offering）的動機並評估IPO後是否達成原本上市的預期效益。近年來政府為擴大臺灣資本市場規模，特別著重在高科技產業，IC設計產業則為其扶植之重點之一，故本研究以IC設計C及L公司為個案研究對象。

以IPO方式「追求成長」是大部分企業一項重要的里程碑。企業上市的共同優點：更暢通之籌資管道，挹注資金進行投資以追求企業永續經營、提升企業國際知名度、增加公司股票流動性、強化公司內部管理制度、留住人才、提供股東更彈性之財務規劃及增加併購機會之便利性等。因此，本研究透過企業IPO後的經營績效變化，探討企業IPO之動機。

研究結果發現，當企業的經營團隊存在不同經營理念去進行IPO活動時，則以追求公司利益極大化的經營理念者，將可減少績效衰退之情形。

The main purpose of the study is to discuss the motivations of IPO（Initial Public Offering）and estimate if it could reach the expectations in the market after IPO. Recently, the Government put emphasis on high-tech industry in order to expand the capital market, especially the IC design. Therefore, the main study is to analyze the two cases ,company C and L after IPO.

One of the most important milestones of the enterprise is to pursue growth by IPO.The benefits of IPO are the convenient channels for fund raising, more investment for sustainable operation, improving the international reputation, increasing liquidity of stocks, enhancing internal control system and management, retaining talent, getting Merger & Acquisition opportunities and providing shareholders the flexible financial planning. Therefore, the main purpose of the study is to discuss the motivation of IPO by examining the change of operating performance after IPO.

As result of this study, when the management team with different belief, the company pursuing the maximum firm’s profit will improve the decreased performance.