标题: | IC设计公司资本市场筹资决策探讨 |
作者: | 张碧容 王克陆 管理学院管理科学学程 |
关键字: | IC设计公司;资本市场;筹资 |
公开日期: | 2002 |
摘要: | 继晶圆代工后,IC设计业已成为台湾另一项在国际舞台崭露头角的明星产业,也已成为国内外投资者最注目的焦点。由于资本市场提供长期稳定的资金来源,加速公司规模成长,资本市场促进股票的流通性可提升股票价值,而公司成长与高股票价值可吸引优秀员工,并可成为获取知识与技术的筹码,进一步拉大与竞争对手的差距,已使资本市场筹资成为台湾IC设计公司重要的资金来源与竞争力来源。 本论文的研究方法系藉由个案实务资料,执行个案分析,探讨IC设计公司资本市场筹资时机、筹资工具与资金运用计划,并结合参考文献,研究影响IC设计公司资本市场筹资决策之各项因素。 本研究之主要目的如下: 1.瞭解IC设计公司资本市场筹资时机、筹资工具与资金运用计划。 2.研究影响IC设计公司资本市场筹资决策之各项因素。 3.提供IC设计公司未来进行资本市场筹资规划时,有关筹资时机、筹资工具与资金运用计划之建议。 经本研究探讨所得重点结论如下: 1.IC设计公司在成长为市场领导厂商后,资本市场筹资的主要资金运用在转投资项目会大幅提升。 2.IC设计公司基本营运模式就是倾向不运用财务杠杆,故其于资本市场筹资的动机系继续维持健全的资本结构,而非改善资本结构。 3. IC设计公司在国内筹资时倾向发行难度较低的转换公司债,筹资规模够大时则倾向走向海外资本市场筹资。 Following foundry industy, IC design has become another star industry of Taiwan in global markets, and also the focus of local and international investors. Capital markets provide long-term capital to lower cost of capital and speed operating growth. Capital markets enhance the liquidity of stocks to increase the stocks’ value. Operating growth and high stock value attract talented employees, and serve as the instruments for acquiring knowledge and technologies to enhance the gap with competitors. Therefore, capital markets have become the important sources of cash and competence for Taiwan IC design houses. The research method of this thesis is through real case studies and analyses to explore the timing of fund raising, the instruments of fund raising, and the use of proceeds of Taiwan IC design houses. It also combines reference researches to study the factors that influence the decisions of fund raising in capital markets for IC design houses. The principal objectives of this thesis are as follows: 1.Unstanding the timing of fund raising, the instruments of fund raising, and the use of proceeds of IC design houses. 2.Studing the factors that influence the decisions of fund raising in capital markets for IC design houses. 3.Providing IC design houses suggestions of the timing of fund raising, the instruments for fund raising, and the use of proceeds for future fund raising plans in capital markets. The key conclusions of this thesis are as follows: 1.After becoming the leader in the market, the use of proceeds of IC design houses will increase a lot in investments. 2.The essential operating model of IC design houses is non financial leverage. The motive of fund raising in capital markets is to remain healthy capital structure, but not to improve capital structure. 3.IC design houses tend to raise fund in local capital markets with convertible bonds which are easier to issue successfully. When the issuing size is big enough, IC design houses tend to raise fund in global capital markets. |
URI: | http://140.113.39.130/cdrfb3/record/nctu/#NT911457031 http://hdl.handle.net/11536/71288 |
显示于类别: | Thesis |