IC設計公司資本市場籌資決策探討

Abstract

繼晶圓代工後，IC設計業已成為台灣另一項在國際舞台嶄露頭角的明星產業，也已成為國內外投資者最注目的焦點。由於資本市場提供長期穩定的資金來源，加速公司規模成長，資本市場促進股票的流通性可提升股票價值，而公司成長與高股票價值可吸引優秀員工，並可成為獲取知識與技術的籌碼，進一步拉大與競爭對手的差距，已使資本市場籌資成為台灣IC設計公司重要的資金來源與競爭力來源。 本論文的研究方法係藉由個案實務資料，執行個案分析，探討IC設計公司資本市場籌資時機、籌資工具與資金運用計劃，並結合參考文獻，研究影響IC設計公司資本市場籌資決策之各項因素。 本研究之主要目的如下： 1.瞭解IC設計公司資本市場籌資時機、籌資工具與資金運用計劃。 2.研究影響IC設計公司資本市場籌資決策之各項因素。 3.提供IC設計公司未來進行資本市場籌資規劃時，有關籌資時機、籌資工具與資金運用計劃之建議。 經本研究探討所得重點結論如下： 1.IC設計公司在成長為市場領導廠商後，資本市場籌資的主要資金運用在轉投資項目會大幅提升。 2.IC設計公司基本營運模式就是傾向不運用財務槓桿，故其於資本市場籌資的動機係繼續維持健全的資本結構，而非改善資本結構。 3. IC設計公司在國內籌資時傾向發行難度較低的轉換公司債，籌資規模夠大時則傾向走向海外資本市場籌資。

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.