台灣數位遊戲軟體產業上市櫃之合理性分析

Abstract

台灣數位遊戲為數位内容產業之一， 2002年5月行政院核定通過「加強數位內容產業發展推動方案」，由經濟部成立「數位內容產業推動辦公室」，以做為產業推動與服務之單一窗口外 ，同年行政院於也通過「挑戰二○○八—國家發展重點計畫」，經濟部將數位內容列入『兩兆雙星產業發展計畫』的重點新興展業之一，足見政府有心全力扶植該相關產業。 數位遊戲隨著世代交替、經營型態的重大改變下，發展快速，但因不敵國際之競爭情勢，使得台灣數位遊戲公司必需強健公司體質以因應市場發展，而其主要題提升競爭力方向有培訓研發優秀人才、創新及創造國際化產品優勢、銷售通路、完善客服團隊、提升防盜功能、產品發展潮流巨變因應及商業形象等。為提升上述之競爭能力，需有龐大資金支援，而一般融資之資金成本高，透過IPO便成為台灣主要募集資金來源之一。 然而數位遊戲產業屬服務性質產業，以研發技術及創新為主要服務，營運成長及穩定，完全依賴消費者接受度，無法由企業掌控營運的穩定度，故其營運風險將較一般製造業來的高。而申請IPO後，未來是否會成為地雷股，讓投資人遭受嚴重損失。還需依靠主管機關是否能提供更足夠的資訊給投資大眾，以免造成資訊不對稱。巴塞爾協定的精神，就是主管機關應有責任提供更多的資訊給市場投資人參考。除此之外，仍應嚴格審核申請上市櫃公司以減低投資風險。 本研究透過文獻整理、產業分析、財務狀況及個案分析、營運能力及股價變化，衡量公司的財務狀況，並對公司未來破產的可能性進行預測，以探討台灣數位遊戲公司IPO的合理性。

Taiwan's digital game is one of digital content industry. In May 2002, the gov-ernment approved "The Plan to Strengthen the Development of the Digital Content Industry Promotion". The Ministry of Economic Affairs established "Digital Content Industry Promo-tion Office" to be the signal window for promotes and services the industry. In the same year, the government also approved "challenge 2008 - National Primary Devel-opment Plan." Then the Ministry of Economic Affairs put digital content industry into one of "two Trillion industry Development plan". As the generation and business type changes, digital games industry ramp up rapidly. But the international competitive situation makes Taiwan's digital game com-panies need improve themselves to catch up the market developments. And the important tasks are training R & D talents, making products more crea-tivity, finding advantage sales channels, improving the customer service team, enhance the anti-theft feature, reaction for the Uncertainly change of market and build good corporate identity. To complete these tasks, it needs a lot of money and IPO is a faster way to get a lot of money. However, the digital game industry is a service type industry; the major service is to develop technology and innovation. The business growth entirely depends on con-sumer’s acceptance. It’s can’t be totally controlled through the enterprise operation. So the operation risk will be higher than general manufacturing industry. And after the IPO application, whether the future will become a landmine stock, while increasing the risk of loss to investors. For the competent authority, not only to audit more strictly, but also needs provide more adequate information to the investors, in order to avoid information asymmetry. The spirit of Basel is the competent authority shall have the responsibility to provide more information for investors. This research analysis Taiwan's digital game through literature review, case studies, financial characteristics introduce, historical growth rate, operational ties ,variability of stock price .