台灣IC設計公司海外上市籌資研究-以H公司為例

Abstract

台灣IC設計產業規模僅次於美國而成為全球第二之際，也同時成為國內投資者最注目的焦點。除了台灣本身資本市場外，海外資本市場多元化之籌資工具及全球競爭考量等因素，遂吸引台灣IC設計公司直接前往海外上市籌資，以加速公司規模成長，提高股票價值並吸引優秀員工。

本論文研究方法係藉由個案實務資料，執行個案訪談及資料分析，探討IC設計公司海外資本市場籌資規劃、籌資工具與資金運用計畫等。同時研究影響IC設計公司資本市場籌資決策之各項因素，並結合參考文獻相互印證。

經本研究探討所得重點結論如下： 1.IC設計公司赴海外上市籌資，其全球佈局策略為主要考量因素。 2.海外掛牌並非一帆風順，風險仍須公司及投資人自行承擔。 3.有實力與發展潛力之IC設計公司可以有多重選擇考量。

The scale of the IC design industry in Taiwan is ranked second in the whole world, next to the U.S., and it also becomes the focus of local and international investors. Multi-functional fund-raising instruments in foreign capital markets and global competition factors attract the attention of Taiwn IC design houses, and persuade them to list in the foreign capital markets directly. The purpose of oversea listing is to increase the operating growth and increase the stocks’ value. Operating growth and high stock value also attract talented employees.

The research method of this thesis is through real case studies and analyses to explore the planning of oversea fund raising, the instruments of fund raising, and the use of its proceeds to 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 key conclusions of this thesis are as follows: 1.To Taiwan IC design houses, the major consideration of oversea listing falls on global competition strategy, instead of cost of capital. 2.Oversea listing is not always successful as originally thought and the risk must be undertaken by corporation itself and stockholders. 3.The potential high growth IC deign houses may have more choices to choose the markets they want to issue financial instruments.