The correlation of the company listing from emerging stock market to IPO market

• Main Authors: Ching-Yun Wang, 王錦雲
• Other Authors: 丘邦翰
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/48564522508349237564

碩士 === 元智大學 === 管理研究所 === 97 === Initial public offering (IPO) is not only increasing the enterprise image and attracting high quality employee, but also the most effective and low-priced way to expand capital. Therefore, company owners want to get better enterprise image and capital collection by IPO. The traditional achievement evaluations focused on financial affairs. This research will discuss the influence of company listing from emerging stock market to over-the-counter market or stock exchange market by using legal regulations and four aspects of balance score card. We also build the Logistic regression model to analyze it. At first, we analyze the IPO legislations and procedure to find out the basic rules of IPO, and it can be the reference for enterprises which are planning to IPO. This research base on Balance Score Card, and it also includes Financial Performances, Major Customer, Internal Process, and Enterprise Learning and Developing aspects. Accounting to those four aspects, we input ten effective variables and listing schedule of emerging stock into the Logistic regression. The ten effective variables are ROA (Return On Assets), Gross Profit, Net Cash Flow, Customer Loyalty, Customer Returning Rate, R&D Effective Index, Inventory Turnover Rate, Account Receivable Turnover Rate, Employee Productivity, and Employee Continuance. It demonstrates that the model’s accuracy is 85.5%.The major variable of company listing from emerging market to over-the-counter market or stock exchange market is ROA. By the way, Gross Profit, Net Cash Flow, Customer Loyalty, R&D Effective Index, Employee Productivity, and Account Receivable Turnover Rate have positive relative with our regression model.