| Summary: | 碩士 === 國立臺灣科技大學 === 管理研究所 === 103 === The specific objective of this study is to investigate various ways of fund raising to meet each milestones of business booming. Enterprises will deliberate to raise money by direct finance when sales are expanded or their technology are more mature instead of in-direct finance. For direct finance such as listed at stock market, it not only could build company image but also an incentive for employee to join. The statistics discovered capital injection by issuing new shares and convertible bonds has become the most important financial vehicles for long-term capital raised in the capital market.
This research is basing on a case study via interview with chairman and chief financial officer of the company. To investigate the company how they determined appropriate fund raising vehicles at different development stages, meanwhile, considering long-term optimal financial infrastructure, stable return on equity, and expand the market share as well. This research will also discuss the pros and cons for capital expansion.
The key conclusions of this study defined as followed:
1. Decision-making consideration of the company’s top management: The solid financial structure and adequate capital playing the substantial roles in business competition. Raising fund in a cost -efficiency way in time holds a huge advantage in competing with peers.
2. Funding procedure and its specific practices: Over the decade, in term of three expansion phases, the company has issued two series of new shares and seven convertible bonds to raise long-term capital. Each fund-raising steps comply with different expansion courses and financial considerations.
3. Over all benefit Analysis: With its well-controlled debt ratio, outstanding current ratio and the most optimal long-term capital adequacy ratio, the company ranks over its peers and has experienced a nearly 900% growth rate of its market value.
4. Business outlook: Pursuing the objective of " providing the total solutions and integrity services in the electronics supply chains" .
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