本研究為探討國內企業申請首次公開發行(Initial Public Offering, IPO)之過程，企業藉由在資本市場上市(櫃)掛牌交易，向不特定大眾公開募集資金，這過程稱為首次公開發行。為了設置健全的股票市場以及保障投資大眾的權益，我國主管機關對於企業申請掛牌上市(櫃)的資格訂有一定的標準且必須通過主管機關的審核，股票才能掛牌上市(櫃)交易。換而言之，企業必須符合相關資格條件及經過繁瑣的上市(櫃)過程，企業才能將掛牌上市(櫃)，向社會大眾募集資金。 本研究選取一家LED 產業的公司推行上櫃過程為實例，分析個案公司選擇上櫃之原因，及其為了通過主管機關審查掛牌上櫃所為之努力成效。而個案公司至今仍未上櫃，本研究進一步分析個案公司未能上櫃之原因，發現公司為了上櫃後可以獲得較高的承銷價而從事不適當的盈餘管理行為，以致失去上櫃資格。;This study analyzes the process of the domestic enterprises to apply for initial public offering (IPO). The process by which private enterprises go public by sale of their stocks to general public is called IPO. In Taiwan, to set up a sound stock market and protect the interests of investors, the authorities formulate IPO criteria and audit the IPO applications. Therefore, the enterprises must meet the requirements and go through the complicated procedures so that they can go IPO to raise capital. This study selects a company in the LED industry as an example. We analyze the reasons why the company may choose to list on Taipei Exchange and the result that the company puts efforts into meeting the listing qualifications. Eventually, the company doesn’t submit the listing application, so this study examines the cause further. The major cause is that the company engages in inappropriate earnings management in order to get a higher evaluation.
