國內資本市場的發達，使台灣股票市場成為國內外法人投資人相當關注之主要領域之一，亦為一般投資大眾相當普遍的理財管道，也因此促使企業有將股票上市（櫃）的動機，以期望股票上市（櫃）後能為企業從資本市場募集資金，進而協助企業達到永續經營的目標。然而，企業要在資本市場上募集資金前，除了要有健全的財務狀況及未來發展的前景外，尚須仰賴證券承銷商的承銷策略，才能順利達成股票正式掛牌的目的。在承銷策略中，承銷價格的決定是相當重要，企業若為達到籌募資金的目的而採取折價發行股票，或許在發行時較容易被投資大眾所接受，但實際上折價發行股票也損及股票發行公司的利益，亦無法使股價表達真實的企業價值。而當所有的上市（櫃）條件已齊備及上市（櫃）輔導、審查作業也都相繼完成及通過後，擇時上市就是另一個重要的課題了。
本研究針對企業初次申請股票上市（櫃）動機或意願、掛牌時空背景之選擇，以及前二者與承銷價格高低間相關連動因子之探討，並以個案實例分析，可提供將來有意願規劃上市（櫃）之企業作為參考。

As well growth of domestic capital market, Taiwan stock market is attractive to domestic and international corporate investors. The low cost of raising funds in stock market encourages enterprises to go public and helps enterprises to achieve sustainable operation goals.
In order to protect public’s investment, many factors are required before an enterprise can raise funds from stock market. A company is not only required to have healthy financial status and potential growth feasibility, but also required to have underwriter’s guiding to comply with government regulation. A good underwriter also plays an important role to provide underwriting strategies. IPO price and timing are the top priorities considered in the strategies.
Under-pricing of IPO price did help enterprise to achieve the purpose of raising funds, however; this will undervalue enterprise’s value. While a company fits all the conditions required by administration, the timing of IPO now becomes another important topic. A “bear marke” alike environment often brings a new IPO stock negative price trend, and both new or old stock holders shall not be happy with that.
This research through a case study discusses the relationships between companies’ motivation to go public, the choice of timing of IPO, and the determination of IPO price. The case study is a helpful reference for companies to plan for going public.

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