本管理個案—泰揚國際股份有限公司，為創辦人在一次赴泰旅遊的機緣下，對「榴槤」一見鍾情而忘返後，在泰國設立之台商企業，名字取自期許自己能在「泰」國發「揚」光大之意，也開啟創辦人在泰國建立熱帶水果王國的旅程。公司成立迄今已逾25年，在泰國果乾市場中位居領導地位。而本個案故事著墨在創辦人在海外發跡小有成就後，受政府鮭魚返鄉政策吸引，期待光榮返鄉而進行第一上櫃之準備，過程卻因國情文化差異及組織內部磨合困難等問題，導致事與願違而中止返台掛牌專案的故事。
本研究以哈佛教學個案論文方式進行，包含個案本文和教學指引兩部分，主要在探討第一上市櫃之相關議題。個案為描述泰國台商實際返台面臨的迷思與困境之真實案例，透過個案導讀與研究分析，希望讓海外台商欲做返台掛牌決策前，可有參考方向與分析層面，啟發並引導經營者或主導掛牌之關鍵專案人員，如何判斷與選擇公司最適之資本市場，以及如何讓公司內部員工調適與因應，進而確保決策前能有較通盤之考量與規畫。

Sunshine International Co., Ltd., named afer “Shining in Thailand”, set up in Thailand by a Taiwanese. The founder fell in love with “Durian” at first sight when he visit to Thailand, then he came back to create his tropical fruit kingdom in Thailand. Sunshine International Co., Ltd. has been established for more than 25 years, so far, it has been the leader in freezed-dried fruit market in Thailand. After the founder built up his business overseas, he was attracted by the government’s primary listing policy, and he was looking forward to the glorious return to his hometown Taiwan. However, due to cultural differences in the national conditions and difficulties in running within the organization, etc., the founder decided to stop the primary listing project.
This paper was conducted in the form of Harvard Case Method, including case study and teaching guidlines. It mainly discussed related topics of the primay listing in Taiwan. It’s a real case that describes the myths and dilemmas faced by Taiwanese businessman who wanted to return to his hometown gloriously. Through case studies and research analysis, we hope to provide direction and analysis for foreign enterprises wishing to return to Taiwan before making decisions. Also inspire the owner or key man who IPO project, teach them how to judge and choose the optimal capital market, and how to let internal staff to make adjustments and responses, thus ensuring that decisions can be made more comprehensive.

一、中文部分
1. 林盈志(1998)，台灣公司股票上市原因之研究，國立台灣大學財務金融學系研究所碩士論文。
2. 林滄朗(2001)，影響台灣廠商初次上市因素之探討，逢甲大學企業管理研究所碩士論文。
3. 曾文燦(2004)：台灣企業海內外上市之決策分析與研究，元智大學資訊管理學系碩士班碩士論文。
4. 楊秋芬(2004)，從證券市場的選擇探討台商企業海外上市決策，國立成功大學會計學研究所碩士論文。
5. 葉一青(2006)，台商掛牌之動機與回台上市模式探討，東吳大學國際貿易學系碩士在職專班碩士論文。
6. 蔡明芸(2006)，台灣地區新上市股票動機及上市制度探討，淡江大學國際貿易學系國際企業學碩士在職專班。
7. 譚家典(2008)，企業赴海外上市之動機、地點選擇及效益探討(以台商為例)，國立政治大學商學院經營管理碩士學位論文。
8. 行政院金融監督管理委員會(2008)，「推動海外企業來台掛牌一二三計畫」簡報。MS Reference Sans Serif
9. 廖世平(2009)，台商企業選擇台灣、香港及新加坡上市掛牌之研究及個案分析，元智大學管理研究所碩士論文。
10. 證券櫃檯買賣中心(2013)，外國企業來台上興櫃宣導手冊。
11. 陳慧銘(2010)，外國企業來台上市(櫃)申請實務分析，國立臺灣大學管理學院碩士在職專班商學組碩士論文。
12. 王麗瑱(2010)，外國企業來台上市標準之研究，國立政治大學商學院經營管理碩士學程碩士論文
13. 溫金豐(2016)，組織理論與管理，第四版，P528-P551，華泰文化。
14. 台灣證券交易所(2018)，新南向系列招商活動─越南說明會講義。

二、 英文部分
1. Mayers, S. (1997), Determinants of corporate borrowing, Journal of Financial Economics 5, 146-175.
2. Amihud, Y. and H. Mendelson (1986), Asset pricing and the bid-ask spread, Journal of Financial Economics 17, 223-250.
3. Saudagaran, S. (1988), An empirical study of selected factors influencing the decision to list on foreign stock exchanges, Journal of International Business Studies 19, 101-127.
4. Stephen P. Robbins (1990), Organization Theory: Structure, Design, and Application, 3rd ED.. Prentice Hall International Editions. P146.
5. Biddle, G.C., and S. M. Saudagaran (1991), Foreign Stock Listings: Benefit, Cost, and the Accounting Policy Dilemma, Accounting Horizons 5(3), 69-80.
6. K. Thomas (1992), “Conflict and Negotiation Process in Organizations.” In M. D. Dunnette and L. M. Hough (eds.). Handbook of Industrial and Organizational Psychology , 2nd, 3, palo Alto, CA: Consulting Psychologist Press. P.668.
7. RAjan, Raghuram G. (1992), Insiders and outsiders: The choice between informed and arm’s slength debt, Journal of Finance 47, 1367-1400.
8. Saudagaran, S., and G. Biddle (1992), Financial Disclosure Level and Foreign Stock Exchange Listing Decisions, Journal of International Financial Management and Accounting Vol. 4, 106-147.
9. Holmstorm, B., and J. Tirole (1993), Market Liquidity and Performance Monitoring, Joural of Political Economy, 100(4), 678-709.
10. Pagano, M. (1993), The Flotation of Companies on the Stock Market: A Coordination Failure Model, European Economic Review, 37(5), 1101-1125.
11. Rydqvist, Kristian and Kenneth H. (1995), Going Public in the 1980s: Evidence from Sweden, European Financial Management, 1, 287-315.
12. Panago, M., F. Panetta and L. Zingales (1998), Why do Companies go Public? An Empirical Analysis, Journal of Finance 53, 27-64.
13. Choi, F. and R. Levich (1999), International Accounting Diversity and Capital Market Decisions, Handbook of International Accounting, New York John Wiley.
14. Blass, A., and Y. Yafeh, (2001), Vagabond shoes longing to stray: Why foreign firms list in the United Sates, Journal of Banking and Finance 25, 555-572.

三、網路部分
1. 台灣證券交易所網站：http://www.twsc.com.tw/
2. 中華民國證券櫃檯買賣中心網站：http://www.otc.org.tw/
3. 證券暨期貨法令判解查詢系統網站：http://www.selaw.com.tw/
4. 公開資訊觀測站網站：http://mops.twse.com.tw/
5. 金融監督管理委員會證券期貨局網站：http://www.sfb.gov.tw
6. 泰國證券交易所(SET)官網：https://www.set.or.th/
7. 泰國凱基證券(KGI)官網：https://www.kgieworld.co.th/
8. 「台金管會：台商回台掛牌 有實質困難」(2008)，大紀元：
http://www.epochtimes.com/b5/8/3/5/n2033682.htm
9. 「回台掛牌計劃 瞄準東南亞台商」(2008)，蘋果日報：
https://tw.appledaily.com/forum/daily/20080306/30327214
10. 「泰國台商劉秉二 榴槤忘返 泰揚國際打造水果王國」(2015)，看見泰國：
https://goo.gl/4jYfbo
11. 「巨象起飛 台商進擊飆速新泰國」(2018)，今周刊：
https://goo.gl/9YtFUW