本研究研究台灣資本市場的首次公開發行（IPO），研究發行公司在掛牌前的歷程，從上市櫃的審查流程開始，到主管機關台灣證券交易所或證券櫃買賣中心審查通過後，接下來的辦理募集及承銷作業的探討。透過質性研究的深度訪談法，與五位在證券業的從業人員訪談，更貼近我國真實證券發行市場的樣貌。

本研究主要探討發行公司在掛牌買賣前的再行銷售過程，鑒於公開資訊鮮少揭露這方面的資訊，故透過深度訪談了解事情背後的脈絡。主要問題為新股配售的比例、競價拍賣與公開申購價格的訂定、如何定義一個成功的IPO案件，到最後對於我國資本市場IPO的未來展望。

質性訪談研究結果發現，興櫃市場制度的建立讓發行公司先適應資本市場的規則，並提供未來上市櫃的參考發行價格。訪談結果也發現，證券商並不會去穩定發行公司在興櫃市場的股價，而是讓整個市場決定公司股票的價格，這樣的制度也驗證競價拍賣是最具價格發現的配售方式。另外，針對競價拍賣、公開申購、過額配售的股數與比例，研究討論發現都因個案公司而有所不同，可能受到產業、公司經營、財務、風險、股權結構等多種因素，並無通則能夠描述市場的結果。

最後訪談討論發現，券商可透過增強研究、配售能力，提升資本市場動能；台灣資本市場未來會有更多創投、集團等上市櫃案件掛牌，以及疫情過後預期位會有更多優質海外台商或純外企來台掛牌，最後則是政府政策的持續推動，未來將會有更多六大核心產業相關的公司進入資本市場。

This study describes and discusses the IPO process in Taiwan's capital market, starting from the listing counter to the examination and approval of the competent authority, the Taiwan Stock Exchange or Taipei Exchange, and then the subsequent processing of the offering and underwriting operations. Through qualitative research, we interviewed five practitioners in the securities industry to get a closer look at the real market in Taiwan.

This study focuses on the criteria for review of securities, the relationship between competitive auction, public subscription and over-allotment. Since public information rarely reveals a lot, in-depth interviews were conducted to understand the context. The main issues are the proportion of IPO, the determination of auction and public offering prices, how to define a good IPO case, and finally, the future outlook of IPOs in Taiwan's capital market.

The results revealed that the establishment of the emerging market system let issuers adapt to the rules of the capital market and provides a reference issue price for future listings. The interviews also revealed that securities dealers do not stabilize the share price, but allow the market to determine the price of the company's shares. In addition, the number and proportion of shares for auction, public offering, and over-allotment are different from company to company, and may be affected by various factors such as industry, company operation, finance, risk, and shareholding structure, etc. No general rule can describe the market results.

Last, revealing that brokerage firms can increase the market dynamics by strengthening their research and placement capabilities. It’s a trend that more venture capitalists and conglomerates will find out more IPO cases. And finally, more companies related to the six core strategic industries will enter the capital market in the future due to the continuous promotion of government policies.

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