1987年至1989年間，臺灣由於外銷出口暢旺，台幣大幅升值，使得當時國內市場資金十分充沛，外匯存底履創新高，然而受制於國內投資管道有限，造成股市異常蓬勃，連帶使得房地產投資十分熱絡，由於營建業進入門檻不高，許多游資紛紛投入房地產市場，再加上當時政府決定將於1993年實施建築物容積率管制，促使建商把握最後機會紛紛搶建，造成後續新成屋大量供給，產生供過於求的現象，使得房地產市場從此一蹶不振長達14年。直到2003年SARS風暴產生，臺灣島內經濟活動極速冷卻，建商延遲推案，使得臺灣地區新成屋供給量大幅減少，扭轉多年餘屋過多，產生供過於求的現象獲得初步改善，而這段期間政府也推出不動產證券化、土地增值稅減半、以及優惠低利房貸來刺激房市，使得臺灣房地產市場至2003年底真正觸底反彈。
然而歷經2004年至2006年房市多頭，房地產市場又恢復蓬勃生機，使得有些區域又開始產生過熱現象，而此同時臺灣證券交易所營建類加權股價指數也從2002年10月最低點56.00點上升至2006年12月最高327.28點，讓整體營建類加權指數在這段期間上漲幅度高達4.84倍。
企業以追求獲利及永續經營為目標，在營運過程中時常伴隨許多風險與挑戰，本研究以哈佛個案方式撰寫，以國內營建產業為核心，探討台証綜合證券資本市場處如何以當時時空環境，考量國內總體經濟發展狀況，以及其客戶全坤建設股份有限公司之資金需求，來評估發行全坤一可轉換公司債之可行性，以及該可轉換公司債後續可能面臨的風險與問題，協助全坤建設股份有限公司於2007年5月完成資本市場資金募集，充實營運資金，擴展經營規模，改善其財務結構。而全坤建設股份有限公司為何在考量眾多資金籌資管道後，仍捨棄一般銀行融資策略，而最終採用資本市場融資方式，做一深入的研究。

Taiwan’s exports prospered between the year 1987 and 1989, causing significant currency appreciation and foreign exchange reserves reaching a record high, its domestic market was filled with abundant capital, but because of limitations on domestic investment, the resulting share market flourished which lead to popularity in property investment. The entry barrier to the construction industry was not difficult, therefore many investors invested their capital in the property market. The Government also implemented building floor area ratio regulations in 1993, causing developers to rush in with building projects, resulting in a large supply of new housing in the short term. The excessive supply over demand led to a downfall in the property market that, according to some estimates, lasted as long as 14 years. It was not until the SARS incident in 2003, when Taiwan’s economic activity went cold almost overnight, that developers began to delay their building projects, leading to a significant decrease in new housing supply which began to improve the condition of vacant housing and oversupply that had lasted for many years. During this time the Government also implement stimuli in the property market such as real estate securities, a 50% reduction in the Land Value Increment Tax and low mortgage rates. Taiwan’s property market finally rebounded after having reached the bottom at the end of 2003.
Between 2004 and 2006 the property market was bullish; it regained its momentum, but some areas showed signs of an overheated market. At the same time, the TWSE construction weighted stock index climbed from a low of 56.00 in October 2002 to a high of 327.28 in December 2006, an increase of 484%.
Profit making and perpetual operation are goals of corporations. There are many risks and challenges that comes along with operation. This research is written using Harvard cases with the domestic construction industry as its core, and investigates the Taiwan general securities capital market based on a given time and environment with consideration of domestic aggregate economic development conditions, as well as the capital requirements of the client Chainqui Construction Development Co., Ltd. to evaluate the feasibility of issuing convertible corporate bond and potential risks and issues that may arise in the future. We assisted Chainqui with raising funds in the capital market in May 2007, supplied it with sufficient operating funds, expanded the scale of operation and improved its financial structure. Further research into why Chainqui utilized capital market financing in the end instead of conventional bank financing strategy after evaluating numerous fund raising channels is required.

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