資本市場是一國經濟發展的櫥窗，運作良好的資本市場能讓企業獲得資金挹注，投資人獲取資本利得。而在台灣，多數的公司將上市（櫃）視為公司經營成長的重要步驟之一。本文利用文獻回顧與法規的解析對台灣地區新上市公司的上市動機與上市機制進行探討。 新上市公司的上市動機主要有1.資本市場的榮景；2.增加股票的流動性；3.申請公司規模成長4.調節財務槓桿5.執行策略目標6.引入公司治理機制7.提高知名度、強化形象等。除執行策略目標與台灣現況不符外，其餘均與台灣地區之實證研究結果相符。 台灣的上市制度主要可分為三個執行部門(主管機關、專家與發行公司)，主管機關（證期局與證交所）審核上市申請案件並監督證券承銷商之輔導上市作業；專家（證券承銷商、會計師與律師）做為主管機關與發行公司間的中介機構，輔導發行公司使其符合上市規範並提出評估報告供主管機關做為審查依據；發行公司為上市案件的主體，配合專家的輔導調整公司經營制度以符合上市規範，以達成上市募集資金的目的。 最後，本研究對於上市制度中的三個主要執行部門提出以下建議：主管機關應放寬限制、加速籌設國際板、均衡資本市場中各產業的發展並落實公司治理；而主要中介機構──證券承銷商應結合金控的發展發揮綜效、強化證券配銷通路並進行國際化；對於有意申請上市的發行公司則建議改善經營績效、強化董事會專業經營能力、落實內控內稽與公司治理制度、引進創投資金與增進公司資訊透明度。 The Capital market is a window of macroeconomic structure in a country. Not only the companies get capital, but also the investors get profit from a well-operated Capital market. Most Taiwanese companies recognize that IPO is an important milestone in one company’s developing. This study is focus on examining the motivations of Taiwan’s IPO companies and the IPO mechanism by literature review and legal analysis. The major motivations of IPO companies to go public are: 1. hot issue market 2.increase the liquidity of stock 3.company’s scale grows up 4.balance financial leverage 5.as instruments for strategic purposes 6. Introduce corporate governance 7.stronger branding. Most of the motivations consist with empirical research in Taiwan except the point 5. In Taiwan, IPO mechanism consists of Authorities, Experts and IPO Companies. The authorities audit the IPO application and supervise investment banks. The experts between the authorities and the IPO companies help IPO companies made IPO application and prepare the evaluation report for authorities’ reference. IPO companies are the important role of IPO mechanism and improve by the experts’ guidance to consist IPO rules. Finally, this study makes several suggestions, first at all, for authorities, relax restrictions, speed up the projection of International Board and balanced the industries in the capital market. Second, for invest banks: achieve financial holding companies’ operating synergy, expand distribution channels and internationalized. Third, for IPO companies, improve operating performance, grow the operating ability of board, recommend Venture Capital and improve corporate governance as well as enhance the transparency of company information.
