公開上市對企業而言是一個重要的抉擇，在上市之前的規劃及執行的過程中，企業經營者必須面對一連串的思考與取捨。由於企業背景各有不同，經營者的選擇和考量也因此有很大的不同。為了深入研究企業在實務層次上的決策思維，我們選擇奇美電子公司做為分析研究的標的。
奇美電子的經營階層來自於40年歷史且未上市的奇美實業公司，對於上市的想法可能迥異於其他的高科技公司。除此之外，在上市規劃執行的過程中，由於景氣循環、併購、訂價等議題的接連發生，讓其上市時程跟創立時的規劃相比延後了將近兩年的時間。這些特質提供了許多分析研究的素材。本研究從上市動機、上市時機選擇、上市相關成本的考量及上市訂價等方面進行分析，提出以下幾點結論:
一、產業內的公司的經營作法會影響企業的上市規劃。
二、由於企業上市後可有較多的籌資方式可供選擇，上市對於財務壓力高的企業尤其重要。
三、集團的企業文化影響集團內公司的財務規劃思維。
四、當股市景氣不佳時價格將被低估，企業會在不影響重大策略的範圍內延後上市的時機。
五、對經營階層而言，上市後所必須遵從的訊息發布及股東會法令等，對企業的上市規劃是被考慮的重要成本。
六、上市公司隸屬的集團及大股東的態度，會影響企業的上市價格的訂定。

Going public is one of the most important decisions for a company. There are a lot of considerations and tradeoffs which manager must face in the process of IPO planning and execution. Because each firm has different characteristics, the concerns and decisions of managers would be quite different. To further understand the managers’ decision mindset in practice, I choose Chi-Mei Optoelectronics Corp. (CMO) as research target.
Most of CMO’s top managers are from Chi-Mei Corp. which is a 40-year company and insists in keeping private. Compared with managers in other high-tech firms, CMO’s managers may have different opinions about going public. Moreover, due to some unexpected issues happened such as industry business cycle downturn, acquisition, and pricing conflict, its going public schedule was delayed for more than two years. These characteristics provide useful materials for analysis.
This research analyzes four aspects of IPO issues: motivations of going public, timing of IPO, cost issues, and pricing. The key conclusions of this research summarized as follow:
1. The operating activities within the industry would influence the operating thinking of a firm.
2. Going public is more beneficial for companies that suffer higher financial pressure because there are more capital acquiring methods after going public.
3. A firm’s financial planning considerations are influenced by the company group culture which it belongs to.
4. When stock market is cold and managers think the firms are undervalued, they intend to postpone IPO only if it would not harm the important growth strategies.
5. Restrictions of information declaration and stockholder meeting are important concerns for going public planning.
6. Attitude of its company group and major stockholders toward going public would influence the offering price.

中文參考文獻
許石睦 (2003)，“我國新上市櫃股票訂價效率性之研究―以興櫃制度實施後為例”，國立台北大學企業管理學系碩士論文。

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