企業為取得上市（櫃）資格及大眾投資人的資金，大多採取傳統IPO上市途徑。20多年來，已超過30家上市（櫃）公司經營權由建設公司取得，並改掛建材營造類股。歸咎其因，歷經1997年亞洲金融風暴，大幅削減亞洲地區經濟發展，台灣也面臨金融衝擊，致使許多建材營造業因財務槓桿過大紛紛倒閉，主管機關為健全資本市場及保障投資人權益，遂對建材營造業設立較高門檻，迫使建材營造業因條件限縮則另尋它法，進而衍生「借殼上市」之路。 在本研究個案，J公司即透過「借殼上市」模式與Z公司進行交易買賣，並採用個案研究法，以參與觀察雙方會晤過程，明瞭雙方之營運現況、買賣動機及交易取向等，接著在J公司審查借殼標的物及雙方商討整合過程中，因創辦人一個轉念，此案終告失敗。 本研究希望藉由研究個案結果，依據領導者背景及心態之瞭解與掌握，解析借殼失敗成因，總結其結論與建議，作為國內企業在「借殼上市」之路的借鏡及參考，期冀企業在未來發展策略及永續經營目標有更深切體悟。;Most corporates adopt the traditional method of IPO (Initial Public Offering) for the purpose of gaining the qualification of a listed company and the capital from the general public. In the last 20 years, more than 30 listed companies′ rights of management were obtained through the construction company and to be categorized as building materials and construction. To trace the origin and the root cause, the occurrence of the Asian Financial Crisis in 1997 significantly diminished the economic development in the Asian region; Taiwan also coped with the financial shock, which led to quite a few corporates in the building material and construction industry closing their business due to excessive financial leverage; for the purpose to well build the capital market and to secure investors′ privilege, the competent authority gradually set up the relatively higher threshold for particularly the building materials and the construction industry, the building materials and the construction industry has to look for some other could alternatives when the required conditions bearing even more restriction, and also derived the route of "Backdoor Listing." The corporate J, in the case study, applied the mode of "Backdoor Listing." and proceeded with a transaction with corporate Z. We adopt the case study to participate and observe the process of the meeting of both corporates, to get to know better the operation conditions for both corporates, the motivation of the transaction, and the orientation of transaction; later on when the corporate J was undergoing the process of examination to targeting objective of "Backdoor Listing" and in the process of negotiation and integration; the final result of the case is a failure due to the company founder changed the idea. Through the result of the case study and the understanding and control over the leader′s background and the way of thinking, to analyze the root cause of the failure of "Backdoor Listing." And to make the conclusion and suggestion as to the reference for the domestic corporates who intend to apply for the "Backdoor Listing." Hopefully, a deeper realization will be obtained on the development strategy in the future and sustainable development and business running.
