The business model of BOT hotel and application for listing on Taipei exchange–a case study of M company

因應近年來觀光產業帶動臺灣經濟發展之潮流趨勢，各飯店集團基於品牌發展、資金需求等不同考量紛紛朝向申請上市或上櫃方向努力，尤其夏都國際開發(股)公司申請上市成功之案例更是建立了BOT案飯店申請上市櫃之參考典範。有鑑於此，本論文撰寫之目的希望能改善BOT案飯店在推行上市櫃過程中，所面臨其營運、財務上之缺失及法規制度之限制，以順利通過上市櫃審核條件，並符合主管機關、飯店業主、投資大眾及消費民眾四贏之目標。 本論文研究以M公司申請上櫃個案為研究對象進行資料蒐集，並以M公司個案資料為研究基礎；透過個案簡介瞭解M公司的經營環境、公司制度及申請上櫃時之發展條件，以質性研究方法探討BOT案飯店申請上市櫃所面臨主要議題、風險分析、之可行解決方案評估及其所產生之影響，並提出研究建議。 本論文希望藉由對BOT案飯店(以M公司為例)申請上櫃過程所面臨之主要議題及探討其可行解決方案之研究，達到以下建議： 一、建議如何改善BOT案飯店(以M公司為例)在推行上市櫃過程中，所面臨其營運、財務上之缺失及法規制度之限制，並透過可行解決方案之評估，解決上述缺失議題，以順利通過上市櫃審核條件。 二、分析BOT案飯店(以M公司為例)申請上櫃，對其產生之價值創造及提升長期競爭力之影響性。 三、提供日後不同事業目的主管機關判斷是否同意轄下BOT案飯店申請上市櫃之參考依據。In light of the importance of tourism industry in recent years in promoting Taiwan's economic development, many hotel groups, in order to enhance brand development and fulfill capital requirements, take plans on applying for listing on Taiwan Stock Exchange or Taipei Exchange. Especially, the success of Chateau Beach Resort to list on Taiwan Stock Exchange sets a model for BOT hotels to go public lisitng. The objective of this study is to help overcome BOT hotels’ operational and financial weeknesses as well as the regulatory restrictions faced by the BOT hotel in the process of successfully launching initial public offerings, achieving a four-win goal—competent authorities, hotel owners, investors and consumers. This study uses the case study method using M Company as the sample company. To conduct the case study, I collect various relevant data of the M Company, including the bried histry of the Company, business environment, corporate management system, and required qualifications when applying for lsiting on Taipei Exchange. I further use the qualitative reseach method to evaluate the problems and risks faced by the Company in going public offereings, and propose the feasible solutions together with an analysis on their potential impacts on the Company. This study examines the major issues of M Company in applying for lsiting on Taipei Exchange and proposes feasible solutions to help it overcome the problems. The study makes the following suggestions for the BOT hotel to successfully launching initial public offerings: 1.By adopting feasible solutions as proposed by this study, BOT hotels need to overcome their inherent limlitations on operation and financial performance as well as regulatory constraints, in order to meet the qualifications for listing on Taipei Echange. 2.BOT hotels need to analyse the impact of listing on Taipei Echange on the value creation and the long-term competitiveness of the companies. This study also have implications for the competent authorities to review the disadvantages of current regulations for BOT hotels to launch initial public offerings and to determine whether to approve BOT Hotels to list on Taiwan’s stock exchange