本研究探討海峽兩岸在發展更緊密關係後，台商與海外企業可以選擇上市籌資的管道將更多元，在海峽兩岸四市的資本市場都有其特色下，台灣的證券發行市場應如何爭取台商回台及外資來台上市？本研究從市場結構因素來探索，運用追蹤資料探索2001年12月到2009年11月這段期間，證券次級市場的主要衡量指標對新上市家數的影響效果，並就結果討論台灣證券發行市場應努力發展的方向。發現台灣證券發行市場的本益比變異程度較大、市場成交量對上市家數有直接的影響，且市場周轉率在時間數列上屬於非定態的現象，經由一階差分調整後發現對上市家數亦有所影響。本研究針對主管單位的建議有規劃減少不確性因素的方案、增加外資投入台灣股市與集體上市；對台商回台上市的建議是：慎選上市時機、注意投資人共識與多個市場上市及注意熱季效應等。

Close business relationships across the Taiwan Strait give Taiwanese and foreign companies more channels to raise capital. The highly developed capital market in Taiwan attracts many international firms. Given that each of the four capital markets across the strait has its own niche, how can we encourage Taiwanese and foreign companies to issue securities in Taiwan? Focusing on market structures, this study uses panel data to explore the important determinants of the issuing markets from December 2001 to November 2009 and the impacts of several trading factors. Results show that the P/E ratio in Taiwan is highly volatile, and the trading volume directly affects the number of IPO companies. The market turnover ratio is a non-stationary time series that also affects the number of IPO firms after first-order differentiation. We suggest that competent authorities should execute a plan of reducing uncertainly factors, raise the maximum amount of foreign investment, and listing together. Taiwanese executives wishing to list in Taiwan’s market should pay attention to market timing, investor consensus, conditions of other markets, and hot anomaly issues.