近年來，國內藥局行業正處於一場轉型的競爭激戰中，由傳統的產業思維轉向資本思維。過去各自獨立的藥局如今已漸漸轉變為資本化或規模化的公司競爭格局。在這樣的市場競爭下，連鎖化和規模化的藥局通路業者才能取得競爭優勢。透過擴大店數、進行併購、展開異業合作等策略，才能提升市場佔有率和競爭力。然而，這些策略都需要大量資金投入，因此，藥局通路產業出現了一股IPO熱潮，希望透過初次公開發行來籌集資金。
然而，對於初次公開發行的藥局通路公司在理解市場環境下的競爭局勢，由於缺乏過去股票交易的參考價格，承銷價格的確定成為一個難題。在進行IPO時，公司必須與承銷商合作，通過市場調查、財務評估等方式來評估公司價值，並確定適當的承銷價格。這是一個複雜的過程，需要考慮市場狀況、公司業績、產業前景等多個因素，以確保承銷價格的合理性和公正性。
本研究旨在深入分析藥局通路產業所面臨的挑戰和機遇，透過PEST和SWOT等方法，從總體環境和內部因素的角度全面探討。特別以初次上市櫃的藥局通路公司N公司為例，進一步探討其上市櫃策略與承銷價格決定方式。研究方法包括本益比法和股價淨值比法，以N公司同業於台灣證券交易所及證券商櫃檯買賣中心初次掛牌的承銷價格作為對比，進行詳細的比較與分析。最終，本研究決定採用本益比法所計算出的結果作為N公司訂定承銷價格的主要依據。

In recent years, the pharmacy industry in Taiwan has been engaged in a fierce competition undergoing a transformation, shifting from traditional industry thinking to capital-oriented mindset. Formerly independent pharmacies are gradually transitioning into a competitive landscape of capitalization or scale. In such a market competition, chain and scaled pharmacies are the ones gaining competitive advantage. Through strategies like expanding the number of stores, conducting mergers and acquisitions, and venturing into cross-industry collaborations, they can enhance market share and competitiveness. However, these strategies require substantial investment, hence, there has been an IPO boom in the pharmacy industry, aiming to raise funds through initial public offerings.
However, for companies with initial public offerings, the determination of the underwriting price becomes a difficult problem due to the lack of reference prices for past stock transactions. When conducting an IPO, the company must cooperate with the underwriters to evaluate the company's value through market research, financial evaluation, etc., and determine an appropriate underwriting price. This is a intricate process that requires consideration of multiple elements such as market conditions, company performance, and industry prospects to ensure the rationality and fairness of the underwriting price.
This study uses methods such as PEST and SWOT to analyze the current challenges and opportunities faced by the pharmacy channel industry, and takes Company N, a pharmacy channel company that is listed on the market for the first time, as an example to explore the listing strategies and underwriting price determination methods. The study used the price-earnings ratio and Price-Book Ratio method to compare and analyze the peer underwriting prices that were similar to those of Company N and were first listed on the Taiwan Stock Exchange and the Securities Dealers Over-the-Counter Trading Center. Finally, this study has decided to use the results calculated by the price-to-earnings ratio method as the primary basis for determining the underwriting price of Company N.

目 錄

論文審定書 i
摘要 ii
Abstract iii
目錄 iv
圖目錄 v
表目錄 vi
第一章 緒論 1
第一節 研究背景以及動機 1
第二節 研究之目的 4
第三節 研究流程 5
第二章 文獻探討 6
第一節 台灣IPO 流程 6
第二節 臺灣藥局產業發展概況 9
第三節 PEST總體經濟分析 12
第四節 SWOT分析 14
第五節 企業價值與評價理論 16
第三章 研究方法 22
第一節 研究架構 22
第二節 個案公司介紹 22
第三節 研究方法 33
第四章 研究發現 35
第一節 藥局通路產業目前所面臨的挑戰及機會 35
第二節 N公司的PEST分析 37
第三節 N公司上市櫃SWOT分析 40
第四節 N公司上市櫃策略分析 44
第五章 結論與建議 49
第一節 研究結論 49
第二節 研究限制及建議 50
參考文獻 51

參考文獻
一、中文部分
1. 陳香吟、吳怡瑩(2018),談初次上市（櫃）承銷制度及價格訂定，證券暨期貨月刊，第36卷第4期專題二，頁21-38。
2. 許延年(2004)，台灣藥局現狀和未來發展方向之探討，立德學報1(2)，頁63-70。
3. 陳美滿 (2015). 藥妝藥局商業模式創新之研究. 東海大學高階經營管理碩士在職專班 碩士學位論文.
4. 諸葛弼暉 (2023). 數位轉型驅動企業價值共創之研究以躍獅連鎖藥局為例. 國立成功大學 管理學院 企業管理學系碩士在職專班 碩士論文.

二、英文部分
1. Johnson G. and Scholes K. (1999) Exploring Corporate Strategy: Texts and Cases. 6th Edition, McGraw Hill, New York.
2. Gao, C.Y., & Peng, D.H. (2011). Consolidating SWOT analysis with nonhomogeneous uncertain preference information. Knowledge-Based Systems, 24(6), 796-808
3. Gurel, E., & Tat, M. (2017). SWOT Analysis: A Theoretical Review. The Journal of International Social Research, 10, 994-1006.
4. Grace Wang (2022). China Pharma Retail Market: Pharmacy Chains and E-commerce Are Growing, ChemLinked. BaiPharm.
5. Heinz Weihrich. (1982). The Tows Matrix: A Tool for Situational Analysis. New York:McGraw-Hill.
6. Lucas A. Berenbrok, Shangbin Tang, Nico Gabriel, Jingchuan Guo, Nasser Sharareh, Nimish Patel, Sean Dickson, Inmaculada Hernandez (2022). Access to community pharmacies: A nationwide geographic information systems cross-sectional analysis. Journal of the American Pharmacists Association, 1816-1822.e2
7. Sari, D. P., and Oktafianto, A., Business strategy formulation using swot analysis and ifas-efas matrix in cv dinasty, IENACO Seminar, Surakarta, Indonesia, February 03-22, 2017, pp. 238-245.


三、相關網站資料
1. 公開資訊觀測站
2. 台灣證券交易所網站
3. 財團法人證券櫃檯買賣中心網站
4. 行政院衛生福利部
5. 中華民國財政部全球資訊網
6. Nippon Software Service