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| Title: | 借殼上市公司之績效表現－以中國股票市場為例
Performance of reverse mergers – Evidence from China stock markets |
| Authors: | 劉自帆
Liu, Chih-Fan |
| Contributors: | 林靖庭
Lin, Ching-Ting
劉自帆
Liu, Chih-Fan |
| Keywords: | 借殼上市
反向收購
中國大陸
事件研究法
Reverse merger
Reverse takeover
Event study
China |
| Date: | 2019 |
| Issue Date: | 2019-07-01 10:47:25 (UTC+8) |
| Abstract: | 有鑒於未上市公司在中國大陸資本市場透過借殼上市取得上市資格的數量持續增加，加上中國政府針對借殼上市所訂定之相關條例愈來愈健全，本文針對借殼公司在宣告借殼上市日前後的績效進行研究。此外，本文進一步依借殼公司所選擇的上市板塊、借殼公司所屬產業、借殼公司上市目的，以及借殼公司上市之交易所，比較績效差異。
本研究的研究樣本為2006年至2018年借殼上市成功的案例，利用事件研究法進行實證。結果發現，借殼股票在借殼上市宣告後存在顯著正的長期累積異常報酬，整體借殼公司由於中長期經營績效的下滑導致長期累積異常報酬隨時間的經過逐漸下滑，但直到事件日後兩百天內仍顯著為正。此外，在正式借殼上市宣告前，主板、財務性目的以及深圳借殼公司，在宣告日之前已有明顯的正報酬。
在各個分類比較的部分，中小板借殼公司的股價表現無論是短期或長期均顯著優於主板借殼公司；非製造業借殼公司在中長期的股價表現優於製造業借殼公司；策略性目的借殼公司在借殼上市宣告日當天的股價表現優於財務性目的借殼公司；深圳借殼公司中長期的股價表現優於上海借殼公司。
The number of reverse mergers in China has been growing dramatically in recent years. Meanwhile, the regulator tightens standards to the number of reverse mergers in China. This study uses successful reverse mergers from 2006 to 2018 as sample to examine performance. We find that there exists positive abnormal return around the announcement dates. Although the stock performance of reverse mergers does not go well in the long run, the significantly positive cumulative abnormal return sustains until 200 days after the announcement dates.
This paper further classifies the successful reverse mergers based on various perspectives, including listing sectors, industries, purposes, and belonging stock exchanges. There are several findings. First, before the announcement dates, the reverse merger stocks traded in Main Board, with financial purpose or traded in Shenzhen Stock Exchange have significantly positive return. Second, both in the short run and in the long run, the reverse merger stocks traded in Small and Medium Enterprise Board have better performance than the reverse merger stocks traded in Main Board. Third, in the long run, the reverse merger stocks in non-manufacturing industries have better performance than the reverse merger stocks traded in manufacturing industry. Fourth, on the event day, the reverse merger stocks with strategic purpose have better performance than the reverse merger stocks with financial purpose. Fifth, in the long run, the reverse merger stocks traded in Shenzhen Stock Exchange have better performance than the reverse merger stocks traded in Shanghai Stock Exchange. |
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| Description: | 碩士
國立政治大學
金融學系
106352006 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0106352006 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU201900067 |
| Appears in Collections: | [金融學系] 學位論文
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