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    題名: 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
    作者: 劉自帆
    Liu, Chih-Fan
    貢獻者: 林靖庭
    Lin, Ching-Ting
    劉自帆
    Liu, Chih-Fan
    關鍵詞: 借殼上市
    反向收購
    中國大陸
    事件研究法
    Reverse merger
    Reverse takeover
    Event study
    China
    日期: 2019
    上傳時間: 2019-07-01 10:47:25 (UTC+8)
    摘要: 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.
    參考文獻: 1.王智梅，2014，借殼上市與一般上市公司經營績效之研究－以建設業為例，東吳大學會計學系碩士在職專班碩士論文。
    2.洪麗芬，1998，借殼上市對股東財富的影響，國立政治大學財務管理學系碩士學位論文。
    3.高于婷，2014，借殼上市櫃監理規範之研究，國立政治大學法律研究所碩士論文。
    4.陳昱婷，2015，中國A股—交易所與行業別因素之影響，國立臺灣大學管理學院財務金融研究所碩士論文。
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    12.Allen, Jeffrey W. and Phillips, Gordon M., 2000, Corporate Equity Ownership, Strategic Alliances, and Product Market Relationships, Journal of Finance 55, 2791-2815.
    13.Amihud, Yakov and Mendelson, Haim, 1996, A new approach to the regulation of trading across securities markets, New York University Law Review 71, 1411-1466.
    14.Carpentier, Cécile, Cumming, Douglas and Suret, Jean‐Marc, 2012, The Value of Capital Market Regulation: IPOs Versus Reverse Mergers, Journal of Empirical Legal Studies 9, 56-91.
    15.Cohn, Stuart R., 1999, The impact of securities laws on developing companies: would the Wright Brothers have gotten off the ground?, Journal of Small and Emerging Business Law 3, 315-366.
    16.Das, Somnath, Sen, Pradyot K. and Sengupta, Sanjit, 1998, Impact of Strategic Alliances on Firm Valuation, The Academy of Management Journal 41, 27-41.
    17.Heyman, Derek K., 2007, From Blank Check to SPAC: the Regulator`s Response to the Market, and the Market`s Response to the Regulation, Entrepreneurial Business Law Journal 2, 531-552.
    18.Kale, Prashant and Singh, Harbir, 2009, Managing Strategic Alliances: What Do We Know Now, and Where Do We Go from Here?, Academy of Management Perspectives 23, 45-62.
    19.Ritter, Jay R., 1991, The Long-Run Performance of Initial Public Offerings, Journal of finance 46, 3-27.
    20.Xu, Yan, Gao, Ning and Garrett, Ian, 2016, The determinants and effectiveness of reverse takeovers in the U.K., European Financial Management Association 2017 Annual Meetings, Greece, June 28- July 1, 2017.
    描述: 碩士
    國立政治大學
    金融學系
    106352006
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0106352006
    資料類型: thesis
    DOI: 10.6814/NCCU201900067
    顯示於類別:[金融學系] 學位論文

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