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| Title: | 中國反向收購與首次公開募股上市企業財務績效之比較
A Study on the Financial Performance of Reverse Mergers and Initial Public Offerings |
| Authors: | 鄭羽婷
Cheng, Yu-Ting |
| Contributors: | 林宛瑩
Lin, Wan-Ying
鄭羽婷
Cheng, Yu-Ting |
| Keywords: | 反向收購
首次公開募股
財務績效
Reverse merger
Initial public offering
Financial performance |
| Date: | 2017 |
| Issue Date: | 2018-07-31 13:44:18 (UTC+8) |
| Abstract: | 本研究係比較中國企業反向收購與首次公開募股(Initial Public Offering，IPO)兩種不同的上市方式，對於上市後財務績效影響。本實證研究模型分別以總資產報酬率(ROA)及營運現金流量對總資產比率(OCFA)作為公司財務績效之衡量變數，研究範圍為2008年至2016年於深圳、上海兩證券交易所A股市場上市之公司，共取得123個反向收購及940個IPO樣本觀察值，透過敘述性統計分析及多元迴歸分析的方式，實證探討不同上市方式對企業上市當年度及上市後一至三年財務績效之影響。
研究結果發現，中國企業上市當年度，不論是ROA或OCFA指標，皆以反向收購上市企業的財務績效較佳，且達到1%顯著水準；上市後一年及後兩年，反向收購企業上市在ROA指標方面，仍較IPO表現佳，且亦達到1%顯著水準。惟自上市後第三年，財務績效與企業上市方式已無顯著相關。故本研究認為，在中國資本市場中，反向收購為較佳上市方式的選擇，而長期之財務績效，則需仰賴企業本身之經營管理。
This study compares two different ways for Chinese enterprises to go public and their impact on the financial performance, reverse merger and initial public offering (IPO). In the empirical research model, we adopts return on total assets ratio (ROA) and operating cash flow to total assets ratio (OCFA) as the dependent variables to measure the financial performance of companies. From the data of A-share listed companies in Shenzhen and Shanghai stock market over the period of 2008-2016, we obtain 123 reverse mergers and 940 IPOs. Based on the descriptive statistics and multiple regression analysis, we examine the companies’ financial performance of the year of listing and the first to the third year after listing.
In summary, the empirical results indicate that, whether ROA or OCFA, the financial performance of reverse mergers is better than IPOs in the year of listing at a significant level of 1%. In the first and second year after listing, only ROA indicates that the financial performance of reverse mergers is better than IPOs, and also reach a significant level of 1%. However, in the third year after listing, there’s no significant correlation between financial performance and the ways they go public. Therefore, our study suggests that reverse merger is the better choice for Chinese enterprises to go public, while the long-term financial performance depends on the management of the company itself. |
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| Description: | 碩士
國立政治大學
會計學系
104353032 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0104353032 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.ACCT.034.2018.F07 |
| Appears in Collections: | [會計學系] 學位論文
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