臺灣博碩士論文加值系統

無論是美國市場亦或台灣市場，已有許多文獻探討借殼後對於殼公司股價之影響，美國市場與台灣市場的殼公司也存在些許差異，因此本文研究台灣市場之借殼上市，本文補足台灣市場1990至2012年間，歷年來進行借殼上市公司之樣本，整理出79間借殼公司，且分成五個構面探討殼公司於借殼前後三年間的變化，分別為公司規模、資產管理能力、獲利能力、財務槓桿程度，以及未來成長機會。本文發現借殼前殼公司存在許多經營不善的現象，對於殼公司而言，被借殼上市為一個轉變的契機，藉由借殼公司的資源，確實能夠改善殼公司本身的狀況，因此借殼完成後，殼公司之公司規模、資產管理能力、獲利能力與成長性皆較相對產業佳。

There are a few studies examining the market reactions to the reverse takeovers in U.S and Taiwan. Because the shell company in Taiwan is a little different from in U.S. This paper examines the reverse takeover in Taiwan. In this paper, I find a sample of 79 shell companies in the period from 1990 to 2012. This paper discusses five dimensions about the shell companies 3 years before and after reverse takeover. Dimensions are company scale, the ability of asset management, profitability, financial leverage, and opportunities of growth respectively.

摘要..................................................... II
ABSTRACT................................................ III
目錄..................................................... IV
表目錄..................................................... V
圖目錄.................................................... VI
第一章 緒論................................................ 1
1-1 研究背景與動機.......................................... 1
1-2 研究目地............................................... 3
1-3 研究架構............................................... 5
第二章 文獻回顧............................................. 6
2-1 購併.................................................. 6
2-2 公開發行上市............................................ 7
2-3 借殼上市 .............................................. 8
第三章研究方法.... ......................................... 9
3-1 樣本來源............................................... 9
3-2 績效衡量方法............................................ 9
3-3 計算方式.............................................. 14
第四章研究結果............................................. 18
4-1樣本介紹............................................... 18
4-2 研究結果.............................................. 20
第五章結論................................................ 43
參考文獻.................................................. 45

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