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研究生:劉冠隆
研究生(外文):Guang-LongLiu
論文名稱:在美國借殼上市中國公司的財報品質
論文名稱(外文):Financial Reporting Quality of Reversely Mergered Firms by Chinese Corporation
指導教授:陳嬿如陳嬿如引用關係
指導教授(外文):Yenn-Ru Chen
學位類別:碩士
校院名稱:國立成功大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:42
中文關鍵詞:借殼上市海外資產財報品質
外文關鍵詞:Reverse mergersForeign assetsFinancial reporting quality
相關次數:
  • 被引用被引用:2
  • 點閱點閱:258
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本研究之主要目的之主要目的為研究使用借殼在美國上市之中國公司的財報品質。借殼上市是一種新的掛牌方式,然而這種方式卻被視為是企業併購而非上市過程,因此這些使用借殼在美國上市的中國公司被視為是在中國營運的美國公司。過去文獻指出擁有海外資產的公司存在相當大的資訊不對稱,因為相較於自己的國家,投資人較不熟悉外國的事務,因此投資人也較不了解企業海外營運的狀況。較高的資訊不對稱使投資人難以了解企業的營運狀況,而財務報表是投資人獲取企業資訊的管道,所以較差的財務報表品質代表有較高的資訊不對稱。本研究即在探討中國借殼上市公司的財報品質,結果發現,中國借殼上市公司和其他在美國掛牌的公司比較起來,擁有較差的財報品質,再者,若是和使用ADR的中國公司相比,中國借殼上市的財報品質亦較差。除此之外,過去文獻認為,投資人會對較差的財報品質的公司要求較高的風險溢酬,然而本研究卻發現中國借殼上市公司較差的財報品質並未使投資人獲得風險補償。
This paper examines financial reporting quality of reversely mergered firms by Chinese Corporation. A reverse merger (RM) is a method allowing a private firm to become publicly traded one without going through public offering. Since reverse-merger transactions are treated as one of the foreign merger & acquisitions transactions instead of a process of going public, Chinese reverse-merger companies are viewed as the U.S. Companies with foreign operations in China. Prior studies state firms with foreign operations are related to higher information asymmetry than firms without. Since investors typically have more knowledge about their home countries than foreign countries, suggesting that they are likely to have less information about a firm's foreign operations than about its domestic operations. High information asymmetry implies higher difficulty for outside investors to evaluate the value of these firms. As financial reports are the tools for investors to value these firms, the poorer quality of financial reporting suggests higher information asymmetry. The purpose of our study is to investigate the quality of financial reporting quality for Chinese reverse-merger companies. We find that Chinese reverse-merger companies have poorer financial reporting quality compared to other U.S.-listed firms. In addition, the financial reporting quality of Chinese reverse-merger companies is poorer than Chinese ADR companies. Next, prior research indicates firms with poorer financial reporting quality tend to have poor valuation and high cost of equity. However, we find that investors do not require higher return based on the poorer financial reporting quality of Chinese reverse-merger companies.
摘要 I
Abstract II
誌謝 III
CONTENTS IV
TABLE CONTENTS V
Chapter 1 Introduction 1
1.1 Research Background and Motivation 1
1.2 Objectives and Major Findings 2
1.3 Importance of this Study 4
1.4 Organization of this Study 4
Chapter 2 Literature Review and Development of Hypotheses 5
2.1. Chinese revers merger companies 5
2.2 Information asymmetry & Chinese reverse-merger companies 7
2.3 The pricing of financial reporting quality 10
Chapter 3 Data and Methodology 13
3.1 Sample construction 13
3.2 Discretionary accrual measures 14
3.3 The pricing of financial reporting quality 19
3.3.1 Industry-adjusted earnings-price ratios. 19
3.3.2 One-factor and three-factors pricing model. 21
Chapter 4 Empirical Results 23
4.1 Financial reporting quality 23
4.2 Price of financial reporting quality 25
Chapter 5 Conclusion 27
TABLES 29
References 38

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