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研究生:郭怡睿
研究生(外文):Guo, Yi-Rui.
論文名稱:大陸企業借殼上市績效的實證研究
論文名稱(外文):An Empirical Study on the Performance of Chinese Reverse Merger Firms
指導教授:索樂晴索樂晴引用關係
指導教授(外文):So, Leh-Chyan
口試委員:郭家豪張龍福
口試委員(外文):Guo, Jia-Hao.Chang, Long-Fu.
口試日期:2018-01-19
學位類別:碩士
校院名稱:國立清華大學
系所名稱:計量財務金融學系
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:2018
畢業學年度:106
語文別:中文
論文頁數:37
中文關鍵詞:RTO(借殼上市)IPO(首次公開募股)累積超額報酬率購買持有超額報酬率財務績效
外文關鍵詞:RTOIPOCARBHARFinancial Performance
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首次公開募股(IPO)一直是大陸企業獲得上市資格的最主要途徑,但IPO門檻高,排隊多,審核慢,且證監會多次暫停IPO,企業上市阻礙較多。而借殼上市則擁有上市時間短、上市成本低等優勢,自1993年深寶安成為大陸首家借殼企業以後,大陸企業借殼上市(RTO)逐步增多,成為企業的上市融資手段之一。本文以IPO上市企業為對照組,比較2007年到2016年的借殼上市企業與IPO企業的累積超額報酬率(CAR)和購買持有超額報酬率(BHAR),研究借殼上市企業的短期和長期市場績效,判斷市場對借殼上市企業的認可程度;並通過會計指標法研究借殼上市企業的財務績效。本文研究表明借殼上市企業的短期市場績效和財務績效比IPO企業差,長期市場績效優於IPO企業。
The Initial Public Offering (IPO) is the most important way for Chinese enterprises to list, but the IPO has high threshold and the audit process is time-wasting. Furthermore, the CSRC has suspended IPO for many times, which makes the listing of enterprises more difficult. On the contrast, enterprises can save money and time by reversing merger , Shenbao An became first Chinese Reverse Merger Firm in 1993,since then RTO had increased gradually and became a significant financing means for listed enterprises . With the IPO listed enterprises as a control group, compared the CAR and BHAR between reverse merger enterprises and the IPO enterprises from 2007 to 2016, this paper researches in the short market and long market performance of the listed enterprises, and figures out the extent of the market to determine the reverse merger enterprises and financial performance by accounting index. The research shows that the short-term market performance and financial performance of RTO enterprises are worse than those of IPO enterprises, and the long-term market performance is better than that of IPO enterprises.
第一章 緒論 1
1.1 研究背景與研究意義 1
1.2 研究思路與框架 2
1.3 研究方法與創新 3
第二章 文獻綜述 4
2.1 相關概念界定 4
2.2 借殼上市文獻綜述 5
第三章 研究模型與實證分析 8
3.1 借殼上市與IPO綜合比較 8
3.2 借殼上市與IPO的市場績效對比分析 8
3.3 借殼上市與IPO的財務績效對比分析 14
第四章 研究結論及研究展望 21
4.1 研究結論 21
4.2 研究展望 21
參考文獻 23
附錄 25
中文文獻:
[1] 陳濤濤, 馬文祥. (2002). 殼公司的財務特徵及其被並購的可預測性分析. 國際金融研究, (10), 51-56.
[2] 劉貴文, 馮捷. (2010). 房地產企業 “買殼上市” 動因與績效分析. 建築經濟, (4), 58-61.
[3] 何平. (2015). A股借殼上市行為研究.中外企業家, (5X),44-45.
[4] 張新. (2003). 並購重組是否創造價值. 經濟研究, (6), 20-29.
[5] 邱群. (2013). 房地产企业借壳上市财务绩效研究. 财经界, (27), 188-188.
英文文獻
[1] Adjei,F., K.B.Cyree, and M.M.Walker.(2008). The determinants and survival of reverse mergers vs IPOs. Journal of Economics and Finance, 32(2), 176-194.
[2] Arellano-Ostoa, A, and S. Brusco.(2002). Understanding reverse mergers: a first approach.
[3]Bhagat,S., D.Hirshleifer, and R.Noah.(2001). The effect of takeovers on shareholder value. Yale University Working Paper, 1, 26-32.
[4] Floros, I.V., and T. R.Sapp.(2011). Shell games: On the value of shell companies. Journal of Corporate Finance, 17(4), 850-867.
[5] Floros, I.V.,and K. Shastri. (2009). A comparison of penny stock initial public offerings and reverse mergers as alternative mechanisms to going public. Social Science Electronic Publishing.
[6] Gleason,K.C.,L.Rosenthal, and R.A.Wiggins.(2005). Backing into being public: an exploratory analysis of reverse takeovers. Journal of Corporate Finance, 12(1), 54-79.
[7] Gleason,K.C., R.Jain, and L.Rosenthal.(2006). Alternatives for going public: evidence from reverse takeovers, self-underwritten IPOs, and traditional IPOs.Social Science Electronic Publishing, 20(May 6).
[8] Healy, P. M., K. G.Palepu,and R.S.Ruback. (1992). Does corporate performance improve after mergers?. Journal of financial economics, 31(2), 135-175.
[9] Schwert,G.W. (1996). Markup pricing in mergers and acquisitions. Journal of Financial economics, 41(2), 153-192.
[10] Simkowitz, M.,and R. J.Monroe.(1971). A discriminant analysis function for conglomerate targets. Southern Journal of Business, 6(1), 1-15.
[11] William,K., and J.Sjostrom.(2008). The truth about reverse mergers. Entrepreneurial Business Law Journal, 2,743.
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