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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/115364


    Title: 借殼上市相關研究-以臺灣為例
    Authors: 周行一
    Contributors: 財務管理學系
    Keywords: 借殼上市;反購併;殼公司;公司治理;績效;存活率
    Reverse Merge;Shell Company;Corporate Governance;Performance;Survival
    Date: 2014
    Issue Date: 2017-12-25 14:51:42 (UTC+8)
    Abstract: 近年來許多私有公司透過借殼上市進入資本市場，文獻上對於借殼上市後公司績效的研究發現，並無一致的結論。不同於美國市場明確定義為『殼公司』，我國的上市櫃公司並沒有被指定作為借殼上市的對象。本研究在蒐集臺灣2003年至2013年借殼上市的樣本後，首先分析市場對借殼上市事件的短期、長期反應。初步研究結果顯示，在宣告日前後股價即有正的顯著異常報酬，但幅度不大。而有趣的現象是這個正的異常報酬在借殼完成日之後的二至三年仍然持續上升。除此之外，本研究亦比較借殼上市前後的績效，以判斷借殼上市後是否能夠改善被借殼公司的績效。簡單來說，若公司被借殼後的績效較好，表示借殼上市不代表一定是投機性活動，但若公司被借殼的績效較差，表示借殼上市的公司不但無法改善公司的績效，甚至有可能利用殼公司進行不利股東的行為。本研究發現在宣告借殼上市後，公司整體的績效是有所提升的(包含公司淨利、公司息前稅前利潤及公司稅前息前折舊及攤銷前利潤)，這樣的結果也印證借殼管道上市之公司其實並非部分文獻或相關報導那樣的富有投機性活動。整體而言，如果借殼上市不利於投資人保護與資本市場的發展，市場主管機關與交易所應該考慮現有的法令是否過於寬鬆，進而嚴格管制借殼上市的行為；另一方面，若實證結果證實，借殼上市可以提高投資人的報酬、改善殼公司的公司治理與經營績效，則主管機構與交易所應考慮放寬管制，讓私有公司藉由借殼上市該管道進入資本市場，不但使原本經營不善的公司提升其營運，更有助於資本市場的發展。
    While many firms went public via reverse mergers in recent years, the empirical evidences on the performance of reverse mergers are inconclusive. In contrast to shell companies in U.S., the firms in Taiwan are not defined as “shell companies” until they become the target of the reverse mergers. In this study, we conduct empirical studies on the reverse mergers in Taiwan in the period between January 1990 and December 2013. We find out the days prior and after the announcement have significant effect on the abnormal returns but not much. The interesting phenomenon is that positive abnormal returns is still rising after 2-3 years of completion of reverse mergers events. In addition, this study also compare performance before and after the backdoor list in order to determine whether reverse mergers could improve the company’s performance. We find the company’s performance in terms of net Income, EBIT,and EBITDA is to be improved. Overall, our empirical study can contribute to the debate of the reverse mergers. If the reverse merger is harmful to investor protection and development of capital market, the competent authority should regulate on the deals of reverse mergers more heavily. However, if our findings support the idea that reverse mergers can improve the corporate governance and operating performance of shell companies, the activities of reverse mergers should be encouraged.
    Relation: 執行起迄：2014/08/01~2015/07/31
    103-2410-H-004-105
    Data Type: report
    Appears in Collections:[財務管理學系] 國科會研究計畫

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