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題名 借殼上市公司之績效表現－以中國股票市場為例
Performance of reverse mergers – Evidence from China stock markets作者 劉自帆
Liu, Chih-Fan貢獻者 林靖庭
Lin, Ching-Ting
劉自帆
Liu, Chih-Fan關鍵詞 借殼上市
反向收購
中國大陸
事件研究法
Reverse merger
Reverse takeover
Event study
China日期 2019 上傳時間 1-Jul-2019 10:47:25 (UTC+8) 摘要 有鑒於未上市公司在中國大陸資本市場透過借殼上市取得上市資格的數量持續增加，加上中國政府針對借殼上市所訂定之相關條例愈來愈健全，本文針對借殼公司在宣告借殼上市日前後的績效進行研究。此外，本文進一步依借殼公司所選擇的上市板塊、借殼公司所屬產業、借殼公司上市目的，以及借殼公司上市之交易所，比較績效差異。本研究的研究樣本為2006年至2018年借殼上市成功的案例，利用事件研究法進行實證。結果發現，借殼股票在借殼上市宣告後存在顯著正的長期累積異常報酬，整體借殼公司由於中長期經營績效的下滑導致長期累積異常報酬隨時間的經過逐漸下滑，但直到事件日後兩百天內仍顯著為正。此外，在正式借殼上市宣告前，主板、財務性目的以及深圳借殼公司，在宣告日之前已有明顯的正報酬。在各個分類比較的部分，中小板借殼公司的股價表現無論是短期或長期均顯著優於主板借殼公司；非製造業借殼公司在中長期的股價表現優於製造業借殼公司；策略性目的借殼公司在借殼上市宣告日當天的股價表現優於財務性目的借殼公司；深圳借殼公司中長期的股價表現優於上海借殼公司。
The number of reverse mergers in China has been growing dramatically in recent years. Meanwhile, the regulator tightens standards to the number of reverse mergers in China. This study uses successful reverse mergers from 2006 to 2018 as sample to examine performance. We find that there exists positive abnormal return around the announcement dates. Although the stock performance of reverse mergers does not go well in the long run, the significantly positive cumulative abnormal return sustains until 200 days after the announcement dates.This paper further classifies the successful reverse mergers based on various perspectives, including listing sectors, industries, purposes, and belonging stock exchanges. There are several findings. First, before the announcement dates, the reverse merger stocks traded in Main Board, with financial purpose or traded in Shenzhen Stock Exchange have significantly positive return. Second, both in the short run and in the long run, the reverse merger stocks traded in Small and Medium Enterprise Board have better performance than the reverse merger stocks traded in Main Board. Third, in the long run, the reverse merger stocks in non-manufacturing industries have better performance than the reverse merger stocks traded in manufacturing industry. Fourth, on the event day, the reverse merger stocks with strategic purpose have better performance than the reverse merger stocks with financial purpose. Fifth, in the long run, the reverse merger stocks traded in Shenzhen Stock Exchange have better performance than the reverse merger stocks traded in Shanghai Stock Exchange.參考文獻 1.王智梅，2014，借殼上市與一般上市公司經營績效之研究－以建設業為例，東吳大學會計學系碩士在職專班碩士論文。2.洪麗芬，1998，借殼上市對股東財富的影響，國立政治大學財務管理學系碩士學位論文。3.高于婷，2014，借殼上市櫃監理規範之研究，國立政治大學法律研究所碩士論文。4.陳昱婷，2015，中國A股—交易所與行業別因素之影響，國立臺灣大學管理學院財務金融研究所碩士論文。5.倪偉倫，2002，借殼上市公司的代理問題與經營績效之關係，國立政治大學財務管理學系碩士學位論文。6.崔濤、李昆、武婷婷，2008，中小板塊與主板IPO 抑價度和短期走勢比較，現代商業，11期，pp.54-56。7.曾梓祺，2014，台灣借殼上市公司績效表現之研究，國立臺灣大學管理學院財務金融研究所碩士論文。8.溫芳宜，2015，解析中國製造2025，經濟前瞻，60期，pp.13-19。9.詹場、謝俊魁，2016，上海、台灣及深圳股市交易成本之比較，證券市場發展季刊，28卷2期，pp.107-152。10.詹竣揚，2011，私募引進策略性投資人對公司績效之探討，政治大學會計研究所學位論文。11.鮑仕紘，2017，中國大陸借殼上市之研究－殼公司對借殼公司績效之影響，國立政治大學金融學系碩士學位論文。12.Allen, Jeffrey W. and Phillips, Gordon M., 2000, Corporate Equity Ownership, Strategic Alliances, and Product Market Relationships, Journal of Finance 55, 2791-2815.13.Amihud, Yakov and Mendelson, Haim, 1996, A new approach to the regulation of trading across securities markets, New York University Law Review 71, 1411-1466.14.Carpentier, Cécile, Cumming, Douglas and Suret, Jean‐Marc, 2012, The Value of Capital Market Regulation: IPOs Versus Reverse Mergers, Journal of Empirical Legal Studies 9, 56-91.15.Cohn, Stuart R., 1999, The impact of securities laws on developing companies: would the Wright Brothers have gotten off the ground?, Journal of Small and Emerging Business Law 3, 315-366.16.Das, Somnath, Sen, Pradyot K. and Sengupta, Sanjit, 1998, Impact of Strategic Alliances on Firm Valuation, The Academy of Management Journal 41, 27-41.17.Heyman, Derek K., 2007, From Blank Check to SPAC: the Regulator`s Response to the Market, and the Market`s Response to the Regulation, Entrepreneurial Business Law Journal 2, 531-552.18.Kale, Prashant and Singh, Harbir, 2009, Managing Strategic Alliances: What Do We Know Now, and Where Do We Go from Here?, Academy of Management Perspectives 23, 45-62.19.Ritter, Jay R., 1991, The Long-Run Performance of Initial Public Offerings, Journal of finance 46, 3-27.20.Xu, Yan, Gao, Ning and Garrett, Ian, 2016, The determinants and effectiveness of reverse takeovers in the U.K., European Financial Management Association 2017 Annual Meetings, Greece, June 28- July 1, 2017. 描述 碩士
國立政治大學
金融學系
106352006資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106352006 資料類型 thesis dc.contributor.advisor 林靖庭 zh_TW dc.contributor.advisor Lin, Ching-Ting en_US dc.contributor.author (Authors) 劉自帆 zh_TW dc.contributor.author (Authors) Liu, Chih-Fan en_US dc.creator (作者) 劉自帆 zh_TW dc.creator (作者) Liu, Chih-Fan en_US dc.date (日期) 2019 en_US dc.date.accessioned 1-Jul-2019 10:47:25 (UTC+8) - dc.date.available 1-Jul-2019 10:47:25 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2019 10:47:25 (UTC+8) - dc.identifier (Other Identifiers) G0106352006 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124139 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 金融學系 zh_TW dc.description (描述) 106352006 zh_TW dc.description.abstract (摘要) 有鑒於未上市公司在中國大陸資本市場透過借殼上市取得上市資格的數量持續增加，加上中國政府針對借殼上市所訂定之相關條例愈來愈健全，本文針對借殼公司在宣告借殼上市日前後的績效進行研究。此外，本文進一步依借殼公司所選擇的上市板塊、借殼公司所屬產業、借殼公司上市目的，以及借殼公司上市之交易所，比較績效差異。本研究的研究樣本為2006年至2018年借殼上市成功的案例，利用事件研究法進行實證。結果發現，借殼股票在借殼上市宣告後存在顯著正的長期累積異常報酬，整體借殼公司由於中長期經營績效的下滑導致長期累積異常報酬隨時間的經過逐漸下滑，但直到事件日後兩百天內仍顯著為正。此外，在正式借殼上市宣告前，主板、財務性目的以及深圳借殼公司，在宣告日之前已有明顯的正報酬。在各個分類比較的部分，中小板借殼公司的股價表現無論是短期或長期均顯著優於主板借殼公司；非製造業借殼公司在中長期的股價表現優於製造業借殼公司；策略性目的借殼公司在借殼上市宣告日當天的股價表現優於財務性目的借殼公司；深圳借殼公司中長期的股價表現優於上海借殼公司。 zh_TW dc.description.abstract (摘要) The number of reverse mergers in China has been growing dramatically in recent years. Meanwhile, the regulator tightens standards to the number of reverse mergers in China. This study uses successful reverse mergers from 2006 to 2018 as sample to examine performance. We find that there exists positive abnormal return around the announcement dates. Although the stock performance of reverse mergers does not go well in the long run, the significantly positive cumulative abnormal return sustains until 200 days after the announcement dates.This paper further classifies the successful reverse mergers based on various perspectives, including listing sectors, industries, purposes, and belonging stock exchanges. There are several findings. First, before the announcement dates, the reverse merger stocks traded in Main Board, with financial purpose or traded in Shenzhen Stock Exchange have significantly positive return. Second, both in the short run and in the long run, the reverse merger stocks traded in Small and Medium Enterprise Board have better performance than the reverse merger stocks traded in Main Board. Third, in the long run, the reverse merger stocks in non-manufacturing industries have better performance than the reverse merger stocks traded in manufacturing industry. Fourth, on the event day, the reverse merger stocks with strategic purpose have better performance than the reverse merger stocks with financial purpose. Fifth, in the long run, the reverse merger stocks traded in Shenzhen Stock Exchange have better performance than the reverse merger stocks traded in Shanghai Stock Exchange. en_US dc.description.tableofcontents 第一章 緒論 1第二章 文獻回顧 5第一節 借殼上市定義 5第二節 借殼上市動機 5第三節 借殼上市前後之績效表現 7第四節 股票在不同分類下之經營表現 8第三章 資料描述與研究方法 10第一節 借殼上市樣本資料描述 10第二節 研究方法 17第三節 假說檢定 19第四章 實證結果 20第一節 所有借殼上市樣本之報酬表現 20第二節 借殼股票在不同分類下之報酬表現 24第五章 結論 43第一節 研究結果 43第二節 未來研究建議 44參考文獻 45 zh_TW dc.format.extent 1525339 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106352006 en_US dc.subject (關鍵詞) 借殼上市 zh_TW dc.subject (關鍵詞) 反向收購 zh_TW dc.subject (關鍵詞) 中國大陸 zh_TW dc.subject (關鍵詞) 事件研究法 zh_TW dc.subject (關鍵詞) Reverse merger en_US dc.subject (關鍵詞) Reverse takeover en_US dc.subject (關鍵詞) Event study en_US dc.subject (關鍵詞) China en_US dc.title (題名) 借殼上市公司之績效表現－以中國股票市場為例 zh_TW dc.title (題名) Performance of reverse mergers – Evidence from China stock markets en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1.王智梅，2014，借殼上市與一般上市公司經營績效之研究－以建設業為例，東吳大學會計學系碩士在職專班碩士論文。2.洪麗芬，1998，借殼上市對股東財富的影響，國立政治大學財務管理學系碩士學位論文。3.高于婷，2014，借殼上市櫃監理規範之研究，國立政治大學法律研究所碩士論文。4.陳昱婷，2015，中國A股—交易所與行業別因素之影響，國立臺灣大學管理學院財務金融研究所碩士論文。5.倪偉倫，2002，借殼上市公司的代理問題與經營績效之關係，國立政治大學財務管理學系碩士學位論文。6.崔濤、李昆、武婷婷，2008，中小板塊與主板IPO 抑價度和短期走勢比較，現代商業，11期，pp.54-56。7.曾梓祺，2014，台灣借殼上市公司績效表現之研究，國立臺灣大學管理學院財務金融研究所碩士論文。8.溫芳宜，2015，解析中國製造2025，經濟前瞻，60期，pp.13-19。9.詹場、謝俊魁，2016，上海、台灣及深圳股市交易成本之比較，證券市場發展季刊，28卷2期，pp.107-152。10.詹竣揚，2011，私募引進策略性投資人對公司績效之探討，政治大學會計研究所學位論文。11.鮑仕紘，2017，中國大陸借殼上市之研究－殼公司對借殼公司績效之影響，國立政治大學金融學系碩士學位論文。12.Allen, Jeffrey W. and Phillips, Gordon M., 2000, Corporate Equity Ownership, Strategic Alliances, and Product Market Relationships, Journal of Finance 55, 2791-2815.13.Amihud, Yakov and Mendelson, Haim, 1996, A new approach to the regulation of trading across securities markets, New York University Law Review 71, 1411-1466.14.Carpentier, Cécile, Cumming, Douglas and Suret, Jean‐Marc, 2012, The Value of Capital Market Regulation: IPOs Versus Reverse Mergers, Journal of Empirical Legal Studies 9, 56-91.15.Cohn, Stuart R., 1999, The impact of securities laws on developing companies: would the Wright Brothers have gotten off the ground?, Journal of Small and Emerging Business Law 3, 315-366.16.Das, Somnath, Sen, Pradyot K. and Sengupta, Sanjit, 1998, Impact of Strategic Alliances on Firm Valuation, The Academy of Management Journal 41, 27-41.17.Heyman, Derek K., 2007, From Blank Check to SPAC: the Regulator`s Response to the Market, and the Market`s Response to the Regulation, Entrepreneurial Business Law Journal 2, 531-552.18.Kale, Prashant and Singh, Harbir, 2009, Managing Strategic Alliances: What Do We Know Now, and Where Do We Go from Here?, Academy of Management Perspectives 23, 45-62.19.Ritter, Jay R., 1991, The Long-Run Performance of Initial Public Offerings, Journal of finance 46, 3-27.20.Xu, Yan, Gao, Ning and Garrett, Ian, 2016, The determinants and effectiveness of reverse takeovers in the U.K., European Financial Management Association 2017 Annual Meetings, Greece, June 28- July 1, 2017. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU201900067 en_US
