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題名 中國大陸採借殼上市之併購方式合併商譽與財務績效關係之研究
A study on the the relationship between reverse mergers`s consolidated goodwill and financial performance: Evidence from China
作者 張逸舒
Zhang, Yi-Shu
貢獻者 陳明進
Chen, Ming-Chin
張逸舒
Zhang, Yi-Shu
關鍵詞 借殼上市
合併商譽
財務績效
Reverse Merger
Consolidated Goodwill
Financial Performance
日期 2021
上傳時間 1-Jul-2021 17:29:39 (UTC+8)
摘要 本研究係比較中國大陸採借殼上市之併購方式與採一般併購重組之併購方式二者產生之合併商譽與併購當年度及併購後 1 至 4 年長短期財務績效之關係。
本研究之實證模型分別以總資產報酬率(ROA)、淨資產收益率(ROE)及托賓Q(Tobins’q)為併購後公司之財務績效指標。研究樣本為 2008 年至 2019 年於滬深證券交易所 A 股市場上市之借殼上市公司 141 家及一般併購重組公司 134 家，以借殼上市併購當年度為基準年前後 4 期資料跨度 9 期財務資料為研究資料，總計樣本數量為 2,218 筆樣本。
實證結果發現：（1）併購當年度採借殼上市之併購方式與財務績效指標 ROA及 ROE 具顯著正向關係，且均已達 0.01 之顯著水準。採借殼上市之併購方式與財務績效指標 Tobins’q 呈負相關關係，未達顯著水準。（2）採借殼上市之併購方式與併購當年度合併商譽其與財務績效指標 ROA、ROE 具負向關係，以 Tobins’q為財務指標其為顯著正相關。（3）採借殼上市之併購方式，其併購後第 1 至 4 年財務指標 ROA 與 ROE 均呈現顯著正相關，顯示採借殼上市之併購方式財務績效表現較佳。以 Tobins’q 為財務指標時除了併購後第一年財務績效表現不佳外，其後三年財務績效都表現良好。（4）併購後第 1 至 4 年，合併商譽與財與財務績效指標 ROE 及 Tobins’q 具負相關關係，其與財務績效指標 ROA 具正相關關係。
This study compares two types of Chinese enterprises` mergers and acquisitions and their impacts on the financial performances through revere merger and general mergers & acquisitions. This study examines the relationship between the consolidated goodwill which generated by revere merger and general mergers & acquisitions and financial performance during the current period of merger and long-term post-merger.
The empirical research model adopts return on total assets ratio (ROA)、Rate of Return on Common Stockholders` Equity (ROE) and Tobins’q as the dependent variables to measure the financial performance of the post-merger company.
The research data are collected from the financial statemenets of A-share listed companies in Shenzhen and Shanghai stock market over the period of 2008-2019, including 141 reverse mergers and 134 General mergers and acquisitions. Based on the current period of revere merger, the samples were collected from the four phases of the financial data spanning nine phases, and a total of 2,218 samples were collected.
The empirical results are as follows. (1) During the current period of merger, the relation between both financial performances, ROA and ROE, and reverse mergers are significant positive, at significant level of 0.01. The relation between reverse mergers and Tobins’q is negative but insignificant. (2) The consolidated goodwill during the current period of merger has a negative impact on the financial performance indicators ROA and ROE, and it has a significant positive effect on Tobins’q. (3) As for the period of first to fourth years following the merger, reverse mergers have a significant positive effect on both ROA and ROE, suggesting that the financial performance of the merger by reverse mergers is better. When Tobins’q is used as a financial indicator, except for the first year following the merger, the financial performance in the following three years appears to be improved. (4) Finally, in the post-merger periods, consolidated goodwill has a negative correlation with financial and financial performance indicators ROE and Tobins’q, and a positive correlation with financial performance indicators ROA.
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描述 碩士
國立政治大學
會計學系
108353118
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353118
資料類型 thesis
dc.contributor.advisor 陳明進zh_TW
dc.contributor.advisor Chen, Ming-Chinen_US
dc.contributor.author (Authors) 張逸舒zh_TW
dc.contributor.author (Authors) Zhang, Yi-Shuen_US
dc.creator (作者) 張逸舒zh_TW
dc.creator (作者) Zhang, Yi-Shuen_US
dc.date (日期) 2021en_US
dc.date.accessioned 1-Jul-2021 17:29:39 (UTC+8)-
dc.date.available 1-Jul-2021 17:29:39 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2021 17:29:39 (UTC+8)-
dc.identifier (Other Identifiers) G0108353118en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/135929-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 108353118zh_TW
dc.description.abstract (摘要) 本研究係比較中國大陸採借殼上市之併購方式與採一般併購重組之併購方式二者產生之合併商譽與併購當年度及併購後 1 至 4 年長短期財務績效之關係。
本研究之實證模型分別以總資產報酬率(ROA)、淨資產收益率(ROE)及托賓Q(Tobins’q)為併購後公司之財務績效指標。研究樣本為 2008 年至 2019 年於滬深證券交易所 A 股市場上市之借殼上市公司 141 家及一般併購重組公司 134 家，以借殼上市併購當年度為基準年前後 4 期資料跨度 9 期財務資料為研究資料，總計樣本數量為 2,218 筆樣本。
實證結果發現：（1）併購當年度採借殼上市之併購方式與財務績效指標 ROA及 ROE 具顯著正向關係，且均已達 0.01 之顯著水準。採借殼上市之併購方式與財務績效指標 Tobins’q 呈負相關關係，未達顯著水準。（2）採借殼上市之併購方式與併購當年度合併商譽其與財務績效指標 ROA、ROE 具負向關係，以 Tobins’q為財務指標其為顯著正相關。（3）採借殼上市之併購方式，其併購後第 1 至 4 年財務指標 ROA 與 ROE 均呈現顯著正相關，顯示採借殼上市之併購方式財務績效表現較佳。以 Tobins’q 為財務指標時除了併購後第一年財務績效表現不佳外，其後三年財務績效都表現良好。（4）併購後第 1 至 4 年，合併商譽與財與財務績效指標 ROE 及 Tobins’q 具負相關關係，其與財務績效指標 ROA 具正相關關係。		zh_TW
dc.description.abstract (摘要) This study compares two types of Chinese enterprises` mergers and acquisitions and their impacts on the financial performances through revere merger and general mergers & acquisitions. This study examines the relationship between the consolidated goodwill which generated by revere merger and general mergers & acquisitions and financial performance during the current period of merger and long-term post-merger.
The empirical research model adopts return on total assets ratio (ROA)、Rate of Return on Common Stockholders` Equity (ROE) and Tobins’q as the dependent variables to measure the financial performance of the post-merger company.
The research data are collected from the financial statemenets of A-share listed companies in Shenzhen and Shanghai stock market over the period of 2008-2019, including 141 reverse mergers and 134 General mergers and acquisitions. Based on the current period of revere merger, the samples were collected from the four phases of the financial data spanning nine phases, and a total of 2,218 samples were collected.
The empirical results are as follows. (1) During the current period of merger, the relation between both financial performances, ROA and ROE, and reverse mergers are significant positive, at significant level of 0.01. The relation between reverse mergers and Tobins’q is negative but insignificant. (2) The consolidated goodwill during the current period of merger has a negative impact on the financial performance indicators ROA and ROE, and it has a significant positive effect on Tobins’q. (3) As for the period of first to fourth years following the merger, reverse mergers have a significant positive effect on both ROA and ROE, suggesting that the financial performance of the merger by reverse mergers is better. When Tobins’q is used as a financial indicator, except for the first year following the merger, the financial performance in the following three years appears to be improved. (4) Finally, in the post-merger periods, consolidated goodwill has a negative correlation with financial and financial performance indicators ROE and Tobins’q, and a positive correlation with financial performance indicators ROA.		en_US
dc.description.tableofcontents 中文摘要 I
目 錄 IV
表目錄 V
圖目錄 VI
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 論文架構 6
第貳章 文獻探討 8
第一節 中國大陸企業借殼上市之發展背景 8
第二節 借殼上市相關理論 13
第三節 採借殼上市之併購方式之理論基礎 17
第四節 採借殼上市之併購方式之會計處理及問題 20
第五節 採不同併購方式及合併商譽對財務績效影響 25
第叁章 研究方法 32
第一節 研究假説 32
第二節 實證模型與變數衡量 36
第肆章 實證結果與分析 47
第一節 敍述性統計分析 47
第二節 迴歸分析 66
第伍章 額外分析 82
第陸章 結論與建議 87
第一節 研究結論 87
第二節 研究限制與建議 89
附錄 92
參考文獻 97		zh_TW
dc.format.extent 4404582 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353118en_US
dc.subject (關鍵詞) 借殼上市zh_TW
dc.subject (關鍵詞) 合併商譽zh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) Reverse Mergeren_US
dc.subject (關鍵詞) Consolidated Goodwillen_US
dc.subject (關鍵詞) Financial Performanceen_US
dc.title (題名) 中國大陸採借殼上市之併購方式合併商譽與財務績效關係之研究zh_TW
dc.title (題名) A study on the the relationship between reverse mergers`s consolidated goodwill and financial performance: Evidence from Chinaen_US
dc.type (資料類型) thesisen_US
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dc.identifier.doi (DOI) 10.6814/NCCU202100525en_US