Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92552
標題: 借殼上市公司之盈餘持續性探討
The Study of Earnings Persistence for the Reverse Merger Firms
作者: Chia-Han Wu
吳佳翰
關鍵字: reverse merger firms
earnings persistence
stock abnormal returns
seasoned equity offerings
借殼上市公司
盈餘持續性
股價異常報酬
現金增資
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摘要: This study compared the earnings persistence of IPO companies and backdoor listed companies. The study use the abnormal returns and seasoned equity offerings to be variables to measure that impact of earnings persistence of backdoor listing firms. In this study, including all listed companies in the sample from 1996 to 2013, and use Sloan (1996) model to estimate the company's earnings persistence. The empirical results show that earnings persistence of IPO firms is higher than reverse merger firms. In addition, the degree of stock abnormal returns and whether issue seasoned equity offerings are no statistically significant impact on earnings persistence of reverse merger firms.
本研究比較借殼上市公司與IPO上市公司之盈餘持續性,探討借殼上市公司相較於IPO公司盈餘續性之高低。本研究另探討股價異常報酬及現金增資對於採用借殼上市之公司盈餘持續性的影響。本研究以1996年至2013年上市櫃公司為樣本,利用Sloan(1996)模型來估計公司之盈餘持續性。 實證結果顯示,借殼上市公司之盈餘持續性較IPO上市公司為低,顯示IPO上市公司之盈餘持續性較高。另外借殼上市公司在上市前後股價累積異常報酬幅度之高低及在借殼上市後短期內是否進行現金增金對於借殼上市公司的盈餘持續性影響皆無顯著關連性。
URI: http://hdl.handle.net/11455/92552
文章公開時間: 10000-01-01
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