Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92554
標題: 借殼上市公司股價與營運績效之探討
The Study of Stock and Operating Performance for the Reverse Merger Firms
作者: Ting-Yu Chen
陳亭宇
關鍵字: reverse merger
shell company
stock performance
operating performance
借殼上市
被借殼公司
股價績效
營運績效
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摘要: This study examines short-term and long-term stock perfrmance by event study with market-adjusted returns model as well as using ordinal least squares (OLS) regression models to examine long-term operating performance by using 60 Taiwan listed shell firms as observations from the 1996 to 2013, and compares firms with those of a matched sample of using initial public offerings (IPOs) as well. In addition, further study also considers the factors of the ownership structures and method of raising capital around reverse mergers in long-term operating performance. The results indicate that statistically significant positive cumulative average abnormal returns (CARs) surrounding the merger announcements reflecting the increase in value of the shell companies. However, that is also evidenced in the shell firms CARs significantly lower than those of IPOs no matter in short-term or long-term stock perfrmance. Besides, some evidences reveal that only in the beginning of the merger period, the logn-term operating performance of shell firms are significantly lower than that of IPOs. But until the shell completes the reverse merger in the third year, there is no significantly different between both of them. Furthermore, regarding of private placement and seasoned equity offerings (SEOs), the empirical results are in sporadic statistically significant conclusions, so that are only partial consistent with arguments. And the factors of insiders ownership are likely to be explained by convergence of interest hypothesis. Nevertheless, the separation in control and cash flow rights in conjunction with pledge of stocks both have no statistically significant impact on the long-term operating performance for the shell companies.
本研究以 1996 年至 2013 年底之 60 家我國借殼上市(櫃)公司為樣本,非借殼之首次上市(櫃)公司作為對照組,利用市場指數調整模式建立事件研究法,觀察借殼上市公司之長短期股價績效;另以最小平方法建立迴歸模型,檢測借殼上市公司之長期營運績效,並進一步以籌資型態與股權結構兩面向,試圖找出可能之影響因子。實證結果顯示,股價績效部分,被借殼公司於事件日前後,短期會產生正的累積平均異常報酬,而不論是長短期股價績效,其累積平均異常報酬皆低於非借殼的首次上市(櫃)公司。營運績效部分,雖有證據顯示被借殼公司之長期營運績效顯著差於非借殼的首次上市(櫃)公司,但隨經營時間越長,二者並無顯著差異。此外,僅部分證據顯示,透過私募入主,被借殼公司之長期營運績效優於非透過私募入主者,以及經營權變動後有辦理現金增資之被借殼公司,其長期營運績效差於未辦理現金增資者,但二者預期皆無一致之結論。內部人持股對長期營運績效之影響方向不一致,但部分證據顯示偏向支持利益收斂假說;而控制股東之控制權與盈餘分配權偏離以及董監事股權質押比對被借殼公司之長期營運績效則無顯著之影響。
URI: http://hdl.handle.net/11455/92554
文章公開時間: 10000-01-01
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