中國大陸借殼上市之研究 - 殼公司對借殼公司績效之影響

Analysis of reverse merger in China - the effect on performance of shell companies to merging firms

鮑仕紘(Pao Shih-Hung)

指導教授 ： 陳威光 ； 林靖庭

國立政治大學/商學院/金融學系/碩士(2017年)

https://doi.org/10.6814/THE.NCCU.MB.011.2018.F06

摘要

中國近年來發展快速，上市成為許多公司的目標。但由於IPO上市流程繁瑣且需龐大的時間成本，因此使得簡單且快速的借殼上市成為中國境內欲取得上市資格之公司的另一選擇。借殼公司透過入主「殼」公司，以利快速籌措資金以及未來公司拓展與成長。
本研究蒐集中國大陸2006年至2015年借殼樣本資料，本研究發現借殼上市宣告後，短期股價有顯著的異常正報酬；中長期而言卻完全相反，存在著明顯的異常負報酬。故可推論中國借殼上市在事件發生後短期雖然市場將股價推高，在日後股價表現卻是逐漸衰退，顯示借殼上市長期經營表現較差。另外，本研究發現借殼成本與殼公司原本的獲利能力顯著影響借殼成功與否。當借殼成本越高時，借殼越容易失敗；而殼公司原本的獲利能力越佳，借殼則越容易成功。
藉由多元迴歸分析，本研究也發現中長期績效和借殼成本、殼公司獲利能力與政府法規相關。此意味借殼公司應當選擇借殼成本較低與獲利能力較佳的殼公司入主，對於日後經營績效有正面的影響。此外，根據本研究推論，中國借殼上市相關法規越趨健全及完善也可能是近年來借殼上市公司績效表現優於過去借殼公司的原因。

關鍵字

借殼上市 ； 殼公司 ； 借殼成本 ； 中國大陸 ； 事件研究法 ； 羅吉斯迴歸

並列摘要

Reverse merger in China has been a trend for private companies looking for a simpler and less expensive way to go public.
This paper examines performance and determinants of success for reverse merger in China from 2006 to 2015. The result shows that reverse merger companies outperform in the short run whereas the positive net return is diminished and they perform poorly in the long run. It can be concluded that the market reacts sharply which intrigues the reverse merger companies’ stock price to rise in the short term; however, the outperformance is not permanent. Moreover, the result also reveals that the cost of reverse merger is negatively associated with the probability of reverse merger success. On the contrary, a well performed shell company leads to higher chance of success.
Through multiple regression analysis, this paper finds that the mid-term and long-term performance is related to the cost of reverse merger, the profitability of shell companies, and government regulations. A reverse merger company should choose a shell company which has lower cost and higher profitability to enhance the probability of success. Moreover, the improvement and completion of reverse merge regulations in China may contribute a better performance of reverse merger companies.

並列關鍵字

Reverse merger ； Shell company ； Cost of reverse merger ； China ； Event study ； Logistic regression

參考文獻

1. Adjei, F., Cyree, K., Walker M. (2008). “The determinants and survival of reverse mergers vs IPOs.” Journal of Economics and Finance, 32, 176-194.

2. Brown, P., Ferguson, A., Lam, P. (2010). “Choice between Alternative Routes to Go Public: Backdoor Listing versus IPO.” Working Paper, UNSW Australia and University of Technology Sydney.

3. Carpentier, C., Cumming, D., Suret, J.-M., (2012). “The Value of Capital Market Regulation: IPOs versus Reverse Mergers.” CIRANO Working Papers.

4. Gleason, K. C., Jain, R., Rosenthal, L., (2006). “Alternatives for Going Public: Evidence from Reverse Takeovers, Self-Underwritten IPOs, and Traditional IPOs.” Working paper series.

5. Lee, C., Li, K., Zhang, R. (2014). “Shell Games: The Long Term Performance of Chinese Reverse Merger Firms.” Journal of Economics and Finance, 34.