摘要
摘 要 「借殼上市」是一種未上市公司併購上市公司的交易行為，藉由併購方式來取代初次公開發行(IPO)，以期在短期內取得上市的資格。公司發生併購行為，將會造成經營權變動的交易，因而產生對被併購公司的評價需求。目前，市場上對於借殼上市的交易，通常採取議價的方式來進行；以公司的資產淨值，加計市場溢價行情做為議價的參考依據。然而以議價方式產生的價格，缺乏客觀合理的評估基礎。 有關借殼上市的定義、殼資源產生的原因與“殼”殼資源的價值，文中引述各方說法及文獻的探討來進行。而本文的研究重點，主要是以「借殼上市殼資源的交易價格」為研究主題，同時以事件研究法為基礎，收集2006至2012年間借殼上市公司的交易資料為研究樣本，藉由已成交之價格及相關影響因素之各項數據，建立“殼”資源之價值評估規則、假說及與各因素間相關之評價模型。在評價模型的建構方法上，乃將研究樣本區分為模型建立組與模型驗證組，同時考量評價規則的合理推論及該模型建構的非線性及複雜性，因此，採用以語意法則為基底之模糊模型來表示價格產生之模型，而建模過程將以模糊模式來加以進行。之後，輸入驗證組之相關影響因素的數據於評價模型中，得到評價之參考價格，再與驗證組之實際價格資料相比較，來進一步地驗證本文所提出之評價假說的正確性。 本研究以公開市場案例資料模式化後，建立新的評價模型，經實證結果歸納得到以下結論：1.確立殼資源交易價格評估之影響因素。2.成功以模糊模型來表示殼資源價值評估的模型。3.經由該模型產出的價格足以做為殼資源交易價格之參考。
關鍵字
併購並列摘要
"Backdoor Listing" is one kind of transaction that a non-listed company acquire other listed company, and substitute acquisition for initial public offerings. By doing so, the company can obtain the qualification of listing in the short run. When company M & A activity occurs, it will cause a change in the right of management, resulting in the merged company for evaluation requirements. Currently, the market for the backdoor listing of transactions usually take the approach to bargaining；the company's net asset value, plus a premium market price as a reference for bargaining。However, the price generated by bargaining is deficient in objective and reasonable basis for assessment. About the definition of backdoor listing, the reason for change in management right, and the "shell" company value, this paper quotes various statements and discuss associated literatures. The main purpose of this paper is taking "The transaction value of backdoor listing causing the change of management right" as research topic, and takes case study approach as basis, collecting transaction data of backdoor listing companies during 2006 to 2012 as research sample. By the deal price and the data of relating factors, we construct the rule of evaluating the "shell" company, hypotheses, and the evaluation model among these factors. In the evaluation model construction methods, the study sample was divided into model group and model validation group, and consider the reasonable inference of evaluation rules and the non-linearity and complexity of the model construction. Therefore, adopt the fuzzy model which takes semantic rule as base to represent price-generating model, and the process of model construction will be conducted by fuzzy mode. Then, input the related factors data of validation group, we can get reference price of evaluation, comparing with actual price data of validation group, and we can further validate the accuracy of the evaluation hypotheses this paper brings up. This study constructs new evaluation model after modeling the open market case data, and draw the conclusions below by empirical results: 1.Establish the factors of backdoor listing price evaluation. 2.Suceed in representing backdoor listing price evaluation model by fuzzy model. 3.The price generated from this model is adequate to be a reference of transaction price.