借殼上市監理機制之探討

Discussion on the New Regulations of Back-door Listing

吳瓊米(Chiung-Mi Wu)

指導教授 ： 李建興 ； 晏揚清

義守大學/管理學院/管理碩博士班/碩士(2015年)

https://doi.org/10.6343/ISU.2015.00305

摘要

2013年12月4日台灣證券交易所公布借殼上市監理規範，即日起符合經營權異動及前後1年內有營業範圍重大變更的上市公司，將先行停止買賣6個月。如果要恢復普通交易，發行公司應符合資本額、獲利能力、流通股數、大股東集保一年、補辦公開發行與承銷商出具評估報告等條件，否則將處變更交易。變更交易2年內如果無法恢復，將再停止買賣6個月；若仍無改善，則將終止上市。
本研究將現行台灣監理機制(2013)與中國、美國、香港股市對借殼上市的法規作比較，並以2004年至2014年借殼上市公司的實例，借殼上市公司在經營權異動過程中，從股本變化、盈餘表現、借殼股品質與衍生股市弊端，探討這種購併行動於新機制施行後的實際成效。從實例過程中，探討台灣監理機制(2013)之法規層面是否備齊與現行執行結果。
從現行案例彙整中發現，1.借殼家數與股市榮枯有關，監理機制(2013)施行後，使採借殼上市的購併者以觀望視之。2.確保證券交易產品的品質:首先，在營運調整期間，主管機關有充裕的時間調查大股東經營背景、意圖、誠信、公司營運與治理等重要資料，把偏好股票操縱、擾亂市場機制的劣質經營者阻斷其規避法規，使得借殼股符合上市、上櫃標準，提高對投資人的保障。其次，減少利益輸送的機會。其三，避免殼公司的財報不實與二次借殼的產生。3.股價反應的效果:與個股基本面、股市系統面無關，但與流通股數有關。4.現行法規達有效管理，當經營權異動時，要求發行公司及時申報，其次是當營收、存貨、不動產發生重大異動時，亦應定期申報，對潛在借殼上市的公司已具事前監測。對於改善架空法規與破壞市場秩序的缺失略顯成效。5.新法限制異業購併，只要不違反“新增主要經營業務”之規定，可避免被停止交易，那麼相同產業的借殼上市可排除在外，影響借殼者偏好尋找同業的殼公司，異業借殼的可能性減小。

關鍵字

借殼上市 ； 走後門上市 ； 反向購併 ； 反向收購 ； 經營權異動 ； 營業範圍重大變更

並列摘要

December 4, 2013 the Taiwan Stock Exchange announced supervision backdoor listing standards, with immediate effect in line with management rights movement and before and after major changes to the listed company's business scope, will first be suspended from trading for six months a year. To resume normal trading, the issuing company shall comply with the capital, profitability, the number of outstanding shares, eligible securities of the major shareholder forced one year in TDCC, retroactive public offering with underwriters assessment report issued by the conditions, otherwise the stocks will be full delivery. If could not change the deal two years to restore this, it will stop the sale of six months; if it does not improve, then delisted.
In this thesis, the new regulations (2013) for supervision on Taiwan, China, the United States and Hong Kong stock market regulations on back-door listing for comparison, and some examples of back-door listing company from 2004 to 2014, the right to operate the company back-door listing transaction process, from Capital Changes, Earnings performance, company’s quality and derivatives back-door stock market malpractice, exploring the practical effect of this acquisition on the new regulations after the implementation of the new regulation . Examples from the process, to discuss the integrity in new regulations (2013) of law levels Taiwan and the results of current implementation .
Examples from the current aggregated found :1.Number of back-door stock market ups and downs related to the new regulation sof back-door listing (2013) into effect, so that the merges by back-door listing to wait and see, as the. 2. Make sure the quality of the publish company: First,During operation of the adjustment, the authorities have plenty of time to investigate major shareholders important information business background, intention, integrity, and other company operations and governance, the preference stock manipulation, disrupting the stock market rules of inferior operators avoid blocking the legislation, making back-door listing company agree with the standards of Taiwan SEC and OTC , improve protection for investors. Secondly, reducing the chance of transfer of benefits. Third, to avoid the shell company's earnings are not real and the secondary back-door generation. 3. The share price reaction effect: the fundamentals of individual stocks and the stock market system is no relation, but the number of shares outstanding is related. 4.The effective management of the new regulations, the changes of control rights requires timely reporting , followed when revenue, inventory, and a major transaction of real estate should also be regular declaration, the back-door listing company has been beforehand monitored. Improve market order on avoiding overheading regulations and disturbing rules is effective. 5. The new regulation limiting cross-industry mergers , it does not violate the provisions of "major new business" and can avoid being stopped trading, then the back-door listing of the same industry can be excluded, those preferences influence back-door shell companies to find peers, cross-industry back-door listing the possibility is reduced.

並列關鍵字

backdoor listing ； reverse merger ； the changes of control rights ； major changes on the scope of business

參考文獻

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