自經營模式觀點遴選具再造價值之被借殼上市櫃企業

The Selection Approach of Candidate Listed Companies for Backdoor Listing from the Viewpoints of the Business Model

馬洪鈞(HUNG-CHUN MA)

指導教授 ： 李宗政

朝陽科技大學/管理學院/企業管理系/碩士(2018年)

摘要

摘要
借殼上市一詞過去因太多惡意併購、掏空公司等案例，導致市場普遍耳聞借殼上市，往往以負面形象看待。本研究先以胖達人、頂新入主味全、久津個案闡述過往詬病，告誡此類失敗案例莫重蹈覆轍。
本研究藉由Michael Lewis (2003) 在《Moneyball》一書中，自非一線自由球員中遴選具有隱藏價值的未來之星為發想。進而以大陸新三板准入掛牌之相關條件，作為本研究遴選各項財務指標的基礎。再結合Osterwalder and Pigneur（2012）之商業經營模式九項構成要素觀點剖析被借殼企業運營面之各項財務特徵，判斷是否可在嚴苛的借殼上市公司法規規範下，成為被借殼標的之判斷準則。本研究已從台灣地區著名金控之證券部門研究單位，取得近五年來被借殼上市之上市櫃公司名單，作為個案樣本探究。最後，以企業的資產品質與經營實況信息解讀之企業基本面分析為評定基礎。
期盼可透過本研究之判定邏輯，可作為市場投資人判定被借殼企業具有再造價值。相對的，亦作為上市櫃企業經理人自我警惕，若運營表現不佳，則有被市場派借殼之風險。

關鍵字

借殼上市 ； 大陸新三板 ； 經營權爭奪戰 ； 財務指標 ； 商業經營模式

並列摘要

Abstract
Due to some cases of “backdoor listing”, most of them are hostile takeover, and then hollow out the assets of these companies via proxy fight. Capital investors tend to view the "backdoor listing" in a negative image. This study had described the negative issues of backdoor listing by three cases. Based on this, we have tried to find the way to reverse the negative impression of “backdoor listing”, as the research motivation of this research.
We have followed the idea of “Moneyball” by Michael Lewis (2003) about how to select and train the under-valued MLB players with the appropriate process to let these players becoming rising stars. We also has adopted the rules for IPO in NEEQ (National Equities Exchange and Quotations) that do not have to provide financial evaluation results, just providing some financial indicators to demonstrate these NEEQ-listed companies which could survive (operate) well. Thus, these financial indicators could be the key indices for us to choose the under-valued listed companies for “backdoor listing”. Furthermore, we tried to divide these financial ratios into 9 groups that follow the 9 components for constructing the business model which were developed by Osterwalder and Pigneur (2012); that is, we could use these 9 different kinds of financial ratios to make a complete diagnosis for these under-valued listed companies to choose the targets for “backdoor listing” to restoration these listed companies. In this research, we had adopted 6 cases to demonstrate our approach about choosing the under-valued listing companies as the target for “backdoor listing”. Our approach can also be used as a punishment for managers who do not seriously operate the company, allowing new management teams to recreate corporate value.

並列關鍵字

backdoor listing ； NEEQ (National Equities Exchange and Quotations) ； proxy fight ； financial indicators ； Business model

參考文獻

1.Afuah, A., (2014). Business Model Innovation – Concept, Analysis, and Cases. Routledge, Routledge Taylor & Francis Group, N.Y.

2.Burrough and Helyar, (1989). Barbarians At The Gate：The Fall of RJR Nabisco, 中文：《門外的野蠻人－當肥貓執行長遇上企業禿鷹》，譯者：胡瑋珊、黃思瑜，左岸文化出版。

3.Lewis, Michael, (2003). Moneyball, 中文：《魔球》，台北市：早安財經出版。

4.Magretta, Joan, (2002). “Why Business Models Matter,” Harvard Business Review, 80 (5), 86-92.

5.Osterwalder, Alexander and Yves Pigneur (2012).Business Model Generation, 中文：《獲利時代》，台北市：早安財經出版。