借殼上市、公司治理與經營績效

Backdoor Listing, Corporate Governance and Business Performance

許秋斐(Chiu-Fei Hsu)

指導教授 ： 莊忠柱教授

淡江大學/商管學院/管理科學學系企業經營碩士在職專班/碩士(2015年)

https://doi.org/10.6846/TKU.2015.00182

摘要

本研究以2004年至2013年間在台灣證券交易所股票上市公司與櫃台買賣中心上櫃公司的被借殼上市公司為研究對象，利用複迴歸分析，探討借殼上市、公司治理與公司經營績效的關係。
研究發現若以股東權益報酬率與資產報酬率衡量公司績效時，顯示借殼上市對公司經營績效沒有影響，而以股價與TobinQ值衡量公司經營績效時，則顯示借殼上市對公司經營績效有正向影響。
若以股東權益報酬率與資產報酬率衡量公司績效時，資訊揭露品質會干擾減少借殼上市對公司經營績效的影響，而經理人持股比例與董事會獨立性皆干擾增加借殼上市對公司經營績效的影響。然而，若以TobinQ值衡量公司經營績效時，內部董事比例會干擾減少借殼上市對公司經營績效的影響，而外部董事比例、董事會獨立性皆干擾增加借殼上市對公司經營績效的影響。因此，可見公司治理機制會干擾影響借殼上市對公司經營績效的影響，本研究結果可提供公司利害相關人訂定決策的參考。

關鍵字

借殼上市 ； 經營績效 ； 資訊揭露品質 ； 內部董事比例 ； 經理人持股比例 ； 董事會的獨立性 ； 外部董事比例

並列摘要

This paper takes the backdoor listing companies in the Taiwan Stock Exchange and OTC from 2004 to 2013 as reseach objects. Multiple regression model is used to investigate the relationships among backdoor listing, corporate governance and business performance.
As the business performances are measured by return of equity(ROE) and return of asset(ROA), backdoor listing does not affect the business performance. As the business performances are measured by stock price and TobinQ value, backdoor listing has a positive influence on the business performance.
As the business performance measure by ROE and ROA, information disclosurequality decreases the effects of backdoor listing on the business performance, but managers holdings ratio and independence of director increase the effects of backdoor listing on the business performance. However, if the business performance is measure by TobinQ value, inside director ratio decreases the effects of backdoor listing of business performance, and outside director ratio and independence of director increase the effects of backdoor listing on the business performance. As a results, the corporate governance mechanisms affect the business performance after backdoor listing, and this results can make a reference to corporate stakeholders in making decision.

並列關鍵字

backdoor listing ； business performance ； information disclosure quality ； inside director ratio ； managers holdings ratio ； independence of director ； outside director ratio

參考文獻

3.曾梓祺(2014)。台灣借殼上市公司績效表現之研究。國立臺灣大學管理學院財務金融系碩士論文

4.Alkdai, H. K. Hussain and Mustafa M. Hanefah (2012),

7.Bhagat, Sanjai, David Hirshleifer and Robert Noah (2001), " The Effect of Takeovers on Shareholder Value, " Yale University, Working Paper.

1.Abidin, Zubaidah Zainal, Nurmala Mustaffa Kamal and Kamaruzaman Jusoff (2009), " Board Structure and Corporate Performance in Malaysia, " International Journal of Economics, 1(1)：150-164.

" NewCorporate Code and Immediate Performance Change of the NigerianFirms," Corporate Governance, 13 (2)：169-183.