反向併購之策略研究

The Study of Reverse-Acquisition Strategies

彭清淵(Ching-Yuan. Peng)

指導教授 ： 林哲群

國立清華大學/科技管理學院/經營管理碩士在職專班/碩士(2012年)

摘要

上市公司透過先減資、後私募引進策略投資人來改變股權結構，策略投資人於取得企業控制權後再以發行新股方式與另一未上市公司合併。法律形式上，合併後存續的上市公司是收購公司，合併後消滅的未上市公司為被收購公司；但經濟實質上，合併公司的股權與經營實權皆由原未上市公司的所有者牢牢掌握，此為併購類型中的反向併購(Reverse-Acquisition )。
在以借殼上市為併購目標下，標的選擇應可從以下條件考量：
1.營運持續虧損且已失去創造成長動能必要條件之企業。
2.原股東與經理階層結構單純，其退出障礙及後續整合條件低。
3.企業年資不久，後續員工資遣成本負擔不大。
4.預先考量有無符合主管機關合併核准條件及後續繼續上市條件之認定。
私募在反向併購的操作過程中是一個改變股權結構的重要運用工具，而在營運面上也是企業快速取得長期資金之良好經濟途徑，同時也是善用產業同盟進而擴大競爭優勢之策略工具。為了避免私募遭大股東濫用而成為套利工具，傷害小股東權益，主管機關訂有應募人資格限縮、價格門檻規定及私募後轉讓之限制。

關鍵字

反向併購 ； 借殼上市 ； 私募

並列摘要

Listed company reduce its capital and make private placement to introduce strategic investors and restructure its shareholders equity； Strategic investors had the listed company merge the unlisted company by insuring new shares of stocks after acquiring the control of the listed company. On the legal forms, acquiring company is the dominate unite, the acquired company is passive unite；Economic substance is the merged company and its operation is controlled by the shareholders of the unlisted company, this type for mergers and acquisitions in the reverse merger (Reverse-Acquisition).
To archive the mergers and acquisitions objective of making a backdoor listing, the following conditions are provided to be considered:
1.The enterprise which cause operating loss continues and loss the competitive advantage.
2. The enterprise which its shareholders and managements structure are uncomplicated so that shareholders and managements are not hard to exit the company, and make the post integration easy.
3. The enterprise which was not settled up for a long time so that pay removal costs less.
4. Considered in advance if match the merger approval conditions that required by the competent authority and subsequent continued listing requirements identified.
Private placement is an important way to change capital structure for the purpose of merge and acquisitions, it not only quickly make economic way of acquiring long-term fund,but also is thestrategy way of getting industry alliances to expand the competitive advantage. In order to avoid private placement abuse to hurt small shareholders' interests, the governance authorities make placees qualification limit shrinkage, price regulations and private transfer limit.

並列關鍵字

Reverse-Acquisition ； Back Door -Listing ； Private Placement

參考文獻

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