借殼公司之探討以台灣市場為例

吳佳佳(chia-chia wu)

指導教授 ： 徐政義

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2014年)

摘要

本研究藉由聯合知識庫新聞網、台灣經濟新報以及公開資訊觀測站中資料，整理自2003年到2013年期間台灣確實發生借殼上市事件的公司為樣本，說明借殼上市的程序及現象，並依據樣本個案借殻後經營型態予以分類，最後再分析市場對借殼上市事件的短期、長期反應，希望讓社會大眾可以對借殼上市事件的全部樣態有所了解。
本研究依據借殼上市公司借殼後公司經營型態，將借殼上市公司分為四個型態且輔以重要案例，分別為：(1)借殼後引進新經營團隊，且殼公司營運明顯改善者。(2)殼公司營運改善不明顯或並未改善者。(3)有嚴重異常情事受主管機關處以停止買賣交易或經法院判決確立有內線交易之情事者。(4)經營型態經法院起訴或判決有變相不法情事者。並經由前述分類後發現有些透過借殼管道上市的公司是好的，有些確實並不是那麼好，所以透過借殼管道上市之公司其實並非部分報導那樣的偏頗。
最後本研究以事件研究法探討借殼上市事件之宣告對股價之影響，實證研究顯示，在宣告日前後股價即有正的顯著異常報酬，這個正的異常報酬持續到借殼完成日為止，在借殼完成日之後的股價一開始仍然持續上升，在480日之後有稍微反轉。

關鍵字

借殼 ； 借殼上市

並列摘要

The study examines the backdoor listing, samples from real cases during the period of 2003-2013 in Taiwan, to discuss the procedure and explain the phenomenon. In order to shed a light on the cause and effect of backdoor listing, I analyze how the market respond to the events in short and long term according to the samples divided by business types.
Samples are categorized as 4 different types accompanied by important cases：(1) New leader teams are brought in with operation performance improved significantly. (2)operation performance improved slightly or not changed. (3) penalized hold of stock trading by regulatory authority for critical abnormal event or convicted of insider-trading by the court. (4)convicted of illegal infringement regarding to business type by court. I conclude that some backdoor companies truly improve their operation performance while some do not.
I also study the announcement effect on share price. The evidence reveal that the days prior and after the announcement have significant effect on the abnormal returns, which last until the completion of backdoor listing process, but reverse slightly 480 days thereafter.

參考文獻

14.蘇云睿，2012/6，借殼上市公司與一般上市公司財務績效分析－以建設公司為例，國立成功大學高階管理碩士在職專班碩士論文。

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