本文關(guān)鍵詞： 反向收購(gòu) 上市績(jī)效 實(shí)證研究 對(duì)比　出處：《華南理工大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：反向收購(gòu)是除IPO直接上市方式外，一種間接上市的方式。欲上市企業(yè)通過(guò)控制一個(gè)上市公司，并通過(guò)資產(chǎn)置換、資產(chǎn)購(gòu)買(mǎi)、資產(chǎn)轉(zhuǎn)移等手段把資產(chǎn)注入上市公司，實(shí)現(xiàn)資產(chǎn)證券化從而上市的過(guò)程即反向收購(gòu)上市。 反向收購(gòu)上市一直是我國(guó)企業(yè)境外上市的重要途徑，但是2010年隨著美國(guó)資本市場(chǎng)中概股問(wèn)題的爆發(fā)，反向收購(gòu)再一次成為市場(chǎng)熱詞。在我國(guó)資本市場(chǎng)20多年的發(fā)展歷程中，直接上市限制較多、成本較高，因此反向收購(gòu)上市也是重要的上市途徑。隨著我國(guó)多層次資本市場(chǎng)建設(shè)的逐步完善，，反向收購(gòu)的熱度有所降低。但是在我國(guó)資本市場(chǎng)制度不斷完善的前提下，反向收購(gòu)仍不失為一種重要的上市途徑，特別是未來(lái)，將在上市公司并購(gòu)與被并購(gòu)之間起到重要的作用。 但反向收購(gòu)上市與IPO上市之間到底有什么區(qū)別，其在上市之后的變現(xiàn)是否具有較大的差異，我國(guó)的學(xué)者對(duì)于這一個(gè)問(wèn)題并沒(méi)有過(guò)多的研究，特別是進(jìn)行實(shí)證方面的研究。 本文從反向收購(gòu)上市績(jī)效的角度出發(fā)，重點(diǎn)突出反向收購(gòu)上市與IPO上市績(jī)效之間的對(duì)比，從生存分析、市場(chǎng)表現(xiàn)以及經(jīng)營(yíng)績(jī)效三個(gè)角度來(lái)反映上市績(jī)效的差異。 首先，利用Kaplan-Meier分析的方法，對(duì)比反向收購(gòu)企業(yè)與IPO上市企業(yè)在長(zhǎng)期市場(chǎng)表現(xiàn)方面的差異，得到反向收購(gòu)上市企業(yè)的長(zhǎng)期績(jī)效要差于IPO上市企業(yè)；接下來(lái)，從股價(jià)、波動(dòng)性和流動(dòng)性三個(gè)方面對(duì)反向收購(gòu)上市企業(yè)的市場(chǎng)表現(xiàn)進(jìn)行研究，發(fā)現(xiàn)其股價(jià)表現(xiàn)要明顯好于IPO上市企業(yè)，但其整體波動(dòng)性大、流動(dòng)性小，投資風(fēng)險(xiǎn)較大；最后，利用因子得分的方法分別計(jì)算上市之后1-3年之間反向收購(gòu)上市企業(yè)與IPO上市企業(yè)的綜合經(jīng)營(yíng)績(jī)效，通過(guò)對(duì)比，發(fā)現(xiàn)前期反向收購(gòu)上市企業(yè)與IPO企業(yè)的經(jīng)營(yíng)績(jī)效沒(méi)有顯著差別，但是長(zhǎng)期經(jīng)營(yíng)績(jī)效下降。 通過(guò)綜合分析，得到反向收購(gòu)上市由于上市過(guò)程中存在不透明性，使得其在生存表現(xiàn)、經(jīng)營(yíng)績(jī)效等長(zhǎng)期表現(xiàn)要顯著差于IPO上市企業(yè)，雖然股價(jià)表現(xiàn)顯著較好，但是一方面股票風(fēng)險(xiǎn)較大，而且長(zhǎng)期顯著性下降，趨于與IPO一致。 通過(guò)上面的分析得出：反向收購(gòu)上市的企業(yè)對(duì)于長(zhǎng)期投資來(lái)說(shuō)不是好的投資標(biāo)的，監(jiān)管者應(yīng)該出臺(tái)更為完善的措施來(lái)規(guī)范反向收購(gòu)行為，從而實(shí)現(xiàn)資本市場(chǎng)的公平及完善資本市場(chǎng)的發(fā)展。
[Abstract]:Reverse takeover is an indirect way of listing in addition to the direct listing of IPO. The company wants to be listed by controlling a listed company, and through asset exchange, asset purchase. Asset transfer and other means inject assets into listed companies and realize the process of asset securitization. Reverse takeover listing has always been an important way for Chinese enterprises to list overseas, but in 2010, with the outbreak of the problem of almost shares in the American capital market. Reverse takeover has once again become a hot word in the market. In the development of China's capital market for more than 20 years, there are more restrictions on direct listing and higher cost. Therefore, reverse takeover listing is also an important listing approach. With the gradual improvement of multi-level capital market construction in China, the heat of reverse takeover has been reduced, but under the premise of continuous improvement of China's capital market system. Reverse takeover is still an important way of listing, especially in the future, which will play an important role between M & A and M & A of listed companies. However, what is the difference between the reverse takeover listing and IPO listing, and whether there is a great difference in the realization after listing, Chinese scholars have not done too much research on this issue. In particular, empirical research is carried out. From the perspective of reverse takeover listing performance, this paper focuses on the contrast between reverse takeover listing and IPO listing performance, from the survival analysis. The market performance and the operating performance reflect the difference of the listed performance. First of all, using the method of Kaplan-Meier analysis, compare the differences between reverse buyout enterprises and IPO listed companies in the long-term market performance. The long-term performance of the listed enterprises obtained by reverse takeover is worse than that of the IPO listed enterprises. Then, from the stock price, volatility and liquidity of the market performance of reverse takeover listed companies were studied, found that the performance of its stock price is obviously better than IPO listed companies, but its overall volatility is large. The liquidity is small, the investment risk is bigger; Finally, using the factor score method to calculate the comprehensive performance of listed companies and IPO listed companies between 1-3 years after listing, through comparison. It is found that there is no significant difference in the operating performance between the listed companies and the IPO enterprises, but the long-term operating performance is declining. Through the comprehensive analysis, it is concluded that the long term performance of the reverse takeover listing is worse than that of the IPO listed enterprises because of the opacity in the process of listing, such as survival performance, operating performance and so on. Although the stock price performed significantly better, on the one hand, the stock is riskier, and the long-term significant decline, tend to be consistent with IPO. Through the above analysis: reverse takeover listed enterprises for long-term investment is not a good investment target, regulators should introduce more perfect measures to regulate reverse takeover behavior. In order to achieve equity of the capital market and improve the development of the capital market.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F224

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