台灣借殼上市公司績效表現之研究

Abstract

本研究以台灣借殼上市公司為樣本，比較借殼上市公司與一般上市公司表現的差別。透過與同產業、相似規模的同儕比較財務與股價表現，探討借殼上市公司是否如一般所想的那麼差。 本研究蒐集自1995年至2013年台灣借殼上市的63個樣本，其中有41家屬於營建業，22家從事電子、家具、量販、食品、太陽能、水產養殖等其他產業。 本研究發現借殼上市公司的財務表現只有在借殼後第一年比一般上市同儕差，其他期間表現並不比較差，甚至在某些次樣本中，借殼上市公司表現比一般上市同儕好。這與一般認知中借殼上市公司表現較差的情況相反。 在股價表現方面，借殼上市公司的股價波動比其一般上市同儕大，投資人於投資時應多加注意。 借殼公司是否併入原公司資產與借殼公司表現好壞，結果並沒有顯著相關。而被借殼公司的市值也與借殼公司表現沒有顯著相關。

This research compares the performance of backdoor-listed firms in Taiwan with similar-sized IPO listing firms in the same industry. The objective is to figure out whether backdoor-listing is bad. The writer collected 63 backdoor-listed samples in Taiwan from 1995 to 2013. 41 of them are construction companies. The other 22 companies were in electronic industry, furniture industry, retail industry, food industry, solar power industry or aquaculture industry. The financial performance of the backdoor-listed firms in the first year was worse than industry peers. However, there was no significant difference between them in the following years. Moreover, in some subsample the backdoor-listed firms outperformed industry peers in some period. This result contradicts the conventional wisdom that backdoor-listed firms are bad quality companies. Investors should know that the stock price of backdoor-listed firms is more volatile than the price of their industry peers. The market value of the shell company and whether the backdoor-listed firm completes the merger won’t affect the performance of backdoor-listed firm.