從歷史經驗看台灣新制介殼法規

Abstract

本篇研究台灣市場在2013年因為基因(6130.TT)公司的「胖達人」事件讓市場又對借殼公司提高了警覺，證交所因此訂出了新制的法規來管理借殼上市公司，公司欲在台灣市場借殼上市變得更加困難，法規界定借殼與否主要由經營權變動與營業範圍重大變更來判斷，本研究發現需要監管的成本而且在界定時間點上也容易出現時間誤差，因此本研究建議應採用借殼後向主管機關進行申報，並提交營運及財務規劃書；對於證交所所訂製的門檻其中稅前盈餘占股本比率為本研究所關注，而此標準對於2004~2010的樣本研究發現確實可以有效判斷出借殼完成後三年的營運表現好壞，但並未考慮標準訂立之後可能有盈餘管理、美化財報的問題，本篇在個案分析及單年度借殼公司分析中舉出了通過證交所標準卻出現財務危機及未通過標準卻在上市後表現良好的案例，因此法規的訂立並無法完全杜絕類似胖達人炒股事件的發生。本篇研究借殼上市中殼公司的品質發現，殼公司的品質會影響借殼完成後的表現，由於借殼完成後會有如清算殼公司、殼公司的債務、少數股權等問題，因此本篇也認為好的公司應會追求一個良好的殼公司進行借殼，而若借殼公司挑選的殼是有財務危機或是炒股前科的公司，主管機及投資人關應提高警覺，避免類似胖達人事件再度發生。

This paper discusses reverse mergers of Taiwan market. In 2013, the “Top Pot Bakery” event evoked market’s concern about reverse mergers. Thus, the same year, Taiwan Stock Exchange amended the Securities Exchange Act to raise the requirements for backdoor listing. New rule makes hard to reverse mergers in Taiwan market now. The rule defined the reverse mergers by changing in board and operating range. This study found that it needs cost to investigate and sometimes it has time error. As a result, we suggest the company which did the reverse mergers should submit the financial and operational planning book. This paper verified the new reverse mergers rule by the sample from 2004 to 2010, and found the EBT to contributed capital can distinguish the company’s operations is good or bad. But the threshold does not consider earnings management and window dressing. This study gives examples of the reverse merger firms who didn’t meet the standards but still perform well and those who did meet the standards but had run into financial distress. So the rule can’t eradicate all the stock sensationalization. This study found the shell company’s quality would influence the company’s operating performance after reverse mergers. Because of liquidation, minority interest, and the debt of shell companies, this study indicates that the good company who want to list by backdoor would make a deal with good shell company. If the company finds the shell company with financial distress or bad criminal record doing the reverse mergers, the authorities and investors need to be vigilant to avoid the scandal to reappear.