本文關(guān)鍵詞： 反向收購 上市績效 實(shí)證研究 對比　出處：《華南理工大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：反向收購是除IPO直接上市方式外，一種間接上市的方式。欲上市企業(yè)通過控制一個(gè)上市公司，并通過資產(chǎn)置換、資產(chǎn)購買、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程即反向收購上市。 反向收購上市一直是我國企業(yè)境外上市的重要途徑，但是2010年隨著美國資本市場中概股問題的爆發(fā)，反向收購再一次成為市場熱詞。在我國資本市場20多年的發(fā)展歷程中，直接上市限制較多、成本較高，因此反向收購上市也是重要的上市途徑。隨著我國多層次資本市場建設(shè)的逐步完善，，反向收購的熱度有所降低。但是在我國資本市場制度不斷完善的前提下，反向收購仍不失為一種重要的上市途徑，特別是未來，將在上市公司并購與被并購之間起到重要的作用。 但反向收購上市與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，我國的學(xué)者對于這一個(gè)問題并沒有過多的研究，特別是進(jìn)行實(shí)證方面的研究。 本文從反向收購上市績效的角度出發(fā)，重點(diǎn)突出反向收購上市與IPO上市績效之間的對比，從生存分析、市場表現(xiàn)以及經(jīng)營績效三個(gè)角度來反映上市績效的差異。 首先，利用Kaplan-Meier分析的方法，對比反向收購企業(yè)與IPO上市企業(yè)在長期市場表現(xiàn)方面的差異，得到反向收購上市企業(yè)的長期績效要差于IPO上市企業(yè)；接下來，從股價(jià)、波動(dòng)性和流動(dòng)性三個(gè)方面對反向收購上市企業(yè)的市場表現(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年之間反向收購上市企業(yè)與IPO上市企業(yè)的綜合經(jīng)營績效，通過對比，發(fā)現(xiàn)前期反向收購上市企業(yè)與IPO企業(yè)的經(jīng)營績效沒有顯著差別，但是長期經(jīng)營績效下降。 通過綜合分析，得到反向收購上市由于上市過程中存在不透明性，使得其在生存表現(xiàn)、經(jīng)營績效等長期表現(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，而且長期顯著性下降，趨于與IPO一致。 通過上面的分析得出：反向收購上市的企業(yè)對于長期投資來說不是好的投資標(biāo)的，監(jiān)管者應(yīng)該出臺(tái)更為完善的措施來規(guī)范反向收購行為，從而實(shí)現(xiàn)資本市場的公平及完善資本市場的發(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)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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