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研究生： 陳姵汝
Pei-ju Chen
論文名稱： 台灣市場借殼上市對於殼公司之影響
the effect of reverse takeover on sell company in Taiwan
指導教授： 徐政義
Cheng-yi Shiu
口試委員:
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融學系
Department of Finance
論文出版年： 2014
畢業學年度： 102
語文別： 中文
論文頁數： 46
中文關鍵詞： 台灣市場 、借殼上市 、營運績效 、反向購併
外文關鍵詞： reverse takeover, Taiwan market
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    • 無論是美國市場亦或台灣市場，已有許多文獻探討借殼後對於殼公司股價之影響，美國市場與台灣市場的殼公司也存在些許差異，因此本文研究台灣市場之借殼上市，本文補足台灣市場1990至2012年間，歷年來進行借殼上市公司之樣本，整理出79間借殼公司，且分成五個構面探討殼公司於借殼前後三年間的變化，分別為公司規模、資產管理能力、獲利能力、財務槓桿程度，以及未來成長機會。本文發現借殼前殼公司存在許多經營不善的現象，對於殼公司而言，被借殼上市為一個轉變的契機，藉由借殼公司的資源，確實能夠改善殼公司本身的狀況，因此借殼完成後，殼公司之公司規模、資產管理能力、獲利能力與成長性皆較相對產業佳。

    There are a few studies examining the market reactions to the reverse takeovers in U.S and Taiwan. Because the shell company in Taiwan is a little different from in U.S. This paper examines the reverse takeover in Taiwan. In this paper, I find a sample of 79 shell companies in the period from 1990 to 2012. This paper discusses five dimensions about the shell companies 3 years before and after reverse takeover. Dimensions are company scale, the ability of asset management, profitability, financial leverage, and opportunities of growth respectively.

    摘要..................................................... II ABSTRACT................................................ III 目錄..................................................... IV 表目錄..................................................... V 圖目錄.................................................... VI 第一章 緒論................................................ 1 1-1 研究背景與動機.......................................... 1 1-2 研究目地............................................... 3 1-3 研究架構............................................... 5 第二章 文獻回顧............................................. 6 2-1 購併.................................................. 6 2-2 公開發行上市............................................ 7 2-3 借殼上市 .............................................. 8 第三章研究方法.... ......................................... 9 3-1 樣本來源............................................... 9 3-2 績效衡量方法............................................ 9 3-3 計算方式.............................................. 14 第四章研究結果............................................. 18 4-1樣本介紹............................................... 18 4-2 研究結果.............................................. 20 第五章結論................................................ 43 參考文獻.................................................. 45

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    劉淑梅 (2008) “運用財務比率構建借殼上市公司財務危機預警模型”實踐大學企業管理研究所碩士論文

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