我国主板市场反向收购上市绩效的实证研究

发布时间：2018-01-21 08:37

本文关键词： 反向收购上市绩效实证研究对比　出处：《华南理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：反向收购是除IPO直接上市方式外，一种间接上市的方式。欲上市企业通过控制一个上市公司，并通过资产置换、资产购买、资产转移等手段把资产注入上市公司，实现资产证券化从而上市的过程即反向收购上市。反向收购上市一直是我国企业境外上市的重要途径，但是2010年随着美国资本市场中概股问题的爆发，反向收购再一次成为市场热词。在我国资本市场20多年的发展历程中，直接上市限制较多、成本较高，因此反向收购上市也是重要的上市途径。随着我国多层次资本市场建设的逐步完善，，反向收购的热度有所降低。但是在我国资本市场制度不断完善的前提下，反向收购仍不失为一种重要的上市途径，特别是未来，将在上市公司并购与被并购之间起到重要的作用。但反向收购上市与IPO上市之间到底有什么区别，其在上市之后的变现是否具有较大的差异，我国的学者对于这一个问题并没有过多的研究，特别是进行实证方面的研究。本文从反向收购上市绩效的角度出发，重点突出反向收购上市与IPO上市绩效之间的对比，从生存分析、市场表现以及经营绩效三个角度来反映上市绩效的差异。首先，利用Kaplan-Meier分析的方法，对比反向收购企业与IPO上市企业在长期市场表现方面的差异，得到反向收购上市企业的长期绩效要差于IPO上市企业；接下来，从股价、波动性和流动性三个方面对反向收购上市企业的市场表现进行研究，发现其股价表现要明显好于IPO上市企业，但其整体波动性大、流动性小，投资风险较大；最后，利用因子得分的方法分别计算上市之后1-3年之间反向收购上市企业与IPO上市企业的综合经营绩效，通过对比，发现前期反向收购上市企业与IPO企业的经营绩效没有显著差别，但是长期经营绩效下降。通过综合分析，得到反向收购上市由于上市过程中存在不透明性，使得其在生存表现、经营绩效等长期表现要显著差于IPO上市企业，虽然股价表现显著较好，但是一方面股票风险较大，而且长期显著性下降，趋于与IPO一致。通过上面的分析得出：反向收购上市的企业对于长期投资来说不是好的投资标的，监管者应该出台更为完善的措施来规范反向收购行为，从而实现资本市场的公平及完善资本市场的发展。
[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.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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