借壳上市绩效的实证分析——基于A股上市样本会计学专业论文.docxVIP

i i 摘要 摘要 兼并收购是资本市场上永恒的主题，是优化资源配置的重要方式。“借壳上市” 作为并购的重要方式之一，具有上市成本低、审核时间短等优势，从而引起了拟上市 公司的广泛关注。但是公司成功借壳上市的同时却不断爆出内幕交易的丑闻，使人们 逐渐将“借壳上市”等同于“ST 股炒作”。借壳上市是否能增加公司的市场价值？近 年来借壳上市是否得到了进一步的规范？这些都是值得我们深入研究的问题。 本文通过对并购及借壳上市相关基础理论的回顾与分析，运用描述性统计和 Logistic 模型分别分析了借壳双方的特征。然后，以 2007 年至 2010 年四年间我国沪 深两市 A 股市场上的 49 家上市公司为样本，首先采用描述性统计的方法对借壳上市 的绩效进行了检验，结果发现：借壳上市在短期内对平均超常收益率（AAR）和累计 平均超常收益率（CAAR）都产生了正影响，也就是说借壳上市在短期内可以提高上 市公司的市场价值，但同时发现市场有提前反应的现象，可能是由于市场存在内幕交 易和借机炒作行为造成的。在分年度对累计平均超常收益率进行分析后发现，其数值 呈逐年下降趋势，可能是借壳上市行为正在得到不断的规范；而对比了跨行业借壳公 司和非跨行业借壳公司的累计平均超常收益率后发现，跨行业的借壳上市行为有一个 明显更高的超常收益率。随后对并购绩效的影响因素进行了多元线性回归分析，结果 发现规模以及盈利能力与并购绩效显著负相关，而成长性、自由现金流量、借壳双方 的行业相关程度以及支付方式等因素在影响程度上不具备统计检验的显著性。最后， 总结了全文的研究结论并提出了相应的改善建议，指出了本文的局限性并对未来进一 步的研究提出了展望。 关键词：借壳上市 绩效 事件研究法 A 股上市 ii ii Abstract Abstract Merger and acquisition is an eternal theme of the capital market, and an important way to optimize the allocation of resources. Backdoor listing, an important way of MA, with advantages such as low transaction costs and easy entrance to the stock market, has aroused widespread concern. However, as many backdoor listings go with inside trading scandals, the backdoor listing has been regarded as the speculation of ST stock. Can backdoor listing increase the market value of listed companies? Whether backdoor listing has got further specification in recent years? These questions are all worthy of our in-deep research. First, researches on MA and backdoor listing are drawn to define concepts about backdoor listing, and make a clear scope of this study. Then, basic theories of MA and backdoor listing are reviewed and analyzed. After analysis on economic and legal background of backdoor listing, features of both participants of backdoor listing are analyzed by descriptive statistics and logistic regression. Then, taking data of 49 Chinese listed companies in Shanghai and Shenzhen A-share market from 2007 to 2010 as samples, an empirical study of the performance of backdoor listing is made by event study. It turns out that b