借殼上市公司私募日股價反應之研究

Abstract

2012年07月我國公布證券交易所得課稅後，讓借殼上市變成規避稅金的途徑，借殼上市案例迅速增加。2013年08月因胖達人食安問題，引發大眾討論基因公司借殼上市以及相關炒股暴利。2013年12月主管機關為為健全證券市場及保障投資人權益，制定借殼上市相關監理制度，實施監理制度後，借殼上市案例受資訊公開及公司治理等相關規範，急速降低借殼上市案例。本研究目的探討借殼上市是否會造成股價大幅波動， 研究私募方式借殼上市者是否股價波動更為明顯。資訊不對稱是否造成市場不效率，產生套利空間，引發投資人追漲殺跌及從眾效應，以致讓股價過度反應。 本研究採用最近五年度借殼上市樣本，以事件日研究法探討相關異常報酬。經實證得知，借殼上市後會產生正向異常報酬，且以ANOVA分析結果顯示私募方式較私非募方式之異常報酬更為顯著，又以私募方式借殼上市中營建業較非營建業之異常報酬更為顯著，但對屬於上市或上櫃公司之異常報酬並無顯著差異。而上述實證結果之關鍵因素在於”資訊不對稱”產生較大的異常報酬，故私募方式較私非募方式之異常報酬更為顯著，借殼上市監理制度實施後，立即充分降低資訊不對稱。

The Capital gain tax on stocks has been adopted in July 2012, backdoor listing turns into a way of evading taxes. Backdoor listing cases increased rapidly. This research explores whether positive market reactions exist during backdoor listing events. We further compare the extent of market response of backdoor listing between private and non-private placement. Our empirical results revealed a significantly positive market reactions to backdoor listing events. In addition, the impact level of the private placement events was greater than that of the non-private placement events. Furthermore, backdoor listing by private placement, the results showed the impact level of the construction industry events was greater than that of the non- industry events. The results did not show significantly difference level of abnormal stock returns between Listing and OTC companies.