Stock Performance of Listed Companies after Backdoor Listing
碩士 === 義守大學 === 財務金融學系 === 101 === “Back-door Listing”, in Taiwan Stock Exchange Corporation is defined as that a private company through market purchasing, shares exchanging or private investing to get qualification of listing. By getting a listed company which with bad management or difficulty man...
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ndltd-TW-101ISU003040052015-10-13T22:12:37Z http://ndltd.ncl.edu.tw/handle/18261130976622374136 Stock Performance of Listed Companies after Backdoor Listing 上市櫃公司經借殼上市後股價表現之研究 TSAI YUNG JIUN 蔡詠鈞 碩士 義守大學 財務金融學系 101 “Back-door Listing”, in Taiwan Stock Exchange Corporation is defined as that a private company through market purchasing, shares exchanging or private investing to get qualification of listing. By getting a listed company which with bad management or difficulty managing, it could modify or increase the business item s in order to list. The most different point between private investing and Back-door Listing is that private equity owner usually has less influence to the management of the company; however, Back-door listing might take down the right of managing the company by increasing fund or shares exchanging. Because of the practice of capital gains tax during 2013, Back-door Listing companies boost in amount. The research is about the process and the pattern of Back-door Listing and the effect of the share price: Is it goes better than a normal listed company? By using the event study methodology, I analyze the abnormal returns of back-door listing. The results of analysis shows the stock of back-door listing after the event accumulates abnormal returns and it can tell that back-door listing is a choice for companies which are about to delist because of the bad management. The practice of capital gains tax makes the back-door listing worthy investing. The strength of the back-door listing is that there is no need for private company to go through the IPO and problems of capital gains tax. It could seize the best time to listing and also raise the market valuation. WU SHENG YEH CHOU CHUNG HUI 吳昇曄 周崇輝 2013 學位論文 ; thesis 36 zh-TW |
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碩士 === 義守大學 === 財務金融學系 === 101 === “Back-door Listing”, in Taiwan Stock Exchange Corporation is defined as that a private company through market purchasing, shares exchanging or private investing to get qualification of listing. By getting a listed company which with bad management or difficulty managing, it could modify or increase the business item s in order to list. The most different point between private investing and Back-door Listing is that private equity owner usually has less influence to the management of the company; however, Back-door listing might take down the right of managing the company by increasing fund or shares exchanging.
Because of the practice of capital gains tax during 2013, Back-door Listing companies boost in amount. The research is about the process and the pattern of Back-door Listing and the effect of the share price: Is it goes better than a normal listed company? By using the event study methodology, I analyze the abnormal returns of back-door listing.
The results of analysis shows the stock of back-door listing after the event accumulates abnormal returns and it can tell that back-door listing is a choice for companies which are about to delist because of the bad management. The practice of capital gains tax makes the back-door listing worthy investing. The strength of the back-door listing is that there is no need for private company to go through the IPO and problems of capital gains tax. It could seize the best time to listing and also raise the market valuation.
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WU SHENG YEH |
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WU SHENG YEH TSAI YUNG JIUN 蔡詠鈞 |
author |
TSAI YUNG JIUN 蔡詠鈞 |
spellingShingle |
TSAI YUNG JIUN 蔡詠鈞 Stock Performance of Listed Companies after Backdoor Listing |
author_sort |
TSAI YUNG JIUN |
title |
Stock Performance of Listed Companies after Backdoor Listing |
title_short |
Stock Performance of Listed Companies after Backdoor Listing |
title_full |
Stock Performance of Listed Companies after Backdoor Listing |
title_fullStr |
Stock Performance of Listed Companies after Backdoor Listing |
title_full_unstemmed |
Stock Performance of Listed Companies after Backdoor Listing |
title_sort |
stock performance of listed companies after backdoor listing |
publishDate |
2013 |
url |
http://ndltd.ncl.edu.tw/handle/18261130976622374136 |
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