国企借壳上市动因及短期绩效分析——基于国企改革三年行动方案背景下的多案例研究  

Motivation and Short-Term Performance Analysis of Backdoor Listing of State-Owned Enterprises:Multiple Case Studies based on the Context of the Three-Year Action Plan for SOE Reform

作　　者：冯来强 杨飏 Feng Laiqiang;Yang Yang

机构地区：[1]吉首大学商学院

出　　处：《管理会计研究》2024年第4期42-53,共12页MANAGEMENT ACCOUNTING STUDIES

摘　　要：国有企业进行战略性重组是国企改革三年行动方案背景下的热点问题,借壳上市是国企重组的主要方式之一,也是国企资源配置优化的重要路径,其动因和绩效受各方关注。本文以四起国企借壳上市案例为研究对象,首先分析案例公司借壳上市动因,发现案例公司借壳上市动因存在差异;其次,分析国企在借壳上市前后短期绩效的变化,发现国企借壳上市后的盈利能力较差,但在创新投入强度、市场占有率、融资能力和管理协同等方面表现较好;最后,采用事件研究法,探究借壳上市事件的市场反应,发现借壳方有IPO失败经历,且壳公司存在退市风险警示的,其股票价值变动较小;借壳方没有IPO失败经历,且壳公司重组前未出现退市风险警示的,其股票价值显著上涨。The strategic restructuring of state-owned enterprises is a hot issue in the context of the three-year action plan of state-owned enterprise reform.Backdoor listing is one of the main ways of stateowned enterprise restructuring and an important way to optimize the allocation of state-owned enterprises'resources,and its motivation and performance are concerned by all parties.This paper takes four cases of backdoor listing of state-owned enterprises as the research object,first analyzes the motivation of backdoor listing of case companies,and finds that there are differences in the motivation of backdoor listing of case companies.After analyzing the short-term performance changes before and after backdoor listing,This paper finds that the short-term performance of SOEs in backdoor listing is poor in terms of profitability,but performs better in terms of innovation investment intensity,market share,financing ability and management coordination.Finally,using the event study method to explore the market reaction of backdoor listing event,this paper finds that the stock price changes less when the backdoor party has IPO failure experience and the shell company has delisting risk warning.If the backdoor party has no IPO failure experience,and there is no delisting risk warning before the reorganization of the shell company,its stock value rises significantly.

关 键 词：借壳上市 动因 短期绩效 市场反应 

分 类 号：F832.51[经济管理—金融学] F276.1F275