民营企业逆向收购后IPO及其融资困境摆脱

Private-owned Enterprises' IPO after Reverse Takeover and Financing Problems Solving

对以IPO与逆向收购方式上市交易的两类民营公司的比较研究发现,在股票回报方面,两类民营上市公司具有显著性差异,孰优孰劣取决于投资期限的长短,但长远上,以逆向收购上市民营公司股票回报显著性优于以IPO方式上市民营公司股票的回报;在公司治理方面,以IPO方式上市交易的民营公司显著性地优于以逆向收购上市的民营公司。判断CSRC的审批是否具有明显的积极作用取决于衡量标准。

By comparing the financial performance and corporate governance of private-controlled companies which went public by way of IPO and private-controlled companies which went public by way of reverse takeover, this pa- per finds that first, in terms of financial performance, in long term, the former type of private-controlled companies significantly under-performed the latter type of private-controlled companies; second, in terms of corporate gover- nance, the former type of private-controlled companies significantly over-performed the latter type of private-con- trolled companies. In a word, these findings suggest that CSRC does not have the ability to select private-owned en- terprises for IPO.