市场时机、反向收购及其经济后果——基于“山煤国际”的案例研究

Market Timing,Reverse Merger and Economic Consequence——A Case from Shanxi Coal International Energy Group Co.,Ltd.

近年来,股票市场的错误定价与公司并购已引起学术界关注。然而,现有文献仅研究了市场时机与上市公司之间的并购行为,对于资本市场中并购的另外一种形式——反向收购(又称借壳上市)较少涉及。与成熟资本市场的"注册制"不同,中国资本市场的"核准制"导致了上市公司"壳"资源稀缺的现象,使得反向收购成为中国资本市场独特的风景线。本文以山煤国际反向收购为研究对象,通过案例研究从市场时机视角剖析公司如何通过合理选择壳资源、并购支付方式以及定向增发的发行对象成功实现反向收购,提出了基于市场时机视角公司反向收购的理论分析框架。在此基础上,进一步结合公司股价市场表现和财务绩效评价并购时机对公司反向收购的重要价值。本文的研究结论扩展了市场时机理论在新兴资本市场公司反向收购领域的研究范畴,同时为上市公司、投资者和监管机构进行决策提供参考。

Mispricing and merge and acquisition （M＆A） in capital market have been the recent focuses of the academy. Current literature only focuses on marketing timing and M＆A between listed firms, however, the literature ignores another kind of M＆A reverse merge. This paper conducts a case study for Shanxi Coal International Energy Group Co. Ltd, analyzes how the firm selects the suitable shell for listing from market timing perspective, and how the firm successfully gets listed by selecting the proper payment method and target for private placement. The paper also analyzes the＇importance of market timing for a successful reverse merge by evaluating the market and accounting performance. This paper provides evidence for reverse merger from emerging market with the hypothesis of marketing timing.