基于因子分析法的借壳上市公司绩效评价与影响因素分析

Analysis on Performance Evaluation and Influencing Factors of Backdoor Listed Companies Based on Factor Analysis

借壳上市作为一种间接上市方式,其与IPO相比具有上市门槛低和可以快速上市等优势。所以近年来借壳上市已经成为热潮,是许多企业进行融资的手段。该文运用因子分析法对2007年至2014年我国沪深交易所A股成功进行借壳上市的公司借壳前后的并购绩效进行了实证分析,发现借壳上市从短期来看的确会暂时提高企业的经营绩效,但是从长期来看借壳行为不会提高企业的经营绩效。进而通过以上分析使企业更好地理解借壳上市行为,并为企业借壳上市决策做出指导。

As an indirect listing method,backdoor listing has the advantages of low threshold and quick listing.Therefore,in recent years,backdoor listing has become a hot trend,which is a means of financing for many enterprises.This paper uses factor analysis to carry on the empirical analysis on the M&A performance of A shares successful backdoor listing companies before and after the backdoor listing in the Shanghai and Shenzhen stock exchange in China from 2007 to 2014,finding that in the short term backdoor listing can temporarily improve the business performance of enterprises,but in the long term the backdoor behavior does not improve the business performance of enterprises.Through the above analysis,the company can better understand the behavior of backdoor listing,and provide guidance for the decision-making of backdoorlisting.