摘要近年来，随着我国经济转型升级，企业迅速发展壮大,其融资需求也日益高涨。由于当 前金融市场和银行体系存在一定的局限性,企业的融资活动受到诸多制约,难以满足其经营 和发展的需要。因此很多企业将目光投向了上市融资，而主流的 IPO 上市门槛高、成本高 昂、周期长,让众多有上市意愿的中小企业望而却步。而借壳上市,也称“反向并购”,作为 一种特殊的并购重组方式，因其费用低、周期短等特点,越来越受到企业的青睐和社会的关 注。在此背景下，本文研究我国企业选择借壳上市的动因，并通过事件研究法和配对样本 T 检验分别研究借壳上市行为对借壳企业短期和长期经营绩效的影响。79558

本文首先阐述了本课题研究的背景和意义，对研究方法和思路框架进行简要说明，然 后梳理了相关概念界定和理论基础，并进行文献综述，归纳和总结了关于借壳上市的国内 外研究成果，接着对我国企业借壳上市的现状进行描述，比较其与 IPO 上市特征的差异并 提出企业借壳上市的动因。接着选取了 2011-2015 年 64 家样本企业，采用事件研究法，研 究借壳上市对企业经营绩效的短期影响；采用配对样本 T 检验，研究借壳上市对企业经营 绩效的长期影响，最终得出结论。

本文认为，上市融资是我国企业选择借壳上市的首要动因，而其对借壳方的宣传、治 理、激励和发展等效应以及被借壳方的避免退市和再次发展等原因均促进了借壳热潮的发 展。而关于借壳上市后果，不论是短期还是长期，借壳上市行为的完成都会引起比较明显 的市场反应，但事件日后一段时间内市场又会反向调整之前的过度反应，总的来说，借壳 上市后的绩效表现要比借壳上市前好，所以通过借壳方式提升企业的效益和价值在我国是 可行的。

毕业论文关键词 借壳上市 融资需求 经营绩效 事件研究法 配对样本 T 检验

Title A study on the motivation and consequence of the backdoor listing of Chinese Enterprises

Abstract In recent years, with China's economic transformation and upgrading, the rapid development and growth of enterprises, the financing needs are also increasing。 Due to the current financial market and the banking system, there are some limitations, many enterprises are limited by many financial activities, it is difficult to meet the needs of their business and development。 So many companies will look to the listing and financing, and the mainstream of the IPO listed high threshold, high cost, long cycle, so many of the small and medium enterprises will be reluctant to put on the market。 Therefore, backdoor listing, also known as reverse mergers and acquisitions, as a special form of mergers and acquisitions, due to its low cost, short period and other characteristics, more and more attention to the company's favor and social。 Under this background, this paper studies motivation of Chinese enterprises select the backdoor listing, and through the event study method and paired samples t test were used to study the backdoor listing of enterprises backdoor short - and long-term business performance impact。

Described in this paper the background and significance of the research, a brief description of research methods and research framework, and literature review, summarizes a backdoor listing of domestic and foreign research results, and reviews the definition of related concepts and theoretical basis, the status of Chinese enterprises backdoor listing is described。 The advantages and shortcomings of compared with the IPO。 Then select the 2011-2015 64 sample enterprises。 By using the method of event study, the backdoor listing the short-term impact on business performance; using paired samples t test, the backdoor listing the long-term impact on business performance, finally draws the conclusion。