借壳上市、壳价值与资源配置效率
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| Title | Reverse Merger, Shell Value and Resource Allocation Efficiency
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| 作者 | 屈源育 沈涛 吴卫星 |
| Author | Qu Yuanyu,Shen Tao and Wu Weixing |
| 作者单位 | 清华大学经济管理学院；对外经济贸易大学应用金融研究中心 |
| Organization | Tsinghua University; Research Center of Applied Finance |
| 作者Email | quyy.14@sem.tsinghua.edu.cn；shentao@sem.tsinghua.edu.cn；wilsonwxwu@126.com |
| 中文关键词 | 壳价值 借壳上市 资源配置效率 财务政策 |
| Key Words | Shell value; Reverse merger; Resource allocation efficiency; Corporate policy |
| 内容提要 | 我国目前实行的是IPO审核制，这导致上市公司享有一部分由稀缺上市资格所带来的溢价，即壳价值。借助于手工整理的借壳上市交易样本，我们计算出中国股票市场的平均壳价值为33亿元。在分析了影响上市公司壳价值和被借壳概率的因素后，我们估算出了所有上市公司的期望壳价值，结果表明A股上市公司的期望壳价值大约占总市值的1.2%。我们用期望壳价值与市值比来衡量一个上市公司的壳价值含量，并基于2016年证监会收紧借壳上市的政策冲击证实了该指标的可靠性。最后，我们检验了上市公司壳价值含量与公司财务政策的关系，发现期望壳价值比例越大的上市公司越倾向于采取消极的财务政策，如减少投资、融资、以及分红。这些壳价值含量高的“僵尸企业”的存在降低了资本市场的资源配置效率。 |
| Abstract | China Securities Regulatory Commission imposes strict restrictions on IPO, giving rise to the shell value of the listed firms in China. With a comprehensive hand-collected reverse mergers (RMs) sample in China, we are able to identify the shell value of listed firms and find that it has a size of 3.3 billion RMB. We then explore the determinants of shell value and the probability of being a shell. We define a firm’s expected shell value as the product of the shell value and the probability of being a shell, and find that on average the expected shell value is about 1.2% of the total market value. Using a policy shock in 2016, we show that our shell value measure indeed captures the shell value content of the listed firms. Lastly, we find that the expected shell value significantly affects corporate policies. Firms with higher expected shell value tend to invest less, finance less, and payout less. The existence of shell value largely reduces the resource allocation efficiency of the capital market. |
| 文章编号 | WP1208 |
| 登载时间 | 2017-07-20 |
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