首次公開募股（IPO）一直是大陸企業獲得上市資格的最主要途徑，但IPO門檻高，排隊多，審核慢，且證監會多次暫停IPO，企業上市阻礙較多。而借殼上市則擁有上市時間短、上市成本低等優勢，自1993年深寶安成為大陸首家借殼企業以後，大陸企業借殼上市（RTO）逐步增多，成為企業的上市融資手段之一。本文以IPO上市企業為對照組，比較2007年到2016年的借殼上市企業與IPO企業的累積超額報酬率（CAR）和購買持有超額報酬率（BHAR），研究借殼上市企業的短期和長期市場績效，判斷市場對借殼上市企業的認可程度；並通過會計指標法研究借殼上市企業的財務績效。本文研究表明借殼上市企業的短期市場績效和財務績效比IPO企業差，長期市場績效優於IPO企業。

The Initial Public Offering (IPO) is the most important way for Chinese enterprises to list, but the IPO has high threshold and the audit process is time-wasting. Furthermore, the CSRC has suspended IPO for many times, which makes the listing of enterprises more difficult. On the contrast, enterprises can save money and time by reversing merger , Shenbao An became first Chinese Reverse Merger Firm in 1993,since then RTO had increased gradually and became a significant financing means for listed enterprises . With the IPO listed enterprises as a control group, compared the CAR and BHAR between reverse merger enterprises and the IPO enterprises from 2007 to 2016, this paper researches in the short market and long market performance of the listed enterprises, and figures out the extent of the market to determine the reverse merger enterprises and financial performance by accounting index. The research shows that the short-term market performance and financial performance of RTO enterprises are worse than those of IPO enterprises, and the long-term market performance is better than that of IPO enterprises.

第一章 緒論 1
1.1 研究背景與研究意義 1
1.2 研究思路與框架 2
1.3 研究方法與創新 3
第二章 文獻綜述 4
2.1 相關概念界定 4
2.2 借殼上市文獻綜述 5
第三章 研究模型與實證分析 8
3.1 借殼上市與IPO綜合比較 8
3.2 借殼上市與IPO的市場績效對比分析 8
3.3 借殼上市與IPO的財務績效對比分析 14
第四章 研究結論及研究展望 21
4.1 研究結論 21
4.2 研究展望 21
參考文獻 23
附錄 25

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