借殼上市在全世界都盛行，雖然各個國家都針對借殼上市祭出許多法規來遏止，但是該風氣還是只漲不滅，原因在於上市 (櫃) 的條件對於某些企業來說太過嚴苛，以至於讓他們尋找更簡單上市 (櫃) 的方法，那就是花錢買殼，只要有錢，就能達到目的。

但是借殼上市的企業是否一定會有損投資人利益，其實至今沒有一定的答案，有些投資人是真心想把公司做好做大，極具野心的經營著公司，當然也有些投資人只想著藉由炒股票賺取資本利得，等到口袋賺飽了就走人，讓公司因此倒閉。

本論文研究個案地心引力股份有限公司，從一開始設立後所經營的光電產業，直到最近一次經營權異動後變更為文化創意業，發現該公司並沒有遇人不淑導致公司發生虧空或倒閉的問題，每個團隊都是很用心地在經營公司，一心想要把公司壯大，雖然有些力不從心，但是至少不是為了賺取個人資本利得而買殼，雖然產業不同，但是至少股東不用面臨公司結束營業，也沒有因此受到巨額損失，反而因為新經營團隊帶進來的營收，讓公司開始獲利，這也未嘗不是一件好事。

Reverse takeovers are popular all over the world. Though various countries have implemented regulations against reverse takeover, the trend remains unabated. When the criteria for IPO are too strict for some companies, they try to find an easy way which is spending money to buy a shell to achieve the goal of going public.

However, whether a reverse takeover will necessarily damage the interests of investors, in fact, there is no certain answer. Some investors have ambition to scale business and to make companies lager. Others just want to earn capital gains through stock speculation, and to close down companies when their pockets are full.

In this paper, the case study of Gravity Co., Ltd. had changed the business from electronic industry to public relations service since the latest management right transfer. It was found that the company was developed by the proper management and had no risk of bankruptcy.Teams worked hard to grow the business. With confronting the difficult challenge, they were not buying a shell to earn capital gains. Moreover, although the business type was total new, shareholders did not face the shutdown and the business did not suffer huge losses. Instead, the revenue contributed by new management team started to make the business profitable.

摘要 i
Abstract ii
誌謝辭 iii
1 緒論 1
1.1 研究動機 1
1.2 研究目的 3
2 文獻探討 4
2.1 文獻回顧 4
2.2 我國上市櫃申請規範 5
2.3 我國監理機制 7
2.4 借殼上市相關案例 9
3 個案分析 11
3.1 個案公司簡介 11
3.2 個案公司營運概況 16
3.3 個案公司股價走勢 18
3.4 個案公司財務結構 21
3.5 個案公司償債能力 22
3.6 個案公司經營能力 23
3.7 個案公司獲利能力 24
3.8 個案公司現金流量 25
3.9 個案公司營運及財務槓桿度 26
4 實證研究 27
4.1 研究方法 27
4.2 資料樣本 28
4.3 實證結果與分析 28
5 結論 37
參考文獻 39
中文部分 39
英文部分 40

中文部分

1.王凌葦 (2005), “上市公司財務主管異動宣告對股價報酬與企業經營績效之影響, ” 國立中央大學碩士研究所碩士論文。
2.王筱葳 (2015), “借殼上市公司的經營績效之研究, ”長庚大學工商管理學系碩士論文。
3.王曉雯與吳明政 (2011), “替換類型與市場競爭對總經理異動宣告股東財富之影響, ”《人文及社會科學集刊》, 23(2), 1-35.
4.黃劭彥, 邱安安, 與陳珮甄 (2010), “會計主管異動與公司資訊內涵, ” 《文大商管學報》,15(2), 21-49.
5.黃旭輝 (2006), “經理人異動與股東財富效果,” 《管理評論》,25(1), 23–45.
6.蔡其勳 (2006), “從會計師資訊的角度構建企業財務危機預警模型,” 靜宜大學企業管理碩士論文。
7.蔡詠鈞 (2013), “上市櫃公司經借殼上市後股價表現之研究, ”義守大學財務金融學系碩士論文。
8.蘇云睿 (2012), “借殼上市公司與一般上市公司財務績效分析-以建設公司為例, ” 國立成功大學高階管理碩士在職專班碩士論文。
9.經濟部中小企業處 (2019), 《中小企業白皮書》。


英文部分

1.Bonnier, K.-A. and R. F. Bruner (1989). "An analysis of stock price reaction to management change in distressed firms." Journal of Accounting and Economics, 11(1): 95-106.
2.Lubatkin, M., et al. (1986). "The Effect of Executive Succession on Stockholders Wealth of Large Corporations." Academy of Management Proceedings." Academy of Management Briarcliff Manor, NY 10510.
3.Walter, J. E. (1957). "Determination of Technical Solvency." The Journal of Business 30(1): 30-43.
4.Warner, J. B., Watts, R. L., & Wruck, K. H. (1988). "Stock prices and top management changes." Journal of financial Economics, 20, 461-492.
5.Ward, T. J., & Foster, B. P. (1997). "A Note on Selecting a Response Measure for Financial Distress." Journal of Business Finance & Accounting, 24(6), 869-879.
6.Wruck, K. H. (1990). Financial Distress, Reorganization, and Organizational Efficiency." Journal of Financial Economics, 27(2), 419-444.