本文之研究期間為1995年10月至2009年07月為止，以26家於這段期間曾被借殼上市(櫃)公司為研究對象，主要是探討其被借殼上市後之長期投資績效與長期營運績效。長期投資績效分析結果顯示無論採用何種方法衡量，所獲取之長期平均異常績效均為正值，此似乎意謂著投資者若於公司借殼上市後購買股票且長期持有，其平均報酬優於基準之平均報酬。 長期營運績效之分析結果顯示台灣上市(櫃)公司經借殼上市後，其是呈現相對較差的獲利能力，且其平均值顯著低於同產業：以及其資產使用效率與長期償債能力呈現顯著之衰退。 綜言之，台灣上市(櫃)公司經借殼上市後，雖然存在優於基準之長期平均投資績效，但是其存在相對同產業顯著較差的長期營運績效。 The study investigated 26 TWSE/GTSM-listed companies that underwent backdoor listing during the period from October 1995 to July 2009. The main objective was to evaluate these companies’ long-term investment performance and operating performance after the backdoor listing. The long-term investment performance analysis shows that the long-term average performance would be positive, no matter what kind of method was used in the assessment. It suggests that an investor will have an average return above the baseline in the long run if s/he purchases the stock of a company after its backdoor listing. The long-term operating performance analysis suggests that the TWSE/GTSM-listed companies will have relatively lower profitability after the backdoor listing, with the average values being significantly lower than those of their counterparts in the same industry, and their asset utilization and long-term liquidity will also suffer a significant decline. To sum up, the TWSE/GTSM-listed companies may have better long-term average investment performance than the baseline after the backdoor listing. However, compared with their counterparts in the same industry, they exhibit significantly lower operating performance in the long run.
