| Abstract: | 本論文過程以2017年7月透過公開收購方式借殼上市的「皇普建設」為個案討論公司，以Barney（1991）提出資源特性與持久競爭優勢間之關係模式分析個案公司競爭優勢形成之因素。探討個案公司的公司資源異質性、不可移動性，與部分資源具有價值性、稀少性、不可模仿性及其歷史獨特性、因果模糊性、社會複雜性與部分資源的替代性。
本論文統整國內外資源基礎相關論文與研究，並配合國內借殼上市與公開收購等法令規定，以資源基礎概念找出個案公司的主要資源能力，並運用公司治理及績效評估與財務指標等管理架構，進行以「改善借殼上市公司資源基礎以提升經營績效之研究」，並透過單一個案研究，將理論與實務互相驗證，深入探討個案公司在借殼上市後是如何運用其內部核心資源與依賴外部關係，並經由管理者在資源選擇過程裡，評估出對公司最適當的經營策略，來改善經營績效並維持在產業中的競爭優勢地位，進而建立起自身的競爭優勢。
本論文針對個案公司在借殼上市前1年、後2年分成五個財務構面探討殼公司於借殼前後3年間的變化，分別為公司規模、資產管理能力、獲利能力、財務槓桿程度，以及未來成長機會進行分析。並以借殼上市前1年、後 2年之財務比率及公司治理績效作比較，來驗證經營績效是否改善，得到如下結論：
一、 個案公司在借殼上市前，「殼」公司的財務績效趨於停滯或惡化。
二、 借殼上市雖然其動機為改善「殼」公司之經營績效，但其對「殼」公司造成
的之財務結構影響，可推論借殼動機主要仍為財務目的。
三、 借殼上市後「殼」公司之增資、私募與發債等行為，能使「殼」公司之財務
結構大幅改善。
四、 借殼上市後之經營績效及公司治理，對「殼」公司之財務績效及股價，會有顯著之影響。;The dissertation is based on the case study of Crowell Construction, which was listed by the backdoor through public acquisitions in July 2017. In line with Barney (1991), who proposed a relationship model between resource characteristics and lasting competitive advantage, the study analyzes the resource factors that form the bases of competitive advantage of the case company. The thesis discusses the case company’s resource heterogeneity and immovability, and some resources with valence, scarcity, non-imitation, and their historical uniqueness, causality, social complexity, and substitutability.
This thesis summaries relevant domestic and foreign resource-related studies, further incorporating domestic laws such as backdoor listing and public acquisition, to identify the main resource bases of the case company for producing competitiveness. Based on corporate governance, performance evaluation, financial indicators, and other management structure, the study assesses the performance improvement of the backdoor listed company with those resource bases. Through a single case study that links theory with practice, the study reasons in-depth why and how the case company has used its internal core resources and obtained critical external resources after having the ownership control of the case company. The result also shows how the management selects critical resources, evaluates the appropriate business strategy for improving business performance and maintaining competitiveness in the industry, and thereby possibly establish a lasting competitive advantage.
More specific, the thesis compares the company’s financial performance between one year before and two years after the backdoor listing in five aspects to show the company’s changes in three years. The five aspects include the size of the company, asset management, profitability, degree of financial leverage, and future growth potential. The comparison thus demonstrates the improvement of the company in terms of those financial indicators and corporate governance.
The study thus provides the following conclusions:
1. The case company’s financial performance before the backdoor listing has been stagnating or even deteriorating.
2. Although the motivation of the backdoor listing is to improve the operating performance of the target company, the financial structure impact on the target company demonstrates that backdoor listing can lead to great financial benefits, and thereby much business value.
3. Capital raising, private placement, and issued bonds and other financial behaviors can improve the financial structure of a company by backdoor listing.
4. The improved operating performance and corporate governance of a public, backdoor listed company could positively impact the company’s market value, thus benefiting its shareholders significantly. |
