臺灣博碩士論文加值系統

愈來愈多的上市公司選擇以海外權益融資的方式作為公司籌措資金來源的重要管道，為了解海外存託憑證的發行對於公司價值的影響，本文以國內上市上櫃公司的首次海外存託憑證發行，作為研究對象，研究期間為民國80年初至92年6月，共包含75個事件樣本。研究結果發現：整體而言，海外存託憑證的發行宣告並未對股價造成顯著的影響，不過，進一步將樣本分類，我們可明顯看出宣告效果會因公司的資訊不對稱程度、成長機會、規模、前期股價表現和外銷比率的不同而有所差異，其中，資訊不對稱程度較大、成長機會較高、規模較小、前期股價表現較差以及外銷比率較高的公司，其海外存託憑證的發行宣告效果較佳。此外，我們也發現海外存託憑證的發行公司，其長期績效優於未發行的公司，且此一長期績效的表現，亦與上述之公司特性息息相關。

As more and more domestic companies raise funds through global equity offerings, we examine the announcement effects of global depository receipts (GDRs) on corporate value. Our sample includes 75 event companies with initial global equity offering listed on Taiwan Stock Exchange during Jan. 1991 to Jun. 2003. The results show that announcement of GDRs is not accompanied with a significant effect on corporate value, but the announcement effects are related to information asymmetry, growth opportunity, firm size, prior stock return, and export ratio. We find that companies with higher information asymmetry, larger growth opportunity, smaller size, lower prior stock return, and higher export ratio would be associated with better announcement effects. In addition, companies with initial equity offerings usually have better long-term performance than their matching firms, and this long-term performance is related to prior firm characteristics as well.

中文摘要...................................... I
英文摘要...................................... II
誌謝辭....................................... III
目錄...........................................IV
表目錄......................................... V
圖目錄.........................................VI
第一章緒論......................................1
第一節研究背景與動機........................1
第二節研究目的..............................7
第三節全文架構與研究流程....................7
第二章文獻回顧 .................................9
第一節海外融資相關理論文獻..................9
第二節國外實證文獻.............................13
第三節國內實證文獻…...........................23
第三章研究方法.................................27
第一節研究假說.............................27
第二節研究範圍…...........................31
第三節實證方法.............................34
第四節研究變數之操作性定義與衡量...........39
第四章實證分析.................................43
第一節敘述統統計分析.......................43
第二節相關分析.............................47
第三節首次海外存託憑證發行宣告對股價之反應.51
第四節海外存託憑證發行宣告之迴歸分析.......69
第五節海外存託憑證發行後的長期經營績效.....76
第五章結論與建議...............................83
第一節研究結論.............................83
第二節研究建議.............................87
參考文獻.......................................88

一、中文部分
１.朱炫璉，「上市公司發行海外存託憑證之研究」，國立政治大學會計研究所未出版碩士論文，民國84年。
２.胡志榮，「發行海外存託憑證對標的股價之影響-台灣之實證研究」，長庚醫學暨工程學院管理學研究所未出版碩士論文，民國86年。
３.夏侯欣榮，「台灣增資新股上市後長期績效之研究」，管理評論，第19卷，第2期，民國89年，第1-33頁。
４.馬君梅、吳敏娟、柯柏成，「探討企業發行海外存託憑證之資訊內涵」，會計研究月刊，第195期，民國90年， 116-124頁。
５.連榮華，「上市公司發行海外存託憑證意願與價格之研究」，政治大學企業管理研究所未出版碩士論文，民國83年。
６.陳高商，「海外存託憑證定價與套利實證研究」，國立中山大學財務管理學系研究所未出版之碩士論文，民國91年。
７.黃旭輝，「公司成長機會對經理人持股、報償與董事監察人組成影響之研究」，國立政治大學企業管理研究所未出版博士論文，民國86 年7 月。
８.廖峰儀，「發行海外存託憑證對臺灣上市公司價值之影響」，朝陽科技大學財務金融系未出版碩士論文，民國91年。
９.黎珈瑋，「我國資訊電子業發行海外有價證券之公司特性與決策研究— 以海外存託憑證為例」，國立東華大學國際企業研究所未出版碩士論文，民國91年。
１０.闕河士、黃旭輝，「成長機會與股票股利關係之實證研究－代理問題觀點」，
管理與資訊學報，第2期，民國86 年4 月， 第133-148 頁。
二、英文部分

1.Ambarish, R., J. Kose, and W. Joseph, 1987, “Efficient Signaling with Dividends and Investments,” Journal of Finance, 42, pp.321-334
2.Amihud, Y., and H. Mendelson, 1986, “Asset pricing and the bid-ask spread,” Journal of Financial Economics 17, pp. 223-249.
3.Barclay, M. and C., Smith, 1995, “The maturity structure of debt,” Journal of Finance, 50, pp.609-631.
4.Barnea, A., R. Haugen and L. Senbet, 1985, “Agency Problems and Financial Contracting,” Englewood Cliff, NJ: Practice Hall Foundations of Finance Series.
5.Bayless, M. and S. Chaplinsky, 1996, “Is There a Window of Opportunity for Seasoned Equity Issuance?,” Journal of Finance, 51(1), pp.253-278.
6.Biddle, G.C. and S.M. Saudagaran, 1991, “Foreign stock listings: benefits, costs, and the accounting policy dilemma,” Accounting Horizons, pp. 69-80.
7.Chaplinsky, S. and L. Ramchand, 2000, “The impact of global equity offerings,” The Journal of Finance, 6, pp.2767-2789
8.Chi, C.H., 1988, “American depositary receipt issues by Japanese corporations: the information value of cross-country listing on the U.S. market,” Ph. D. dissertation. The George Washington University.
9.Christie, W., and R. Huang, 1994, “Market Structures and Liquidity: A Transactions Data Study of Exchange Listings,” Journal of Financial Intermediation, 3, pp.300-326.
10.Collins D.W. and S. P. Kothari, 1989, “An analysis of inter emporia and cross-sectional determinants of earning response coefficients,” Journal of Accounting and Economics, 11, pp.141-181.
11.Datta S., M.I. Datta, and A. Patel, 2002, “Some evidence on the uniqueness of initial public debt offerings.” Journal of Finance, 55, pp.715-743
12.Dharan, B. G. and D. L. Ikenberry, 1995, “The Long-Run Negative Drift of Post-listing Stock Returns,” Journal of Finance, 50, pp.1547-1574.
13.Errunza, V. R., and D. P. Miller, 2003, “Valuation effects of seasoned global equity offerings,” Journal of Banking & Finance, 27, pp.1611-1623
14.Errunza, V., and D. Mille, 2000, “Market segmentation and the cost of capital in international equity markets.” Journal of Financial and Quantitative Analysis, 35, pp.577-600
15.Errunza, V., and D. Miller, 2003, “Valuation effects of seasoned global equity offerings.” Journal of Banking & Finance, 27, pp.1611-1623
16.Errunza, V., and E. Losq, 1985, “International Asset Pricing under Mild Segmentation: Theory and Test,” Journal of Finance, 40, pp.105-124
17.Fama, E. F. and K. R. French, 1992, “The cross section of expected stock returns,” Journal of Finance, 47, pp.427–465.
18.Fama, E.F., L. Fisher, M.C. Jensen and R. Roll, 1969, “The Adjustment of Stock Prices to New Information”, International Economic Review, Vol. 10, No. 1, pp. 1-21.
19.Foerster, S. R. and G. A. Karolyi, 1999, “The effects of market segmentation and investor recognition on asset prices: evidence from foreign stocks listing in the United States.” Journal of Finance, 53, pp.981-1013
20.Gaver, J. J. and K. M. Gaver, 1993, “Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies,” Journal of Accounting and Economics, Vol. 16, pp. 125-160.
21.Howe, J. S., and K. Kelm, 1987, “The stock price impacts of overseas listings,” Financial Management, 16, pp.51-56.
22.Jayaraman, N., K. Shastri, and K.Tandon, 1993, “The impact of international cross listings on risk and return: The evidence from American Depository Receipts.” Journal of Banking and Finance, 17, pp. 91-103.
23.Jensen, M., 1986, “Agency costs of free cash flow, corporate finance and takeovers,” American Economic Review, 76, pp.323-329.
24.Kadlec, G. B., and J. J. McConnell, 1994, “The effect of market segmentation and illiquidity on asset prices: Evidence from exchange listings,” Journal of Finance, 49, pp. 611-636.
25.Leland, H. and D. Pyle, 1977, “Informational asymmetries, financial structure and financial intermediation,” Journal of Finance, 32, pp.371-387.
26.Lins, K., D. Strickland, and M. Zenner, 1999, “Do non-U.S. firms issue stock on U.S. equity markets to relax capital constraints?,” Working Paper, University of North Carolina.
27.Loughran, T. and J. Ritter, 1995, “The new issue puzzle,” Journal of Finance, 50, pp.23-51
28.McConnell, J., and G.. Sanger, 1986, “Stock exchange listings, firm value, and security market efficiency: the impact of NASDAQ,” Journal of Financial and Quantitative Analysis, 21, pp.1-25.
29.McConnell, J., and Sanger, G., 1984, “A trading strategy for new listings on the NYSE.” Financial Analyst Journal, 40, pp. 34-48.
30.Merton, R., 1987, “Presidential address: a simple model of capital market equilibrium with incomplete information.” Journal of Finance, 42, pp.483-510
31.Miller, Darius P., 1999, “The market reaction to international cross-listings: evidence from Depositary Receipts,” Journal of Financial Economics, 51, pp.103-123
32.Miller, M. and K. Rock, 1985, “Dividend policy under asymmetric information,” Journal of Finance, 40, pp.1031-1052.
33.Miller, M. H. and F. Modigliani, 1961, “Dividend policy, growth, and the value of shares,” Journal of Business 34, 411-433.
34.Myers, S., 1977, “Determinants of corporate borrowing,” Journal of Financial Economics, 5, pp.146-175.
35.Myers, S.C. and N.S. Majluf, 1984, “Corporate financing and investment decision when firm have information that investors do not have,” Journal of financial Economics, 13, pp.187-221
36.Opler, T. and S. Titman, 1994, “Financial distress and corporate performance,” Journal of Finance, 49, pp.1015-1040.
37.Reese, W., and M. Weisbach, 2002, “Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings,” Journal of Financial Economics, 66, pp.66-104
38.Ritter, Jay R., 1991, “The long run performance of initial public offerings,” Journal of Finance, pp.46, 3-28.
39.Ross, S., 1977, “The Determination of Financial Structure, the Incentive Signaling Approach,” Bell Journal of Economics, 8, pp.23-40
40.Saudagaran, S. M., 1988, “An empirical study of selected factors influencing the decision to list on foreign stock exchanges,” Journal of International Business Studies, 19, pp.101-127
41.Stulz, R., 1981, “A Model of International Asset Pricing,” Journal of Financial Economics, 9, pp.383-406.
42.Sudha, K., P. S. Spindt, and V. Subramaniam, 1999, “Information asymmetry, monitoring, and the placement structure of corporate debt,” Journal of Financial Economics, Vol. 51, pp.407-434.
43.Viswanath, P.V., 1993, “Strategic consideration, the pecking order hypothesis, and the market reaction to equity financing,” Journal of Financial and Quantitative Analysis, 28, pp.213-234.
44.Wu, C. and C. C.Y. Kwok, 2002, “Why do US firms choose global equity offerings?,” Financial Management, 31, pp.47-65.