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研究生:吳曉蓁
研究生(外文):Hsiao-Chen Wu
論文名稱:企業發行海外存託憑證的資訊內涵與折價
論文名稱(外文):The Information Contents and Price Discounts of Companies Issuing Global Depositary Receipts
指導教授:徐俊明徐俊明引用關係
學位類別:碩士
校院名稱:國立中興大學
系所名稱:財務金融系所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2010
畢業學年度:98
語文別:中文
論文頁數:28
中文關鍵詞:海外存託憑證公開現金增資
外文關鍵詞:public companies that conducted globaldomestic equity offerings
相關次數:
  • 被引用被引用:0
  • 點閱點閱:171
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
1994 年至 2009 年台灣 57 家上市櫃公司進行海外存託憑證 (GDR) 與公開現金增資 (SEO) 方式募集資金的差異,主要分析短期股價宣告效果之表現與折價程度。
實證結果可歸納如下: (1) GDR宣告效果為負,SEO宣告效果為正;迴歸分析的結果顯示,淨值市價比與股東權益報酬率對宣告效果的影響皆為負,代表低成長與高獲利公司的宣告效果較差;(2) GDR折價程度較SEO為低,這個結果表示,相對SEO 公司而言,發行 GDR 公司較佳的議價能力。

This study contains a sample of 57 Taiwan`s public companies that conducted global and domestic equity offerings (i.e., issuing GDRs and SEOs) during 1994-2009. I mainly compare the differences in announcement effects and underpricing (price discounts) between these two groups.
The results are summarized as follows. (1) The announcement effects of issuing equity domestically and globally are positive and negative, respectively. The regression results indicate that book-to-market ratio and returns on equity are negatively associated with the announcement effect. (2) The underpricing (price discount) of issuing GDRs appears to be less than that of conducting SEOs, indicating that GDR issuers have better negotiating power.

摘 要 i
Abstract ii
目 次 iii
表 次 v
圖 次 v
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第三節 研究架構 2
第二章 文獻探討 3
第一節 發行海外存託憑證相關文獻 3
第二節 現金增資相關文獻 5
第三章 研究方法與資料 7
第一節 增資之規定 7
第二節 實證採用之變數 .9
第三節 宣告效果之衡量.......12
第四節 資料 12
第四章 實證結果 15
第一節 樣本之特性 15
第二節 宣告效果 16
第三節 折價及其影響因素 21
第五章 結論 24
第一節 結論 24
第二節 建議 25
參考文獻 26

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