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研究生:黃育斌
研究生(外文):Yu-Pin Huang
論文名稱:ECFA後台商跨國上市對其企業價值之影響
論文名稱(外文):The Effect of Enterprise Listed Oversea on Corporate Value after Joining ECFA
指導教授:李合龍李合龍引用關係
指導教授(外文):Ho-Lung Lee
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:會計系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
畢業學年度:100
語文別:中文
中文關鍵詞:ECFA跨國上市企業價值
外文關鍵詞:ECFAListed overseaCorporate value
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金融海嘯之後,亞太資本市場悄悄出現板塊大挪移,2010開始東協10國與中國大陸(10+1)已啟動零關稅自由貿易區(FTZ, Free Trade Zone),隨著兩岸關係破冰,隨著政府與大陸簽訂金融監理備忘錄 (MOU, Memorandum of Understanding)及兩岸經濟合作架構協議(ECFA, Economic Cooperation Framework Agreement )簽署後,台灣企業面臨如此巨變的環境下,該如何掌握地緣及語言優勢,善用本身的優勢,才能做好準備面對未來,是一件刻不容緩的事。
本研究係針對跨國上市公司對於企業價值之影響,研究對象以台灣上市、上櫃公司為主,首先探討台商赴海外投資上市之動機為何?近年來台商為了尋求資金,紛紛至國外上市,其次探討其跨國上市公司對於企業價值有何影響?在兩岸簽署ECFA協議後,隨著兩岸經濟結合,是否帶來了台商企業在大陸市場的利基,台商的經營績效是否提升了?而企業價值之衡量方式,本研究參考過去文獻,係以資產報酬率與 Tobin’s Q作為本研究之代理變數。
本研究以複迴歸分析為研究方法,探討在兩岸經濟合作架構協議簽訂前後台商跨國上市和上市地區對於資產報酬率、Tobin’s Q之間的變動關係以及顯著性,研究期間為2006年到2011年前三季。
After Financial Tsunami, Asia-Pacific’s capital markets have changed gradually. Free Trade Zone has started from 2010.With Taiwan and China reconciliation, and signing MOU and ECFA agreement. Taiwan's enterprises are faced with such changes of the environment, and how to master the geographical and language advantages, make the best use of their own strengths in order to prepare to face the future is an urgent issue.
In this study, for the corporate value, the object of study in Taiwan IPO corporate mainly explores the motivation of Taiwanese businessmen to invest overseas listed first? In recent years, Taiwanese businessmen in order to seek funding for cross-listed companies and listing difference have to market abroad, Secondly, to explore the impact of cross-listed for the corporate value? whether to bring the two sides sign ECFA agreement with the cross-strait economic integration of Taiwan enterprises in the mainland market niche, the Taiwanese business whether the performance increase? while the enterprise value measure of the way, this study refer to the literature, Department of the return on assets and Tobin's Q-as of this study is the proxy variable.
In this study, multiple regression analysis method to explore before and after the ECFA signing of Taiwan cross-listed and listed areas for changes in the relationship between the return on assets, Tobin's Q as well as significant during the study period 2006 to 2011, the first half of.
第一章 緒論 1
1.1. 研究背景與目的 1
1.2. 研究範圍與限制 2
1.3. 研究方法與架構 3
第二章 文獻回顧與探討 6
2.1. 跨國上市投資動機與誘因 6
2.2. 跨國上市投資對企業價值影響 12
第三章 研究方法與步驟 14
3.1. 研究假說 14
3.2. 模型設計 15
3.3. 變數定義 16
3.4. 資料來源與研究期間 18
3.5. 進行步驟 18
第四章 實證結果與分析 19
4.1. 敘述性統計結果 19
4.2. 實證結果-假說一 24
4.3. 實證結果-假說二 29
第五章 結論與建議 31
參考文獻 32
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