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研究生:歐毓茹
研究生(外文):Ou, Yuju
論文名稱:公司治理與海外籌資行為
論文名稱(外文):Corporate Governance and Cross Listing: Evidence from Taiwanese Public–Listed Companies
指導教授:陳佳煇陳佳煇引用關係
指導教授(外文):Chen, Chiahui
口試委員:王光華蔡學章
口試委員(外文):Wang, KuanghuaTsai, Hsuehchang
口試日期:2013-06-07
學位類別:碩士
校院名稱:靜宜大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:中文
論文頁數:66
中文關鍵詞:公司治理海外籌資海外存託憑證海外可轉換公司債
外文關鍵詞:Corporate governanceCross-listingDepository receiptsEuropean convertible bonds
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本研究主要從公司治理三大構面-董事會組織結構、股權結構及資訊揭露-探討公司治理與海外籌資行為之關聯性,試圖檢測兩個研究問題:(一)有在海外籌資之企業的公司治理機制是否與從未曾在海外募集資金的企業之公司治理機制有顯著的差異,及(二)在何種公司治理環境下,企業會傾向自海外籌資。本研究以2005年至2012年期間有進行海外籌資的上市公司為測試組,以總資產規模作為篩選對照組的條件,採用T檢定與無母數檢定測試有在海外籌資之企業的公司治理機制與從未曾在海外籌資的企業之公司治理機制是否有顯著的差異,另以羅吉斯迴歸分析檢測何種公司治理環境下企業會傾向赴海外籌資。
實證結果發現,不論總資產規模大小如何,有在海外發行存託憑證之公司與從未曾在海外發行存託憑證之公司在「董事兼任總經理」、「管理者持股比率」及「機構投資人持股比率」三要素上有顯著重大的差異。無論是以發行存託憑證或歐洲可轉換公司債籌資,在假設其他條件不變及不考慮總資產規模之影響下,機構投資人持股比率愈高,公司赴海外籌資的可能性愈高。若僅以考量發行海外存託憑證來看,在假設其他條件不變及將總資產規模之影響納入考量下,董事會規模愈小,公司決定赴海外籌資的可能性愈高。就僅以考量發行歐洲可轉換公司債來看,在假設其他條件不變,無論總資產規模大小如何,「資訊揭露水準」得分愈低,則公司決定赴海外籌資的可能性就愈高。

The study investigates into the association between corporate governance and cross-listing. From three dimensions of corporate governance-board structure, ownership structure and disclosure transparency, the study attempts to explore two research questions: (1) are there significant differences in corporate governance characteristics between cross-listing public companies and non-cross-listing ones? (2) what are corporate governance risk factors that induce public companies to cross listing? The study identifies the test sample which has cross-listed during the period from 2005 to 2012, and select the matching sample based on median assets size of companies in the test sample. The study tests significant differences in corporate governance characteristics between cross-listed and non-cross listed public companies with both the t and Mann-Whitney tests. The study also examines corporate governance risk factors contributing to cross listing with the logistic regression analysis.
The study findings indicate that, in terms of cross-listed public companies with outstanding American and Global depository receipts, significant differences in CEO duality, managerial ownership, and institutional holdings exist between them and non-cross-listed public companies, regardless of company size. In terms of cross listed public companies with issuance of either depository receipts or European convertible bonds, the greater institutional holdings, the higher propensity for the companies to being cross-listed. In terms of cross-listed firms with depository receipts outstanding only, the smaller the board size, the higher propensity for them to being cross-listed. In terms of cross-listed firms with European convertible bonds only, the rank of disclosure transparency is a significantly contributing factor to cross-listing.
摘要 I
ABSTRACT II
目錄III
表目錄 IV
圖目錄 V
第一章 緒論 1
第一節 研究背景、動機 1
第二節 研究目的 3
第三節 研究貢獻 3
第四節 研究架構 3
第二章 文獻探討 5
第一節 海外募資工具介紹 5
第二節 海外籌資與公司治理關聯性 13
第三節 小結 28
第三章 研究方法 30
第一節 研究假說之發展 30
第二節 變數之定義及衡量 33
第三節 實證模型 39
第四節 變數資料來源及樣本公司選取 41
第四章 實證結果 44
第一節 敘述性統計、t檢定與無母數檢定 44
第二節 羅吉斯迴歸分析結果 52
第三節 小結 59
第五章 結論 60
參考文獻 61

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