臺灣博碩士論文加值系統

本篇研究主要探討在美國證券交易委員會宣布有發行美國存託憑證，且已採用國際會計準則的外國公司不用於20-F表格揭露調節表後，此會計資訊環境的改變對公司美國存託憑證與本地股票的股價報酬差異及股價差異的影響。由本研究實證結果得知，刪除揭露國際會計準則與美國會計準則的財務報表差異數之規定後，股價報酬差異並沒有顯著變大;美國存託憑證與本地股票彼此的股票價格卻有顯著發散的情況，這結果顯示美國資本市場因為缺少足夠資訊了解國際會計準則，導致美國資本市場在使用國際會計準則評價公司股票價格上與當地國評估公司價值時產生落差，故本研究結論不贊成美國證券交易委員會刪除20-F調節表的政策。

This paper investigates the effect of change in accounting information environment on return spreads and price spreads between domestic stocks and their American Depository Receipts (ADRs) after U.S. Securities and Exchange Commission (SEC) announced that foreign issuers using international Financial Reporting Standard (IFRS) do not need to disclose the Form 20-F reconciliation. By using 65 U.S. cross-listed companies which use IFRS as their basis of financial reporting, I find that after eliminating the reconciliation from IFRS to US GAAP, the return spreads between domestic stocks and their ADRs do not become significantly larger. However, I find that the underlying share prices and the ADR prices diverge significantly after the elimination of 20-F reconciliation. The result implies that eliminating the reconciliation results in information loss or greater information asymmetry.

CONTENTS
I. INTRODUCTION 1
II. PRIOR LITERATURE AND HYPOTHESIS DEVELOPMENT 4
III. RESEARCH DESIGN 7
3.1 Return Spread of ADR and Original Stock 7
3.2 Price Spread of ADR and Original Stock 10
IV. SAMPLE SELECTION AND DESCRIPTIVE STATISTICS 13
4.1 Sample Selection 13
4.2 Descriptive Statistics 15
V. MULTIVARIATE ANALYSES 19
VI. CONCLUSIONS 24
REFERENCE 25

CONTENTS OF TABLES
TABLE 1 Sample Selection 14
TABLE 2 Descriptive Statistics 16
TABLE 3 Pearson Correlation Matrix 17
TABLE 4 Equation (1) : Return Spread Model 20
TABLE 5 Equation (2) : Price Spread Model 21
TABLE 6 Deloitte-IFRSs and U.S. GAAP(A Pocket Comparison)22

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