臺灣博碩士論文加值系統

本文採用事件分析法之市場模式，探討台灣上市櫃企業發行海外存託憑證公告日及定價日對於公司價值的影響。並將全體樣本依產業特性區分為（整體產業、電子產業、傳統產業與金融產業）等進行分類群組的探討。另外，以迴歸分析探討整體產業及分類群組的累積異常報酬影響。
本文的研究結果發現：(1)全體樣本發行全球存託憑證公告日的訊息是存在著資訊內涵，亦即公司公告至海外籌資的訊息，投資人是抱持著正向的看法且對公司價值的提升也是有所助益。在效果方面公告日前後出現顯著正向的累積異常報酬(SCAR)，並在定價日後呈現下降的走勢，並出現顯著負向的累積異常報酬(SCAR)，顯示在定價日後投資人對發行 GDR 的訊息反應已漸趨平穩甚至出現獲利了結的現象。(2) 電子產業樣本發行全球存託憑證公告日的訊息是存在著資訊內涵，亦即公司公告至海外籌資的訊息，投資人是抱持著正向的看法且對公司價值的提升也是有所助益。在效果方面公告日前後出現顯著正向的累積異常報酬(SCAR)，並在定價日後呈現下降的走勢，並出現顯著負向的累積異常報酬(SCAR)，顯示在定價日後投資人對電子業發行 GDR 的訊息反應已漸趨平穩甚至出現獲利了結的現象。(3) 傳統產業樣本發行全球存託憑證公告日的訊息沒有證據顯示此一海外籌資訊息對公司市場交易活動有顯著影響。在效果方面公告日前後並無出現顯著的累積異常報酬(SCAR)，並在定價日後呈現緩慢下降的走勢，出現較不顯著負向的累積異常報酬(SCAR)，顯示在定價日後投資人為追逐GDR定價日的波動，這些投資人可能在定價日後快速出售持有的股票，以實現短期的利潤。(4) 金融產業樣本發行全球存託憑證公告日的訊息沒有證據顯示此一海外籌資訊息對公司市場交易活動有顯著影響。在效果方面公告日前後並無出現顯著的累積異常報酬(SCAR)，並在定價日後呈現緩慢下降的走勢，出現較不顯著負向的累積異常報酬(SCAR)，顯示在定價日後投資人為追逐GDR定價日的波動，這些投資人可能在定價日後快速出售持有的股票，以實現短期的利潤。

This article adopts the market model of event analysis to explore the impact of the announcement date and pricing date of the issuance of overseas depositary receipts by Taiwan-listed companies on the value of the company. The whole sample is divided into classification groups according to the characteristics of the industry (overall industry, electronics industry, traditional industry and financial industry). In addition, regression analysis is used to explore the impact of cumulative abnormal returns on the overall industry and classification portfolio.
The findings of this paper are: (1) The information on the date of the announcement of the issuance of overseas depositary receipts by all the samples has an information connotation, that is, the information that the company has announced to raise funds overseas, and the investors have a positive view and are also helpful to the enhancement of the company's value. In terms of effect, there was a significant positive cumulative abnormal return (SCAR) before and after the announcement date, and a downward trend after the fixing date, and a significant negative cumulative abnormal return (SCAR), indicating that investors' reaction to the information on the issuance of GDRs after the pricing date has gradually stabilized and even taken profits. (2) The information on the date of the announcement of the issuance of overseas depositary receipts in the electronic industry sample has an information connotation, that is, the information that the company announced to raise funds overseas, and investors have a positive view and it is also helpful to enhance the company's value. In terms of effect, there was a significant positive cumulative abnormal return (SCAR) before and after the announcement date, and showed a downward trend after the pricing date, and a significant negative cumulative abnormal return (SCAR), indicating that after the pricing date, investors' reaction to the information of the electronic industry's issuance of GDRs has gradually stabilized and even appeared profit-taking. date of the announcement of the issuance of overseas depositary receipts by the traditional industry sample has a significant impact on the company's market trading activities. In terms of effect, there was no significant cumulative abnormal return (SCAR) before and after the announcement date, and showed a slow downward trend after the fixing date, and there was a less significant negative cumulative abnormal return (SCAR), indicating that investors may quickly sell their holdings after the fixing date to achieve short-term profits in order to chase the fluctuations of the GDR fixing date after the fixing date. (4) There is no evidence that the information on the date of the announcement of the issuance of overseas depositary receipts by the financial industry sample has a significant impact on the company's market trading activities. In terms of effect, there was no significant cumulative abnormal return (SCAR) before and after the announcement date, and showed a slow downward trend after the fixing date, and there was a less significant negative cumulative abnormal return (SCAR), indicating that investors may quickly sell their holdings after the fixing date to achieve short-term profits in order to chase the fluctuations of the GDR fixing date after the fixing date.

摘要　I
Abstract　III
致謝辭　VI
目錄　VII
圖目錄　IX
表目錄　X
第壹章　緒論　1
第一節　研究背景與動機　1
第二節　研究目的　3
第三節　研究架構　5
第貳章　文獻探討　6
第一節 海外存託憑證（GDR）之特點　6
第二節　海外存託憑證之文獻　8
第參章　研究方法　10
第一節　事件分析法　10
第二節　研究設計　12
第肆章　實證結果　16
第一節　敘述分析　16
第二節　公告日事件分析法之報酬率檢定結果　19
第三節　定價日事件分析法之報酬率檢定　26
第伍章　結論與建議　35
第一節　研究結論　35
第二節　研究限制與建議　36
參考文獻　37

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