本研究係蒐集自1992年至2005年間曾以增資發行新股方式發行海外全球存託憑證(GDR)之上市(櫃)公司為研究對象，共計57件樣本數，運用各種不同的績效衡量方法，探討公司以發行GDR來進行海外融資，是否能提高公司價值及增進股東財富，以及公司至國外發行GDR進行國際籌資，對於經營績效是否有顯著的影響。研究結果指出： 一、上市(櫃)公司發行GDR後之長期投資績效： 投資者若於公司發行GDR時買進持有該公司之股票，其無法獲取 優於基準之長期平均報酬，又或許顯示公司管理當局發行GDR之 決策，長期平均而言，並無法增加股東更多之財富。 二、上市(櫃)公司發行GDR後之長期營運績效： 從衡量長期營運績效財務比率得知，上市(櫃)公司發行GDR後的 長期營運績效表現，在獲利能力是呈現衰退之趨勢，而公司的資 產運用效率與償債能力亦没有獲得較好的改善。 The present study investigates the TSEC & OTC listed companies which issued GDR between 1992 to 2005. A total of 57 companies were investigated in this study. A variety of performance assessment methods were adopted to explore the effects of overseas financing by issuing GDR on raising a company’s value and promoting shareholders’wealth. The study also explores whether it has a significant impact on operation performance if a company conducts international fund-raising by issuing GDR abroad. The following are the major findings of the study. I.Long-term investment performance of the TSEC & OTC listed companies after issuing GDR: If investors who bought the company’s stocks when it issued GDR failed to receive long-term average return which was better than benchmark，it probably indicates that the company administration’s policy of issuing GDR can’t bring shareholders more wealth in the long run. II.Long-term operation performance of the TSEC & OTC listed companies after issuing GDR: By evaluating the financial ratios of long-term operation performance, we can find that in terms of long- term operation performance of the TSEC & OTC listed companies issuing GDR, there is a tendency to decline in making a profit. Neither assets utilization nor repaying capability improves.