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    題名: 臺灣上市(櫃)公司發行海外全球存託憑證後之長期績效
    其他題名: The long-run performance after GDR issuance of Taiwan listed companies
    台灣上市(櫃)公司發行海外全球存託憑證後之長期績效
    作者: 陳靜美;Chen, Ching-mei
    貢獻者: 淡江大學財務金融學系碩士在職專班
    顧廣平;Ku, Kuang-ping
    關鍵詞: 海外全球存託憑證;長期營運績效;長期投資績效;Global depository receipts overseas;Long-term operation performance;Long-term investment performance
    日期: 2010
    上傳時間: 2010-09-23 15:26:46 (UTC+8)
    摘要: 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.
    顯示於類別:[財務金融學系暨研究所] 學位論文

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