淡江大學機構典藏:Item 987654321/52062
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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/52062


    Title: 企業跨國掛牌對公司價值的影響-以臺灣上市櫃公司為例
    Other Titles: The impact of cross-listings on firm value-evidence from Taiwan listed companies.
    Authors: 邱怡翔;Chiu, Yi-hsiang
    Contributors: 淡江大學會計學系碩士在職專班
    陳薇如;Chen, Wei-ju
    Keywords: 跨國掛牌;美國存託憑證;全球存託憑證;公司價值;Cross-Listings;ADR;GDR;firm value
    Date: 2010
    Issue Date: 2010-09-23 16:37:42 (UTC+8)
    Abstract: 於金融全球化熱潮下，近年來台灣上市櫃企業陸續發行存託憑證跨國掛牌於各國市場，然而企業跨國掛牌的目的均不相同，所得效果亦不同，但有跨國掛牌的企業，投資人是否會因此給予較高之市場評價，進而提升公司價值，卻是各界學者希望探究之議題。因此，本文以Tobin''s Q為主要觀察指標，以台灣上市櫃企業發行存託憑證跨國掛牌與未發行存託憑證跨國掛牌間相互比較，藉由迴歸分析檢驗跨國掛牌企業是否具有較高之公司價值。實證結果顯示跨國掛牌企業較未跨國掛牌企業擁有較高之公司價值（Tobin''s Q）。另藉由跨國掛牌的種類不同，探討在不同跨國掛牌方式下對公司價值是否產生不同效益，而進一步的實證結果顯示，發行ADR跨國掛牌企業較發行GDR跨國掛牌企業並未具有顯著較高之公司價值，因發行種類不同會有不同之跨國掛牌成本及效益，於台灣跨國掛牌之上市櫃企業中，發行ADR所產生之跨國掛牌溢酬並未高於其所產生之相關成本，致公司價值並未明顯高於發行GDR之台灣上市櫃企業。
    Under the financial globalization, listed enterprises in Taiwan started issuing DR （Depository Receipt） in various foreign capital markets continually. However, the purposes and objectives of Cross-Listings which Taiwanese enterprises have pursued are varied and in addition, they ended with diverse outcomes.
    For the Taiwanese enterprises with Cross-Listings by DR issuance, whether the investors will give higher market valuation which in turn will enhance the company''s value is the most critical topic all various scholars wish to explore and discuss. Therefore, this paper use Tobin''s Q as the main observation indicator to compare the difference between listed enterprises who issue DR in foreign capital markets and the ones who do not issue DR in foreign capital markets. Through using the regression analysis to verify if listed enterprises in Taiwan with Cross-Listings by DR issuance provides higher values for the company (Tobin''s Q). The empirical result reveals that listed enterprises in Taiwan with Cross-Listings by DR issuance possess higher company valuation than those without Cross-Listings.
    In addition, through using different types of Cross-Listings, this paper will discuss how each different type of Cross-Listings will generate various benefits on the company’s value. Further empirical result shows that the enterprises issuing ADR has no great significance of higher corporate values than those issuing GDR due to the fact of the various costs and benefits that each type of Cross-Listings will incur. The premium of ADR issuance by listing enterprises in Taiwan is not higher than its associated costs. As a result, the value of the company is not significantly higher than the issue of the GDR.
    Appears in Collections:[Graduate Institute & Department of Accounting] Thesis

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