台灣上市(櫃)公司赴海外上市對母公司長期績效之探討

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Title:	台灣上市(櫃)公司赴海外上市對母公司長期績效之探討
Other Titles:	Study on the impact of sub-corporation go abroad for listing on corporate long-term performance in Taiwan 臺灣上市(櫃)公司赴海外上市對母公司長期績效之探討
Authors:	陳明易;Chen, Ming-Yi
Contributors:	淡江大學財務金融學系碩士在職專班顧廣平;Ku, Kuang-Ping
Keywords:	海外上市;長期投資績效;營運績效;Go abroad for listing;Long-term investment performance;Long-term operational performance
Date:	2013
Issue Date:	2014-01-23 13:32:26 (UTC+8)
Abstract:	本論文主要討論若子公司於海外上市，對母公司之長期投資績效及營運績效是否有影響，研究期間為1992年1月1日至2007年12月31日止，共計篩選出26筆樣本。其中，長期投資績效研究方法採用累積異常報酬法(CAR)、買進持有異常報酬法(BHAR)、曆月投資組合法(CTAR)及因子模式曆月投資組合法(CT-FAT)等四種不同之異常報酬衡量方法。長期營運績效評估方式則採用由杜邦方程式所衍生之五種財務指標作為衡量依據，此五種財務指標分別為總資產報酬率(ROA)、股東權益報酬率(ROE)、純益率(ROS)、總資產週轉率(SALETA)及權益乘數(TATE)，並搭配自身移動及同產業等二種不同基準，進行差異性分析。歸納其結論如下： 1.長期投資績效四種長期異常報酬衡量方法，對於子公司赴海外上市後，其母公司之股票長期平均投資績效並未能獲得一致之檢定結論，但本研究似乎可推論當投資者長期持有(三年)子公司海外上市之母公司股票時，其可獲取不算差之正的平均異常績效。 2.長期營運績效子公司赴海外上市雖無法帶給母公司自身顯著獲利能力之提升，然卻可藉由子公司海外上市帶給母公司其他潛在之貢獻，使母公司平均獲利能力仍可優於同業，惟該優勢較難長期維持。至於，子公司赴海外上市對母公司在經營效率及償債能力方面，相對於同產業之變化，其並無顯著之影響。 This study mainly analyzes the impact of sub-corporation go abroad for listing on corporate long-term performance in Taiwan during the period from 1992 to 2007 by using the data of 26 companies. In order to research the long-term investment performance, we use four different kinds of methods to estimate abnormal returns, including CAR, BHAR, CTAR and CT-FAT. On the other hand, we use the DuPont formula to estimate the long-term operational performance. The empirical findings show that: 1. Long-term investment performance：Although the performance estimated through the previous four methods failed to make consistent conclusions, but we seem can conclude that investors can earn more abnormal returns if they hold the stock longer (more than 3 years). 2. Long-term operational performance：Even though the sub-corporation go aboard for listing can’t bring the corporation’s profitability up, it still can bring some other potential contributions and benefits to them, and make their profitability better than the average of the same industry, but the strength just doesn’t last long. As for operational efficiency and debt-paying ability, they make no difference to the average level.
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Thesis

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