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題名 企業價值會因跨國掛牌而增加嗎-以大陸企業赴美發行ADR作探討
作者 陳毓云
貢獻者 杜化宇
陳毓云
關鍵詞 美國存託憑證
沙賓法案
因果關係
Tobin`s q
日期 2008
上傳時間 9-May-2016 11:45:17 (UTC+8)
摘要 自1993年七月，大陸第一家企業『上海石化』赴紐約證券交易所(New York Stock Exchange, NYSE)掛牌並發行美國存託憑證(American Depositary Receipt, ADR)之後，許多大陸企業先後至美國各證券市場進行掛牌上市。然而，發行美國存託憑證的行為將如何影響到企業價值的變化，是各方研究所希望深入探討的議題，故在本研究中，以Tobin`s q作為觀察指標，探究大陸企業赴海外掛牌與Tobin`s q之間的關係，並且將其與大陸國內未赴海外掛牌之公司進行比較，從而檢驗跨國掛牌對公司產生之效益。實驗結果顯示，比起僅在大陸國內市場掛牌的企業，發行美國存託憑證的企業確實存在赴海外上市的溢酬。並且，本研究藉由不同的存託憑證發行種類特性的角度，探討企業在不同的掛牌情形下對Tobin`s q影響的程度，結果顯示出在發行美國存託憑證與Tobin`s q的關係中，資訊揭露程度越高的高等級存託憑證，如公司參與型第三類存託憑證(Level-3)，對於Tobin`s q將呈現較高的正面影響。此外，本研究也藉由迴歸設計，探討沙賓法案對於赴美國發行存託憑證第二類及第三類的公司與Tobin`s q之間的關係是否會產生變化，以及企業赴美發行存託憑證與Tobin`s q之間的因果關係。結果顯示沙賓法案的頒布對於赴美國發行公司參與型第二類及第三類存託憑證的大陸企業具有顯著的影響；然而，企業發行美國存託憑證並不受到Tobin`s q高低的影響。
參考文獻 1. 林秀鴻，“企業發行美國存託憑證類別選擇之研究:兩岸三地之比較”，政治大學財務管理研究所碩士班論文，民國九十二年。
     2. 馬君梅、柯柏成與吳敏娟，“台灣上市(櫃)公司發行海外存託憑證資訊內涵之探討”，2001會計理論與實務研討會，民國九十年，1-24頁。
     3. 黃少安、張崗，“中國上市公司股權融資偏好分析”，經濟研究，民國九十年，第11期第二篇。
     4. Alexander, G. J., C. S. Eun; and S. Janakiramanan., (1988) “International Listings and Stock Returns: Some Empirical Evidence.”, Journal of Financial and Quantitative Analysis, Vol.23, p135-p151.
     5. Alexander, G. J.; C. S. Eun; and S. Janakiramanan., (1987) “Asset Pricing and Dual Listing on Foreign Capital Markets: A Note.”, The Journal of Finance, Vol. 42, p151-p158.
     6. Allayannis G. and James P. Weston, (2001) “The Use of Foreign Currency Derivatives and Firm Market Value.”, The Review of Financial Studies, Vol.14, p243-p316.
     7. Amihud, Yakov and Haim Mendelson, (1986) “Asset pricing and the bid-ask spread”, Journal of Financial Economics, Vol.17, p223-p249.
     8. Bedi, Jaideep, Anthony Richards, and Paul Tennant, (2003), “The Characteristics And Trading Behavior of Dual-listed Companies.”, SSRN Working paper.
     9. Baker, H. Kent, John R. Nofsinger, and Daniel G. Weaver, (2002) “International Cross-Listing and Visibility”, Journal of Financial and Quantitative Analysis, Vol.37, NO. 3, p495-p521
     10. Coffee, J. C. Jr., (1999) “The future as history: the prospects for global convergence in corporate governance and its implications”, Northwestern University Law Review, 93, p641-p708.
     11. Coffee, J. C. Jr, (2002) “Racing towards the Top?: The Impact of Cross-Listings and Stock Market Competition on International corporate Governance.”, Columbia Law Review, Vol.102, No.7, p1757-p1831.
     12. Doidge, G., Andrew Karolyi and Rene M. Stulz, (2004) “Why are Foreign Firms Listed in the U.S. Worth More?”, Journal of Financial Economics Vol.71, p205-p238.
     13. Domowitz, Ian, Jack Glen, Ananth Madhavan, (Dec., 1998) “International -Listing and Order Flow Migration: Evidence from an Emerging Market”, The Journal of Finance, Vol. 53, No.6, p2001-p2027.
     14. Errunza, Vihang R. and Darius P. Miller, (Dec., 2000) “Market Segmentation and the Cost of Capital in International Equity Markets”, The Journal of Financial and Quantitative Analysis, Vol. 35, No.4, p577-p600.
     15. Foerster, Stephen R. and G. Andrew Karolyi, (2000) “The Long Run Performance of Global Equity Offerings”, Journal of Financial and Quantitative Analysis, Vol.35, p499-p528.
     16. Foerster, Stephen R. and G. Andrew Karolyi, (1999) “The Effects of Mareket Segmentation and Illiquidity on Asset Prices: Evidence from Foreign Stock Listing in the U.S.”The Journal of Finance, Vol. 54, No. 3, p981-p1013.
     17. Gande, Amar (1997) “American Depositary Receipts: Overview and Literature Survey.”, Financial Markets, Institutions and Instruments, Vol.6, p61-p83.
     18. Gordon, Lawrence A., Martin P. Loeb, William Lucyshyn, and Tashfeen Sohail, (2006) “The impact of the Sarbanes-Oxley Act on the corporate disclosures of information security activities.”, Journal of Accounting and Public Policy, Vol.25, p503-p530.
     19. Hope, O., T. Kang and Y. Zang, (2005) “Bonding to the Improved Disclosure Environment in the United States: Firms Listing Choices and Their Capital Market Consequences.”, SSRN Working paper, University of Toronto and Singapore Management University.
     20. Howe, S., and K. Kelm, (1987), “The stock price impacts of overseas listings”, Financial Management, Vol.16, p51-56.
     21. King, Michael R. and Dan Segal, (2004), “International Cross-Listing and the Bonding Hypothesis.”, Working paper, Bank of Canada.
     22. Lang, M., K. Lins, and D. Miller, (2003) “ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm’s Information Environment and Increase Market Value? ”, Journal of Accounting Research, Vol.41, p317-p345.
     23. Lang, Larry H. P. and Rene M. Stulz, (1994) “Tobin`s q, corporate diversification and firm performance.”, Journal of Political Economy, Vol.102, p1248-p1280.
     24. Lee, Insup., (1991) “The Impact of overseas listing on shareholder wealth: The case of the London and Toronto stock exchanges.", Journal of Business Finance and Accounting, Vol.18, p583-p592.
     25. Lewellen, V. and S.G. Badrinath, (1997) “On the Measurement of Tobin`s Q.”, Journal of Financial Economics, Vol.44, p77-p122.
     26. Lin, K., D. Strickland and M. Zenner, (2005) “Do Non-U.S. Firms Issue Stock on U.S. Equity Markets to Relax Capital Constraints?”, Journal of Financial and Quantitative Analysis, Vol.40, p109–p133.
     27. Litvak, Kate, (2007)“Sarbanes-Oxley and the Cross-Listing Premium”American Law & Econmics Association Annual Meetings, June, p45-p88.
     28. Merton, R. C. (1987) “Presidential Address: A Simple Model of Capital Market Equilibrium with Incomplete Information.”, The Journal of Finance, Vol.42,No.3, p483-p510.
     29. Pagano, R., A. Roell, and J. Zechner, (2002) “The Geography of Equity Listings: Why Do European Companies List Abroad?”, Journal of Finance, Vol.57, p2651-p2694.
     30. Perfect S. and K. Wiles, (1994) “Alternative Constructions of Tobin`s Q : An Empirical Comparison”, Journal of Empirical Finance, Vol.1, p313-p341.
     31. Reese, W. and M. Weisbach, (2002) “Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings”, Journal of Financial Economics, Vol.66, p65-p104.
     32. Sami, H. and H. Zhou, (2008) “The Economic Consequences of Increased Disclosure: Evidence from Cross-Listings of Chinese Firms”, Journal of International Financial Management and Accounting Vol.19, p.1-p.27.
     33. Servaes, H., (1996) “The value of Diversification during the Conglomerate Merger Wave”, Journal of Finance, Vol.51, p1201-p1225.
     34. Smith, G., (2007) “A look at the impact of Sarbanes-Oxley on cross-listed firms", SSRN Working paper, Arizona State University.
     35. Stulz, R.M. (1999)“Globalization, corporate finance and the cost of capital”, Journal of Applied Corporate Finance, Vol.12 , p8-p25.
     36. Stulz, R. M., (1981)“On the Effects of Barriers to International Investment.”, Journal of Finance, Vol.36, p923-p934.
     37. Sundaram, Anant K., Dennis E. Logue, (1996) “Valuation Effects of Foreign Company Listings on U.S. Exchanges”, Journal of International Business Studies, Vol. 27, p67-p88.
     38. Xu, Xiaoqing Eleanor and Jung-Gay Fung, (2002) “Information Flow across Market: Evidence from China-Backed Stocks Dual-Listed in Hong Kong and New York. ”, The Financial Review, Vol.37, p536-p588.
     39. Yermack. D., (1996) “Higher market valuation of companies with a small board of directors”, Journal of Financial Economics, Vol.40, p185-p211.
描述 碩士
國立政治大學
財務管理研究所
95357021
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095357021
資料類型 thesis
dc.contributor.advisor 杜化宇zh_TW
dc.contributor.author (Authors) 陳毓云zh_TW
dc.creator (作者) 陳毓云zh_TW
dc.date (日期) 2008en_US
dc.date.accessioned 9-May-2016 11:45:17 (UTC+8)-
dc.date.available 9-May-2016 11:45:17 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 11:45:17 (UTC+8)-
dc.identifier (Other Identifiers) G0095357021en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/94729-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 95357021zh_TW
dc.description.abstract (摘要) 自1993年七月，大陸第一家企業『上海石化』赴紐約證券交易所(New York Stock Exchange, NYSE)掛牌並發行美國存託憑證(American Depositary Receipt, ADR)之後，許多大陸企業先後至美國各證券市場進行掛牌上市。然而，發行美國存託憑證的行為將如何影響到企業價值的變化，是各方研究所希望深入探討的議題，故在本研究中，以Tobin`s q作為觀察指標，探究大陸企業赴海外掛牌與Tobin`s q之間的關係，並且將其與大陸國內未赴海外掛牌之公司進行比較，從而檢驗跨國掛牌對公司產生之效益。實驗結果顯示，比起僅在大陸國內市場掛牌的企業，發行美國存託憑證的企業確實存在赴海外上市的溢酬。並且，本研究藉由不同的存託憑證發行種類特性的角度，探討企業在不同的掛牌情形下對Tobin`s q影響的程度，結果顯示出在發行美國存託憑證與Tobin`s q的關係中，資訊揭露程度越高的高等級存託憑證，如公司參與型第三類存託憑證(Level-3)，對於Tobin`s q將呈現較高的正面影響。此外，本研究也藉由迴歸設計，探討沙賓法案對於赴美國發行存託憑證第二類及第三類的公司與Tobin`s q之間的關係是否會產生變化，以及企業赴美發行存託憑證與Tobin`s q之間的因果關係。結果顯示沙賓法案的頒布對於赴美國發行公司參與型第二類及第三類存託憑證的大陸企業具有顯著的影響；然而，企業發行美國存託憑證並不受到Tobin`s q高低的影響。zh_TW
dc.description.tableofcontents 目錄
     誌謝 I
     摘要 II
     目錄 III
     表目錄 IV
     圖目錄 V
     第一章 緒論 1
     第一節 研究動機 1
     第二節 研究背景 3
     第二章 文獻探討 9
     第一節 美國存託憑證 9
     第二節 投資人認同假說(Investor Recognition Hypothesis) 12
     第三節 市場區隔理論 (Market Segmentation Hypothesis) 13
     第三章 研究設計 19
     第一節 資料來源與處理 19
     第二節 研究變數與定義 22
     第三節 研究方法 31
     第四章 實證分析與研究發現 40
     第一節 實證結果:發行美國存託憑證的溢酬 40
     第五章 結論 57
     第一節 結論 57
     參考文獻 60		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095357021en_US
dc.subject (關鍵詞) 美國存託憑證zh_TW
dc.subject (關鍵詞) 沙賓法案zh_TW
dc.subject (關鍵詞) 因果關係zh_TW
dc.subject (關鍵詞) Tobin`s qen_US
dc.title (題名) 企業價值會因跨國掛牌而增加嗎-以大陸企業赴美發行ADR作探討zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. 林秀鴻，“企業發行美國存託憑證類別選擇之研究:兩岸三地之比較”，政治大學財務管理研究所碩士班論文，民國九十二年。
     2. 馬君梅、柯柏成與吳敏娟，“台灣上市(櫃)公司發行海外存託憑證資訊內涵之探討”，2001會計理論與實務研討會，民國九十年，1-24頁。
     3. 黃少安、張崗，“中國上市公司股權融資偏好分析”，經濟研究，民國九十年，第11期第二篇。
     4. Alexander, G. J., C. S. Eun; and S. Janakiramanan., (1988) “International Listings and Stock Returns: Some Empirical Evidence.”, Journal of Financial and Quantitative Analysis, Vol.23, p135-p151.
     5. Alexander, G. J.; C. S. Eun; and S. Janakiramanan., (1987) “Asset Pricing and Dual Listing on Foreign Capital Markets: A Note.”, The Journal of Finance, Vol. 42, p151-p158.
     6. Allayannis G. and James P. Weston, (2001) “The Use of Foreign Currency Derivatives and Firm Market Value.”, The Review of Financial Studies, Vol.14, p243-p316.
     7. Amihud, Yakov and Haim Mendelson, (1986) “Asset pricing and the bid-ask spread”, Journal of Financial Economics, Vol.17, p223-p249.
     8. Bedi, Jaideep, Anthony Richards, and Paul Tennant, (2003), “The Characteristics And Trading Behavior of Dual-listed Companies.”, SSRN Working paper.
     9. Baker, H. Kent, John R. Nofsinger, and Daniel G. Weaver, (2002) “International Cross-Listing and Visibility”, Journal of Financial and Quantitative Analysis, Vol.37, NO. 3, p495-p521
     10. Coffee, J. C. Jr., (1999) “The future as history: the prospects for global convergence in corporate governance and its implications”, Northwestern University Law Review, 93, p641-p708.
     11. Coffee, J. C. Jr, (2002) “Racing towards the Top?: The Impact of Cross-Listings and Stock Market Competition on International corporate Governance.”, Columbia Law Review, Vol.102, No.7, p1757-p1831.
     12. Doidge, G., Andrew Karolyi and Rene M. Stulz, (2004) “Why are Foreign Firms Listed in the U.S. Worth More?”, Journal of Financial Economics Vol.71, p205-p238.
     13. Domowitz, Ian, Jack Glen, Ananth Madhavan, (Dec., 1998) “International -Listing and Order Flow Migration: Evidence from an Emerging Market”, The Journal of Finance, Vol. 53, No.6, p2001-p2027.
     14. Errunza, Vihang R. and Darius P. Miller, (Dec., 2000) “Market Segmentation and the Cost of Capital in International Equity Markets”, The Journal of Financial and Quantitative Analysis, Vol. 35, No.4, p577-p600.
     15. Foerster, Stephen R. and G. Andrew Karolyi, (2000) “The Long Run Performance of Global Equity Offerings”, Journal of Financial and Quantitative Analysis, Vol.35, p499-p528.
     16. Foerster, Stephen R. and G. Andrew Karolyi, (1999) “The Effects of Mareket Segmentation and Illiquidity on Asset Prices: Evidence from Foreign Stock Listing in the U.S.”The Journal of Finance, Vol. 54, No. 3, p981-p1013.
     17. Gande, Amar (1997) “American Depositary Receipts: Overview and Literature Survey.”, Financial Markets, Institutions and Instruments, Vol.6, p61-p83.
     18. Gordon, Lawrence A., Martin P. Loeb, William Lucyshyn, and Tashfeen Sohail, (2006) “The impact of the Sarbanes-Oxley Act on the corporate disclosures of information security activities.”, Journal of Accounting and Public Policy, Vol.25, p503-p530.
     19. Hope, O., T. Kang and Y. Zang, (2005) “Bonding to the Improved Disclosure Environment in the United States: Firms Listing Choices and Their Capital Market Consequences.”, SSRN Working paper, University of Toronto and Singapore Management University.
     20. Howe, S., and K. Kelm, (1987), “The stock price impacts of overseas listings”, Financial Management, Vol.16, p51-56.
     21. King, Michael R. and Dan Segal, (2004), “International Cross-Listing and the Bonding Hypothesis.”, Working paper, Bank of Canada.
     22. Lang, M., K. Lins, and D. Miller, (2003) “ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm’s Information Environment and Increase Market Value? ”, Journal of Accounting Research, Vol.41, p317-p345.
     23. Lang, Larry H. P. and Rene M. Stulz, (1994) “Tobin`s q, corporate diversification and firm performance.”, Journal of Political Economy, Vol.102, p1248-p1280.
     24. Lee, Insup., (1991) “The Impact of overseas listing on shareholder wealth: The case of the London and Toronto stock exchanges.", Journal of Business Finance and Accounting, Vol.18, p583-p592.
     25. Lewellen, V. and S.G. Badrinath, (1997) “On the Measurement of Tobin`s Q.”, Journal of Financial Economics, Vol.44, p77-p122.
     26. Lin, K., D. Strickland and M. Zenner, (2005) “Do Non-U.S. Firms Issue Stock on U.S. Equity Markets to Relax Capital Constraints?”, Journal of Financial and Quantitative Analysis, Vol.40, p109–p133.
     27. Litvak, Kate, (2007)“Sarbanes-Oxley and the Cross-Listing Premium”American Law & Econmics Association Annual Meetings, June, p45-p88.
     28. Merton, R. C. (1987) “Presidential Address: A Simple Model of Capital Market Equilibrium with Incomplete Information.”, The Journal of Finance, Vol.42,No.3, p483-p510.
     29. Pagano, R., A. Roell, and J. Zechner, (2002) “The Geography of Equity Listings: Why Do European Companies List Abroad?”, Journal of Finance, Vol.57, p2651-p2694.
     30. Perfect S. and K. Wiles, (1994) “Alternative Constructions of Tobin`s Q : An Empirical Comparison”, Journal of Empirical Finance, Vol.1, p313-p341.
     31. Reese, W. and M. Weisbach, (2002) “Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings”, Journal of Financial Economics, Vol.66, p65-p104.
     32. Sami, H. and H. Zhou, (2008) “The Economic Consequences of Increased Disclosure: Evidence from Cross-Listings of Chinese Firms”, Journal of International Financial Management and Accounting Vol.19, p.1-p.27.
     33. Servaes, H., (1996) “The value of Diversification during the Conglomerate Merger Wave”, Journal of Finance, Vol.51, p1201-p1225.
     34. Smith, G., (2007) “A look at the impact of Sarbanes-Oxley on cross-listed firms", SSRN Working paper, Arizona State University.
     35. Stulz, R.M. (1999)“Globalization, corporate finance and the cost of capital”, Journal of Applied Corporate Finance, Vol.12 , p8-p25.
     36. Stulz, R. M., (1981)“On the Effects of Barriers to International Investment.”, Journal of Finance, Vol.36, p923-p934.
     37. Sundaram, Anant K., Dennis E. Logue, (1996) “Valuation Effects of Foreign Company Listings on U.S. Exchanges”, Journal of International Business Studies, Vol. 27, p67-p88.
     38. Xu, Xiaoqing Eleanor and Jung-Gay Fung, (2002) “Information Flow across Market: Evidence from China-Backed Stocks Dual-Listed in Hong Kong and New York. ”, The Financial Review, Vol.37, p536-p588.
     39. Yermack. D., (1996) “Higher market valuation of companies with a small board of directors”, Journal of Financial Economics, Vol.40, p185-p211.		zh_TW