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題名 上市公司發行海外存託憑證意願與價格之研究
The issue Volition and Price of Global Depositary Receipt
作者 連榮華
Lian, Rong-Hwa
貢獻者 陳隆麒<br>黃慶堂
Long-Chyi Chern<br>Ching-Tarng Hwang
連榮華
Rong-Hwa Lian
關鍵詞 海外存託憑證
Global Depositary Receipt;GDR
日期 1994
1993
上傳時間 29-Apr-2016 15:15:12 (UTC+8)
摘要 經由本研究的實證結果顯示，獲得以下七大結論： 1.有意願發行海外存
參考文獻 1. 朱炫璉，上市公司發行海外存託憑證之研究，政治大學會計研究所，民國82年6月

2. 李新仁，國際證券市場報導－美國存託憑證交易實務，證券管理，第九卷第11期，民國80年11月16日

3. 周介華，海外存託憑證之制度與實證－中鋼GDR之個案分析，中央大學財務管理研究所，民國82年5月

4. 財政部證券管理委員會，上市公司發行海外存託憑證審核要點，民國80年4月15日

5. 陳忠揚，國內可轉換公司債價格影響因素之研究，政治大學企業管理研究所，民國81年6月

6. 陳建志，上市公司發行可轉換公司債之研究，政治大學企業管理研究所碩士論文，民國80年6月

7. 陳隆麒，現代財務管理－理論與應用，民國81年2月

8. 賴再發、陳明祥，參加中鋼公司發行海外存託憑證公開說明會出國報告書，經濟部國營事業委員會，民國81年5月

9. 謝惠娟，存託憑證替企業打開國際籌資大門，理財顧問，民國82年1月

10. 饒孟友，國際證券市場報導－美國存託憑證的現況及發展，證券管理，第九卷第11期，民國80年11月16日

1.Adhikari, A., E. N. Coffman and R. H. Tondkar, “Going Global – A Toronto – to – To the intricacies of foreign Stock Listings,” CA Magazine, July 1991, pp.24-31.
2.Alexander, G. J., C. S. Eun and S. Janakiramanan, “International Listings and Stock Returns: Some Empirical Evidence,” Journal of Financial and Quantitative Analysis. June 1988, pp.135-151.
3.Agmon T., “The Relations Among Equity Markets : A Study of Share Price Co-movement in the US, U.K., Germany and Japan,” Journal of Finance, September 1972, PP.839-855.
4.Chi, C. H., “ADR issues by Japanese corporations: The information value of cross-country listing on the U.S. market,” unpublished PHD thesis, The George Washington University, 1988.
5.Dieckhaus, M. J., “Should You List On A Foreign Exchange?,” Chief Executive, March 1992, PP.45-47.
6.Fortin, R., “Transaction Costs in the NASDAQ ADR Market,” New Mexico state University published PHD thesis, 1989.
7.Grubel, H. G., “Internationally Diversified Protfolios: Welfare Gains and Capital Flows,” American Economic Review, Decmber 1968, PP.1288-1314.
8.Howe, J. S. and K. kelm, “The Stock Price Impacts of Overseas Listings,” Financial Management, Autumn 1987, PP.51-56.
9.Hubbard, D. J., “An accounting study of American Depositary Receipt(ADR),” unpublished PHD thesis, Virginia Polytechnic Institute and State University, 1992.
10.Jonnson, L. J. and C. H. Walther, “The Value of International Equity Diversification :An Empirical Test,” Journal of Applied Business Research, 1992.
11.Lessard, D. R., “World, Country, and Industry Relationships in Equity Returns,” Journal of Finance, May 1974, PP.379-391.
12.Levy, . and M. Sarnat, “International Diversification of Investment Portfolios,” American Economic Review, September 1970, PP.668-675.
13.Madura, J. and W. Reiff, “A Hedge Strategy for International Protfolios,” The Journal of Portfolio Management, Fall 1985, PP.70.
14.Mahajan, A. and E. Furtado, “Pricing Effects of ADR Listing.” Unpublished PHD thesis, Texas A&M University, 1989.
15.Marti, G. S., “On the Optimality of International Capital Market Integration,” Journal of Financial Economics, March 1975. PP.3-28.
16.Officer, D. T. and J. R. Hoffmeister, “ADRs: A Substitute for the Real Thing?,” Journal of Portfolio management, Winter 1987.
17.Park, J., “The impact of information on ADR returns and variances: some implications (international informational transmission),” unpublished PHD thesis , The University of Lowa, 1990
18.Rosenthal, L., “An Empirical Test of The Efficiency of The ADR Market,” Journal of Banking and Fincace, 1983, PP.17-30.
19.Saudagaran, S. M., “An Empirical Study of Selected Factors Influencing The Decision to List on Foreign Stock Exchanges,” Journal of International Business Studies, Spring 1988, PP.101-127.
20.Saudagaran S. M. and G. C. Biddle, “Foreign Stock Listings: Benefits, Costs, and the Accounting Policy Dilemma,” Accounting Horizons, September 1991, PP.69-80.
21.Solnik, B. H., “Why not Diversify Internationally?.” Financial analysis Journal”, July-August 1974, PP.48-54.
22.Stanley, M., “Capital Structure and Cost of Capital for the Multinational Firms,” Journal of International Business Studies, Spring/Summer 1981, PP.103-120.
23.Stapleton, R. C. and M.G. Subrahmanyam, “Market Imperfections, Capital Market Equilibrium and Corporate Finance,” Journal of Finance, May 1977, PP.307-319.
24.Wahab, M. and A. Khandwalw, “Why not diversity internationally with ADRs?.” Journal of Portfolio Management, Winter 1993.
描述 碩士
國立政治大學
企業管理學系
81355028
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002003650
資料類型 thesis
dc.contributor.advisor 陳隆麒<br>黃慶堂zh_TW
dc.contributor.advisor Long-Chyi Chern<br>Ching-Tarng Hwangen_US
dc.contributor.author (Authors) 連榮華zh_TW
dc.contributor.author (Authors) Rong-Hwa Lianen_US
dc.creator (作者) 連榮華zh_TW
dc.creator (作者) Lian, Rong-Hwaen_US
dc.date (日期) 1994en_US
dc.date (日期) 1993en_US
dc.date.accessioned 29-Apr-2016 15:15:12 (UTC+8)-
dc.date.available 29-Apr-2016 15:15:12 (UTC+8)-
dc.date.issued (上傳時間) 29-Apr-2016 15:15:12 (UTC+8)-
dc.identifier (Other Identifiers) B2002003650en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/88268-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理學系zh_TW
dc.description (描述) 81355028zh_TW
dc.description.abstract (摘要) 經由本研究的實證結果顯示，獲得以下七大結論： 1.有意願發行海外存zh_TW
dc.description.tableofcontents 第壹章 緒論……………………………………………………………………………………………….……….1
第一節 研究動機與目的……………………………………………………………………..……….3
第二節 研究方法………………………………………………………………………………………….5
第三節 研究範圍………………………………………………………………………………………….6
第四節 論文結構………………………………………………………………………………………….7

第貳章 文獻探討………………………………………………………………………………………………….9
第一節 海外存託憑證的特性……………………………………………………….…………….11
第二節 發行海外存託憑證相關決策………………………………………………………….21
第三節 發行海外存託憑證的資訊價值…………………………………………..………….29
第四節 海外存託憑證在國祭投資多角化之應用………………………………..…….32
第五節 影響海外存託憑證價格之因素……………………………..……………………….37
第六節 相關文獻彙整………………………………………..……………………………………….41

第參章 研究設計…………………………………………………………………….………………………….49
第一節 抽樣方法與資料蒐集……………………………………………….…………………….50
第二節 研究假說…………………………………………………..…………………………………….52
第三節 變數定義與衡量……………………………………………………….…………………….55
第四節 問卷設計……………………………………..………………………………………………….57
第五節 資料分析方法……………………………………..………………………………………….59

第肆章 實證結果……………………………………….……………………………………………………….63
第一節 問卷回收結果……………………………………………………..………………………….64
第二節 海外籌資經驗及所使用之籌資工具…………………………..………………….65
第三節 發行意願………………………………………………..……………………………………….67
第四節 發行海外存託憑證之規劃內容………………………………………………..…….82
第五節 海外存託憑證之訂價……………………………….…………………………………….98
第六節 個案公司訪談……………………………………………………………………………….105
第七節 海外籌資決策模式……………………………………………………………………….116

第伍章 結論與建議…………………………………………………………….………………………….122
第一節 結論…………………………………………………………………………..………………….122
第二節 研究限制……………………………………………………………………………..……….125
第三節 建議…………………………………………………………………..………………………….127

參考文獻……………………………………………………………………………………………………….…….133

附錄:問卷…………………………………………………………………………………………………………….138		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002003650en_US
dc.subject (關鍵詞) 海外存託憑證zh_TW
dc.subject (關鍵詞) Global Depositary Receipt;GDRen_US
dc.title (題名) 上市公司發行海外存託憑證意願與價格之研究zh_TW
dc.title (題名) The issue Volition and Price of Global Depositary Receipten_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. 朱炫璉，上市公司發行海外存託憑證之研究，政治大學會計研究所，民國82年6月

2. 李新仁，國際證券市場報導－美國存託憑證交易實務，證券管理，第九卷第11期，民國80年11月16日

3. 周介華，海外存託憑證之制度與實證－中鋼GDR之個案分析，中央大學財務管理研究所，民國82年5月

4. 財政部證券管理委員會，上市公司發行海外存託憑證審核要點，民國80年4月15日

5. 陳忠揚，國內可轉換公司債價格影響因素之研究，政治大學企業管理研究所，民國81年6月

6. 陳建志，上市公司發行可轉換公司債之研究，政治大學企業管理研究所碩士論文，民國80年6月

7. 陳隆麒，現代財務管理－理論與應用，民國81年2月

8. 賴再發、陳明祥，參加中鋼公司發行海外存託憑證公開說明會出國報告書，經濟部國營事業委員會，民國81年5月

9. 謝惠娟，存託憑證替企業打開國際籌資大門，理財顧問，民國82年1月

10. 饒孟友，國際證券市場報導－美國存託憑證的現況及發展，證券管理，第九卷第11期，民國80年11月16日

1.Adhikari, A., E. N. Coffman and R. H. Tondkar, “Going Global – A Toronto – to – To the intricacies of foreign Stock Listings,” CA Magazine, July 1991, pp.24-31.
2.Alexander, G. J., C. S. Eun and S. Janakiramanan, “International Listings and Stock Returns: Some Empirical Evidence,” Journal of Financial and Quantitative Analysis. June 1988, pp.135-151.
3.Agmon T., “The Relations Among Equity Markets : A Study of Share Price Co-movement in the US, U.K., Germany and Japan,” Journal of Finance, September 1972, PP.839-855.
4.Chi, C. H., “ADR issues by Japanese corporations: The information value of cross-country listing on the U.S. market,” unpublished PHD thesis, The George Washington University, 1988.
5.Dieckhaus, M. J., “Should You List On A Foreign Exchange?,” Chief Executive, March 1992, PP.45-47.
6.Fortin, R., “Transaction Costs in the NASDAQ ADR Market,” New Mexico state University published PHD thesis, 1989.
7.Grubel, H. G., “Internationally Diversified Protfolios: Welfare Gains and Capital Flows,” American Economic Review, Decmber 1968, PP.1288-1314.
8.Howe, J. S. and K. kelm, “The Stock Price Impacts of Overseas Listings,” Financial Management, Autumn 1987, PP.51-56.
9.Hubbard, D. J., “An accounting study of American Depositary Receipt(ADR),” unpublished PHD thesis, Virginia Polytechnic Institute and State University, 1992.
10.Jonnson, L. J. and C. H. Walther, “The Value of International Equity Diversification :An Empirical Test,” Journal of Applied Business Research, 1992.
11.Lessard, D. R., “World, Country, and Industry Relationships in Equity Returns,” Journal of Finance, May 1974, PP.379-391.
12.Levy, . and M. Sarnat, “International Diversification of Investment Portfolios,” American Economic Review, September 1970, PP.668-675.
13.Madura, J. and W. Reiff, “A Hedge Strategy for International Protfolios,” The Journal of Portfolio Management, Fall 1985, PP.70.
14.Mahajan, A. and E. Furtado, “Pricing Effects of ADR Listing.” Unpublished PHD thesis, Texas A&M University, 1989.
15.Marti, G. S., “On the Optimality of International Capital Market Integration,” Journal of Financial Economics, March 1975. PP.3-28.
16.Officer, D. T. and J. R. Hoffmeister, “ADRs: A Substitute for the Real Thing?,” Journal of Portfolio management, Winter 1987.
17.Park, J., “The impact of information on ADR returns and variances: some implications (international informational transmission),” unpublished PHD thesis , The University of Lowa, 1990
18.Rosenthal, L., “An Empirical Test of The Efficiency of The ADR Market,” Journal of Banking and Fincace, 1983, PP.17-30.
19.Saudagaran, S. M., “An Empirical Study of Selected Factors Influencing The Decision to List on Foreign Stock Exchanges,” Journal of International Business Studies, Spring 1988, PP.101-127.
20.Saudagaran S. M. and G. C. Biddle, “Foreign Stock Listings: Benefits, Costs, and the Accounting Policy Dilemma,” Accounting Horizons, September 1991, PP.69-80.
21.Solnik, B. H., “Why not Diversify Internationally?.” Financial analysis Journal”, July-August 1974, PP.48-54.
22.Stanley, M., “Capital Structure and Cost of Capital for the Multinational Firms,” Journal of International Business Studies, Spring/Summer 1981, PP.103-120.
23.Stapleton, R. C. and M.G. Subrahmanyam, “Market Imperfections, Capital Market Equilibrium and Corporate Finance,” Journal of Finance, May 1977, PP.307-319.
24.Wahab, M. and A. Khandwalw, “Why not diversity internationally with ADRs?.” Journal of Portfolio Management, Winter 1993.		zh_TW