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    Title: 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
    Authors: 陳毓云
    Contributors: 杜化宇
    陳毓云
    Keywords: 美國存託憑證
    沙賓法案
    因果關係
    Tobin`s q
    Date: 2008
    Issue Date: 2016-05-09 11:45:17 (UTC+8)
    Abstract: 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。
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    Description: 碩士
    國立政治大學
    財務管理研究所
    95357021
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0095357021
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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