政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/94729
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113822/144841 (79%)
造訪人次 : 51825996      線上人數 : 476
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/94729


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/94729


    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: 2016-05-09 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
    顯示於類別:[財務管理學系] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    index.html0KbHTML2245檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋