首次海外存託憑證發行對公司價值的影響——金融自由化與公司特性的角色

The Effects of Initial GDRs Offerings on Corporate Value: The Role of Deregulation and Firm Characteristics

海外存託憑證發行對於公司價值的影響，目前尚未有一致性的結論，本文探討1991至2006年台灣上市與上櫃公司的首次海外存託憑證發行對於公司價值的影響。整體而言，我們並未發現存託憑證的發行宣告，對於股價具有顯著的影響，不過，成長機會較高、外銷比率較大、前期股價報酬較低、規模較小與資訊不對稱較大的公司，其海外存託憑證的宣告效果或長期績效表現顯著較佳，此外，我們也發現金融自由化以前的海外存託憑證發行宣告效果顯著優於金融自由化以後的宣告效果。 The impacts of issuing global depository receipts (GDRs) on corporate value is mixed, this paper examines the short-term and long-term effects associated with the initial issuance of GDRs made by firms listed on Taiwan Stock Exchange. Our results show that the announcements of issuing GDRs are not accompanied with a significant effect on stock price for the whole sample, but companies with larger growth opportunity, smaller size, lower prior stock return, higher export ratio or greater information asymmetry would be associated with better short-term or long-term effect. Furthermore, we find those announcements before the financial liberalization would have better stock price effects as well.