董事會獨立性、財務報導品質與海外籌資行為之分析

The Influence of Cross-Border Listing on Board Independence and Financial Reporting Quality

鑒於海外募資須滿足財務資訊及時揭露與強化公司治理機制要求之考量，本研究旨在從台灣上市公司赴海外集資的角度，探討企業董事會組成結構及財務報表品質的良窳對海外募資行為及募資工具選擇之影響。本文實證結果發現，當董事會的組成結構較為獨立或財務報表編製的品質較佳時，企業選擇赴海外籌資的可能性確實較高。若深入考量籌資工具種類的影響，則更可進一步看出企業董事會獨立性愈強，愈傾向以海外存託憑證作為籌資的工具，實證結果支持海外掛牌扮演著重要篩選機制。 Considering that timely disclosure of financial information and strengthening ofcorporate governance mechanism must be satisfied for cross-border listing, this study,focusing on those firms which listed in Taiwan and cross-border listing on overseascapital market, aims to examine whether cross-border listing and the choice ofcapital-raising tool are associated systematically different with board composition andfinancial reporting quality. Empirical results demonstrate that a company becomes morelikely to list cross-border when its board is more independent and its financial report isbetter in quality. As we explore into the impact of capital-raising tools on this association,the results furthermore show that the company will more likely tend to raise funds abroadvia depository receipts when board composition is more independent. The evidencesupports that cross-border listing plays an important part in the screening mechanism.