公司治理變革：中國發行ADR公司經驗

Abstract

本文針對赴美發行存託憑證之中國大陸公司，透過公司特性及公司治理變數之比較，驗證中國大陸於1993∼2009年間發行不同類型美國存託憑證公司之發行動機，並且針對海外發行之綑綁理論，以企業董事會獨立性、委員會、管理階層特性及股權結構等變數，探討公司治理與美國上市行為之關聯性。實證結果發現，當公司資金需求、成長性越高、管理階層與企業利益高度相關、股權集中度越低的企業，傾向發行可發新股籌資的L3美國存託憑證作為籌資工具；而資金需求程度低，股權集中度高的企業，傾向選擇不會稀釋股權之L1美國存託憑證作為籌資工具。此外，我們透過比較發行法規較嚴格之L3存託憑證公司，其發行前後公司治理變化情形，進一步驗證了綑綁理論。

This paper examines the motivation of listing choices by comparing company and corporate governance characteristics for Chinese American Depositary Receipt (ADR) firms from 1993 to 2009. We test bonding hypothesis by exploring the relationship between corporate governance (board transparency, independent committee, managerial characteristics and ownership structure) and ADR listing choices. We find that companies with growth potential, lower ownership concentration, higher capital needs, and companies with strong relationship between CEO ownership and firm profit, are more likely to issue level 3 America Deposit Receipt (ADRs). In addition, we compare corporate governance characteristics before and after ADR listing date for L3 ADRs, which comply with more strict listing requirements. Our result supports bonding hypothesis.