發行ADR是否對公司治理與整體績效有益？探究日本公司之發行目的

Abstract

近年來美國存託憑證的使用越趨頻繁，此交叉上市的行為不僅可限制控股股東的能力，避免其採取利己行為，亦可增進公司治理。另外也可提供外部資金的來源，以及增加海外人士投資的機會，來吸引更大的外部利益。本研究主要針對日本發行美國存託憑證之公司，以2000年至2009年資料為樣本，探討其發行之後的績效與公司治理表現，進而透過發行型態的選擇來檢視其與績效之關聯性，接著根據美國與日本兩種針對公司體制制定的法律規範，來檢驗其運行之效力。 實證結果發現，公司發行美國存託憑證之後，明顯績效有所改善，更進一步探討公司間發行ADR之型態上的選擇，其對於績效並沒有顯著的差異性存在。因此本研究推估其發行目的在於透過美國存託憑證來累積名氣，以增加海外之投資人進行投資，促使公司績效變好，由於以任何一種方式發行皆可達成其目的，因此普遍選擇最簡易發行之第一級ADR。至於法案之影響，美國沙賓法案明顯對於公司治理層面與績效有所改善，而日本沙賓法案（金融商品取引法）在體制改善方面亦得相同結果，但其績效表現卻不如預期顯著，本研究認為由於2009年發生金融海嘯，因此以日本沙賓事件研究法發生於2007年，其績效會因全球整體經濟之驟變而無法探究其真實成效，但若排除總體環境因素，單一探究2008年之變化，可以發現其對於績效層面仍具有正向影響。

In recent years, more and more companies have increasingly been using American Depositary Receipts. The advantages of the cross-listing behavior are not only to enhance corporate governance by limiting the ability of controlling shareholders, but also to raise fund from overseas and increase investment opportunities to earn profit. This research focused on Japanese companies which issued American Depositary Receipts. We selected the sample data from 2000 to 2009 and we wanted to know whether ADR listing can improve corporate governance and firm performance. Then we categorized firms by ADR listing types to check the relevance between performance and type choice. In addition, we used American SOX act and Japanese J-SOX to test the validity of these events on firm performance and listing choices. Our empirical results show that the companies issued American Depositary Receipts in general have significant performance improvements. However, the performance difference is not significant regardless of the listing types these companies chose. We postulated that the goal of Japanese ADRs is not to raise money from international investors. The main propose is to earn prestige and become famous so that they can increase overseas investor base. In this way, it doesn’t matter which ADR types these companies choose. Furthermore, we found that both U.S. SOX and J-SOX significantly improved corporate governance and performance, though the J-SOX result is not significant. We posited that the result may be attributable to the financial crisis happened is 2009. To solve the macro-environment, we chose the data in 2008 to check the result, and we found the positive relationship between J-SOX and performance.