台灣上市資訊電子產業發行海外存託憑證企業之公司治理與財務特性

Abstract

本研究以國內企業最常採用的海外籌資工具，以發行海外存託憑證為焦點，並以國內發行海外存託憑證最為積極的資訊電子產業上市公司為研究對象。本研究採用M-I-T理論架構和AMOS統計軟體進行實證研究，探討政府與公司制度(I)所代表的公司治理與產業技術(T)是否對公司在市場的行為(M)產生正面的影響，從而影響公司發行海外存託憑證、增加公司市值和公司總資產。結果顯示政府與公司制度所代表的公司治理變數有正向影響公司在市場的行為，而產業技術正向影響公司在市場的行為則不顯著。本文確認市值、總資產和發行海外存託憑證受同一潛在變數影響，因此此三個觀測變數互為影響的效果大，是互相影響、相輔相成的關係，此為不同於既有文獻所發現的結果。

This study use the most commonly overseas financing instruments which are used by domestic enterprises, and we focus on the issuance of overseas depositary receipts, and use the major issuers of this tool in Taiwan listed electronics firms as the research object. This study uses M-I-T theoretical framework and AMOS statistics software to analyze whether what corporate governance represents government and corporate system, and industry technology have a positive impact on the behavior of the firms in the market, thus affecting the firms issue oversea depositary receipts to increase market value and total assets. We find that government and corporate system represents corporate governance variable which has positive influence the behavior of the firms in the market. But industry technology has positive influence the behavior of the firms in the market insignificantly. This paper confirms that issuance of overseas depositary receipt, market value, and total assets are affected by the same latent variable. Therefore, these three manifest variables have mutual relations. This result is different from previous literature.