公司治理與 ADR 型態的選擇-以金磚四國為例

Abstract

隨著金融市場全球化，近年來發行美國存託憑證已成為企業赴海外上市的主 要途徑之一。本文以金磚四國為主體，研究於 1993 年到 2010 年間至美國發行存託憑證企業之公司治理與發行美國存託憑證類型之間的關係。 本文將美國存託憑證類型分為上市規範較嚴格之 Level II 及 Level III 與上市規範較不嚴格之 Level I 及 Rule144A 兩組，而公司治理則分為公司特徵、董事會組成、高階經理人型態及股權結構四個面向作為探討。實證結果發現，當公司規模較大、董事會獨立性較高及股權集中度較低時，企業傾向選擇發行 Level II 或Level III 美國存託憑證。此外，透過比較發行 Level II 或 Level III 與發行 Level I或 Rule144A 美國存託憑證企業之發行前後公司治理變化，驗證發行 Level II 或Level III 美國存託憑證較能有效改善企業之公司治理。

With the globalization of financial markets, more and more firms choose to issue American Depositary Receipts as a way to cross-list their stock on foreign market. This paper examines the relationship between corporate governance (firm's attributes, board composition, managerial characteristics and ownership structure) and the choices of ADRs for firms of BRICs during the period 1993-2010. We find that companies with larger scale, higher board transparency and lower ownership concentration are more likely to issue Level II or Level III American Depositary Receipts. In addition, we provide evidence that corporate governance do experience greater improvements after issuing Level II or Level III American Depositary Receipts.