發行ADR對公司治理與價值的影響-以北歐四國為例

Abstract

企業藉由海外上市可以為公司帶來價值的提升嗎?本文針對北歐四國赴美發行存託憑證之公司，以2001~2010年的資料為樣本，研究發行ADR的行為、美國沙賓法案(Sarbanes-Oxley Act ,”SOX”)以及北歐公司治理法(Nordic codes)等三種不同的事件，藉由交叉比對探討對公司治理以及績效的影響；再由內部公司治理層面，探討董事會結構、股權結構、CEO特性與公司績效之關聯性。 實證結果發現，美國沙賓法案後對公司治理相對北歐當地的公司治理法有更明顯的改善，然而北歐公司受美國沙賓法案影響得以提升公司治理的同時，也帶來內控成本的增加，削弱了在績效方面的表現；而北歐當地的公司治理法則明顯為公司帶來績效的提升，與西班牙的Olivencia Code和印度的 Clause 49等代表性法法規一樣，國內法規確實讓公司落實了公司治理，也使得市場給予公司正面的評價；而發行ADR的行為多在美國在2008年寬鬆存託憑證之政策後，且僅為體制的移轉，對公司治理影響不大，適逢金融海嘯，績效表現無法產生海外上市可能帶來的溢價。

Does cross listing in the United States increase a firm’s market value? This paper examines the effects of ADR listing, Sarbanes-Oxley Act (SOX), and Nordic codes on firm performance for Nordic American Depositary Receipts (ADRs). Using data from 2001 to 2010, we explore the relationship between corporate governance and firm performance for Nordic ADRs from the perspective of internal corporate governance that includes board structure ,CEO characteristics and ownership structure. We find that post-SOX corporate governance quality has significantly improved compared with the quality of post-Nordic codes. However, the costs associated with SOX have adversely affected firm performance. This evidence is consistent with the view that investors consider SOX deterrence on performance of cross-listed foreign companies. On the contrary, the local Nordic codes have improved both corporate governance and firm performance for Nordic ADRs. This result is consistent with the post-governance effects of Olivencia Code in Spain and Clause 49 in India. As for the post-ADR effect, there appears to be little effect on corporate governance and firm performance, which might be attributable to the financial tsunami and SEC’s allowing unsponsored ADRs to be listed on U.S. stock exchanges in 2008.