公司治理與ADR型態選擇:以德國與法國為實證對象

Abstract

本文針對德國及法國赴美發行存託憑證之公司，分析討論1983∼2010年間發行不同類型美國存託憑證公司的內部公司治理結構特徵與ADR發行型態選擇的關聯性及發行動機。以企業董事會結構、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，當公司內部結構為總經理兼任董事長、一元型態董事會、設有審計委員會或設立委員會較多者傾向選擇Level2、Level3 ADR。而股權中度較高的公司及內部人持股比例高的公司則偏好選擇Level1、144A ADR。此外，若公司採用一元型態董事會，但存在控制股東，則公司傾向選擇Level1、144A ADR。

This paper examines the relation and motivation of listing choices by comparing company and internal corporate governance characteristics for German and French American Depositary Receipt (ADR) firms from 1983 to 2010. We test the relationship between ADR listing type choices and internal corporate governance, which includes board structure, CEO related characteristics and ownership structure. We find that companies with CEO chair duality (when CEO is also the chairman of the board), one-tier board structure, established audit committee and more committees are more likely to issue Level II and Level III American Depositary Receipts (ADRs). We also find that firms with higher ownership concentration and higher insider ownership are more likely to choose Level I and 144A ADRs. In addition, we find that firms with one-tier board structure and controlling shareholder tend to choose Level I and 144A ADRs.