台灣存託憑證市場評價之研究

Abstract

隨著國際資本市場的發展，企業籌資管道也越發多元化，海外上市成為另一種選擇。國際上知名交易所，除了容納本國企業上市外，亦多有外國企業掛牌上市。台灣也積極推動外國企業來台第二上市(即發行台灣存託憑證)。然因跨國發行的股票，易產生資訊不對稱疑慮，同時發行台灣存託憑證的公司價值不易適當的評斷，提高投資台灣存託憑證的風險。 本研究擬運用Tobin's Q作為衡量台灣存託憑證公司價值之市場績效評價指標，並衡量原企業背景、公司特性與股權結構等是否會對公司價值於市場評價中造成影響，希望能對台灣存託憑證市場提供不同的價值衡量方法。樣本期間取自2008年至2012年之間發行台灣存託憑證之公司，總樣本觀測值有32家公司，實證結果顯示：一、發行台灣存託憑證之公司具台資色彩，其公司價值具正面市場評價；二、發行台灣存託憑證之公司藉由槓桿操作可提昇公司市場評價；三、原股上市櫃年限對公司市場評價呈現負相關；四、投信持股比率對公司市場評價呈現正相關，符合Pound (1988)「效率監督假說」。

With the development of international capital market, the industry financing channels are diversified in more respects, including issuers entering overseas equity market for IPO. World famous exchanges center now welcome Taiwan and foreign industries initial public offering. As for Taiwan, it nowadays positively promotes foreign corporations initial public offering in Taiwan as the second financing market (So called Taiwan Depositary Receipts, TDR). However the equity issued in different country arouses the asymmetric information concern, which will mislead the intrinsic valuation of TDR and also increases the risk of investment in TDR. This research aims to apply Tobin's Q with the evaluation of performance benchmark for issued TDR, with consideration of the company value effectiveness from industry background, company characteristics and equity structure, so there will be more evidence in providing different ways of evaluating the TDR market. The sample period demonstrated from 2008 to 2012 issued TDR company, with total sample amounted to 32 companies. The demonstration results show: 1. There will be positive value for issuer company from Taiwanlocal industry background; 2. Leverage operation will lead to positive value for TDR; 3. There is negative value for original equity past issued public years; 4. There is positive value for equity held ratio by S.I.T.E, which complying with the efficient supervision hypothesis written by Pound(1988).