台灣上市櫃公司發行全球存託憑證之經營屬性與Tobin's Q關係之研究

Abstract

探討台灣上市櫃公司以增資發行新股方式發行GDR之經營屬性: 公司規模、企業業齡、上市櫃別、產業類別、負債比率、股東權益報酬率、股權結構與公司市場評價指標Tobin's Q關係之研究。研究期間為1997年至2010年共十四年。主要以複迴歸方法進行分析。首先在產業未分類下觀察經營屬性變數對於Tobin's Q之影響，再將樣本依產業別分群為高科技產業與非高科技產業，分析不同產業類別特性下是否會對Tobin's Q造成不同的影響。

實證結果顯示: 一、未分群樣本下公司規模與股東權益報酬率、大股東持股、經理人持股、法人持股比率正向提升公司市場評價。 二、高科技公司負債比率與GDR發行次數顯著負向影響公司市場評價；非高科技公司的公司規模正向影響市場評價。 三、以股權結構做為公司治理代理變數，將內部人持股型態分解後，整體解釋力均有提升，顯示股權結構變數對於解釋公司市場評價有一定程度之影響。

In this research we explore the relationship between the firm attributes and Tobin's Q. Those major attributes include firm size, firm age (since IPO), a dummy of listed firm in central market or OTC, industry dummies, debt ratio, ROE and corporate governance. The observations of this research are those company (listed or OTC), which have launched capital increase by issuing global depositary receipts (GDR) .The sample period of this research cover observation from 1997 to 2010.

The empirical results show that: 1.The main samples show that size of the firm, ROE, shareholding ratio of management team, major stockholder, and cooperation, positively enhance the market valuation. 2.The samples from high- tech companies appear that the debt ratio, the frequency of issuing GDR have significant negative impact for market valuation. As for the non-high-tech companies, the company size has positive influence on market valuation. 3.The governance aspects, after the decomposition of insider ownership, have raised the overall explanatory power; indicate that the corporate governance has certain influence on explaining market valuation of company.