外國企業來台第一上市之公司特性、股權結構與Tobin's Q關係之研究

Abstract

自2008年外國企業來台掛牌政策公布後，已吸引許多優質企業紛紛來台掛牌，然而上市之後，企業的價值能否藉由台灣資本市場較高的本益比獲得彰顯，間接影響其他潛在外國企業未來來台掛牌的意願。再者，外國企業大多透過於第三地國設立新的控股公司名義申請來台第一上市，其財務資訊揭露程度雖須遵循台灣法令規範，但營運資訊揭露程度相較國內上市櫃公司透明程度仍顯不足，可能造成資訊不對稱情況，進而影響公司之市場評價。 外國企業來台第一上市之公司(以下稱F公司)於2010年首度於台灣掛牌後，已歷經2010~2013年4個完整會計年度，隨著投資人對於F公司的認識逐步提升，F公司已成為活絡台灣資本市場的主流。本研究以Tobin's Q作為衡量F公司之經營屬性與市場評價相關性之績效指標，並探討公司特性、經營績效、股權結構與資訊透明程度等是否會對公司價值於市場評價中造成影響。 本研究樣本期間為2010年至2013年第三季於台灣證券交易所及櫃台買賣中心(不含興櫃)掛牌之F公司，總計樣本公司共46家。實證結果顯示，一、F公司選擇於櫃台買賣中心掛牌，有助於公司市場評價提升；二、F公司經營績效可被市場評價合理反應；三、F公司為單一家族主導，對其公司價值具負面市場評價；四、F公司資訊透明度不影響其市場評價。

Since 2008, the policy of foreign firms primary listing in Taiwan had announced, it has attracted many high-quality companies listed in Taiwan. However, after the listing, whether the companies could have high performance via higher PE ratio of Taiwan's capital markets or not will have indirect impact on the intention of other potential overseas companies listing in Taiwan in the future. Moreover, most foreign firms were listed in Taiwan through establishing new offshore holding company, although they disclosed their financial information which followed the regulations of Taiwan, the disclosure of operational information were still more insufficient than the domestic listed companies. It may occur information asymmetry, furthermore it will affect the market valuation of the Company. After the first of the foreign firms primary listing in Taiwan (hereinafter referred to as F Company) was listed in Taiwan in 2010, it has passed through four full fiscal years from 2010 to 2013. As investors gradually raise awareness for the F Company, F Company has become an active mainstream of the capital market. In this study, we used Tobin's Q to measure F Company's attribution and market valuation, and to discuss how the attribute, operating performance, ownership structure and information transparency would affect the market valuation of the company. There were 46 sample companies listed on the Taiwan Stock Exchange and GreTai Securities Market (excluding Emerging Market) from 2010 to the third quarter of 2013. The empirical results show that: first, F Company which was listed on the GreTai Securities Market has higher market valuation than on the Taiwan Stock Exchange; second, F Company’s operating performance could be reasonably response to market valuation; third, if F Company is a single family-led company, its company value has negative effect to the market valuation; last, the information transparency of F Company does not affect its market valuation.