綑綁假說之驗證：以瑞士、奧地利發行美國存託憑證之公司為例

Does Bonding Hypothesis Hold?Evidences From Switzerland and Austria ADRs

蔡禕塵(YI-CHEN TSAI)

指導教授 ： 吳徐哲

國立中正大學/管理學院/會計與資訊科技學系/碩士(2016年)

摘要

本研究以瑞士和奧地利發行美國存託憑證(ADR)之公司為樣本，探討兩國公司在發行美國存託憑證前後現金持有數和績效之變化，以驗證捆綁假說是否成立。本研究並進一步將公司區分為發行參與型美國存託憑證(Sponsored ADR)和非參與型美國存託憑證(Unsponsored ADR)者，檢視法規嚴謹程度有別之不同存託憑證，是否影響發行公司赴美上市後現金持有數和績效變化之程度。

研究結果發現，奧地利公司在發行參與型美國存託憑證後，現金持有數顯著上升，符合假說之預期，代表奧地利公司赴美上市後公司治理程度有所提升；而發行非參與型美國存託憑證之奧地利公司，在赴美上市後現金持有數顯著降低，符合假說之預期，可知法規規範較不嚴格的非參與型美國存託憑證，對發行公司的現金持有數有負面之影響。

績效方面，瑞士和奧地利公司整體而言於赴美上市後績效顯著提升，符合假說之預期；其中，瑞士公司不論發行參與型或非參與型美國存託憑證者，赴美上市後績效均有顯著之提升，奧地利則是發行參與型美國存託憑證之公司，於赴美上市後績效顯著提升，符合假說之預期。

關鍵字

綑綁假說 ； 現金持有數 ； 績效 ； 參與型美國存託憑證 ； 非參與型美國存託憑證

並列摘要

To examine whether cash holding and performance of companies change after ADR issuance, I choose Switzerland and Austria companies which issued American Depositary Receipt (ADR) as a sample. Initially, I break down the full sample by country. Then, I split the sample into two groups: sponsored ADRs and unsponsored ADRs, to test whether the different regulations affect the degree of bonding effects.

The results show that, the cash holdings of Austria companies which issued sponsored ADR increased significantly after the companies cross-listed in the US. This supports the hypothesis expectation. The cash holding of Austria companies which issued unsponsored ADR decreased significantly after the companies cross-listed in the US.

The results also show that, the performance of Switzerland and Austria companies as a whole, increased significantly after companies issued ADRs. The performance of Switzerland companies increased after the companies cross-listed in the US no matter what types of ADR they issued. On the other hand, Austria companies which issued sponsored ADR performed better after they cross-listed in the US, which confirms the hypothesis expectation.

並列關鍵字

Bonding Hypothesis ； Cash Holding ； Performance ； Sponsored ADR ； Unsponsored ADR

參考文獻

楊珮琪(民100)。公司治理變革：中國發行ADR公司經驗(碩士論文)。取自臺灣碩 博士論文加值系統。

Amess, K., Banerji, S., & Lampousis, A., 2015, “Corporate cash holdings: Causes and consequences”, International Review of Financial Analysis, 42, 421-433.

Bickman, L., 1974, “The social power of a uniform”, Journal of Applied Social Psychology, 4, 47-61.

Burns, N., Francis, B.B., & Hasan, I., 2007, “Cross-listing and legal bonding: Evidence from mergers and acquisitions”, Journal of Banking & Finance, 31(4), 1003-1031.

Charitou, A. & Louca, C., 2009, “Cross-listing and Operating performance: Evidence from exchanged-listed American depositary receipts”, Journal of Business Finance & Accounting, 36(1) & (2), 99-129.