跨境上市、股利政策與公司價值之關係

Cross-listing, Dividend Policy and Firm Performance

高克爾(Askar Koshoev)

指導教授 ： 陳怡珮

中原大學/商學院/國際商學碩士學位學程/碩士(2013年)

https://doi.org/10.6840/CYCU.2013.00113

摘要

過去多有相關文獻針對至美國跨境上市的亞洲公司進行研究，跨境上市可藉由吸引外資挹注資金以降低資金成本，尤其當跨境至開發程度較高的資本市場時，此一效果尤為顯著。本文欲探討公司之跨境上市與股利政策對公司價值之影響，並以超額報酬與盈餘成長兩者作為公司價值之代理變數，針對東亞五個資本市場，包括日本，新加坡，香港，台灣和韓國進行研究。研究結果發現，跨境上市公司的股利政策對超額報酬無顯著影響，但與未來盈餘成長呈反向關係；此外，股利殖利率對於此反向關係具有抵銷作用。另一方面，具有高投資機會的跨境公司其股利發放與超常報酬呈現正向關係，此一結果符合訊號傳遞假說。可知美國投資人對於跨境股票較為謹慎，當企業正向傳達對於未來前景的雙重信號（股利增加和良好的投資機會）時，才會買進股票。本研究結果可提供管理者制定股利政策時之參考，並填補關於跨境上市、股利政策以及公司價值方面的文獻

關鍵字

超常報酬 ； 公司價值 ； 股利政策 ； 跨境上市 ； 盈餘成長

並列摘要

Cross-listed companies can lower their cost of equity by attracting large number of foreign investors. Value of their companies rises significantly when domestic market is less developed than market, in which companies are cross-listed. There have been several studies done in finding cross-listing effects of Asian companies being cross-listed in US, but the results are contradictive. This paper investigates the influence of cross-listing effect and payout policy on firm performance in the East-Asian companies. Abnormal return and earnings growth are employed as proxies of firm performance, and this study observes five East-Asian countries, including Japan, Singapore, Honk-Kong, Taiwan, and South Korea. The findings show that payout ratio of the cross-listed companies does not affect the abnormal returns, but it negatively affects their future earnings growth. Interaction between dividend payout ratio and dividend yields can offset negative influence of both variables, taken individually, to the future earnings growth. The companies with higher investment opportunities get positive investors’ reaction when they signal about good future prospects by paying out more cash dividends. American investors are cautious to the stocks from foreign countries. They do not easily trust the corporate forecasts and start buying stocks only when companies positively convey dual signals (i.e. payout increases and good investment opportunities) about their future prospects. However, this phenomenon is observed only when those companies are cross-listed and opposite reaction observed when the companies are not cross-listed. The findings of this research paper can be implicated by corporate managers while setting the payout policies. The different influence of cash dividends of cross-listed and non-cross-listed companies to their stocks’ abnormal returns and future earnings would be useful in planning funds for their future investments. As for academic field, our findings about the influence of cross-listing effect and payout policy on firm performance would fill the gap of the literature.

並列關鍵字

Abnormal Returns ； Earnings Growth ； Cross-listing ； Firm Performance ； Payout Policy

參考文獻

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