海外企業來台第二上市對原公司股票之影響

The Market Reaction To Taiwan Secondary-Listings：Evidence from Overseas Companies

陳招貴(Chao-Kuei Chen)

指導教授 ： 陳靜怡

國立暨南國際大學/管理學院/經營管理碩士在職專班/碩士(2011年)

摘要

本研究主要探討海外企業來台第二上市發行台灣存託憑證（Taiwan Despositary Receipts，簡稱TDR）後對原股之影響。選取2008~2010年「香港證券交易所」及「新加坡證券交易所」來台上市合計共21家已申請上市且掛牌之公司作為研究樣本。
本研究係以事件研究法之市場模式計算來台發行TDR對公司原股價值之影響，並依原股上市地點區分為香港及新加坡樣本、以產業別區分為電子及非電子樣本、及原股是否為台商進行分類探討，再以迴歸模型分析影響累計報酬的因素。實證結果顯示：
1.就整體樣本而言，台灣存託憑證上市日當天是呈現正向的異常報酬，在上市日前後30日（共61日）出現正向異常報酬達55日，直到上市日後第23日方才出現負向異常報酬，然其累積平均異常報酬率仍呈顯著正向。
2.就樣本分類區分而言，在香港的原股投資人對此一事件是抱持著正面態度、新加坡原股投資人則較為消極，電子產業類股優於非電子產業類股，非台商類股優於台商類股。

關鍵字

事件研究法 ； 異常報酬 ； 存託憑證

並列摘要

This research discuss the influence of Taiwan secondary offering after the influence of the common stocks by overseas companies to issue Taiwan Depositary Receipts（referred to as the TDR）.Select the 2008 and 2010 "Hong Kong Stock Exchange" and the "Singapore Exchange" offered together in Taiwan has applied for a total of 21 companies offered and offered as the research sample.
The research is based on market model event study issued in Taiwan calculated TDR value to the company of the common stocks and stocks offered according to the original place of the sample divided into Hong Kong and Singapore, an industry divided into electronic and other non-electronic samples, and the common stocks whether the classification of Taiwan, then regression model to analyze the factors that affect the cumulative rewards. Empirical results show that:
1. On the whole sample, offered on the day of TDR is to present positive abnormal returns before and after the offering of 30 (61 days) appeared positive abnormal returns up to 55 days, until the parties offered on the first 23 negative abnormal returns before, then the cumulative average abnormal returns continued to show a significant positive.
2. To distinguish between samples in terms of classification, the common stock investment in Hong Kong who hold this event is with a positive attitude, Singapore, the original stock investors are more negative, the electronics industry sector than non-electronic industry sector, Africa and Taiwan better than the Taiwanese business sector stocks.

並列關鍵字

Event Study ； Abnormal Returns ； Depositary Receipts

參考文獻

一、英文文獻

Alexander, G.J., Eun, C.S.,＆Janakiramananan, S.（1987）Asset Pricing and Dual Listing on Foreign Capital Markets：A Note, The Journal of Finance, 42（1）,151-158

Brown, S.J. and Warner J.B.（1980）Measuring security price performance , Journal of Economics,8,205-288

Chi, C.H.（1998）, “American depositary receipts（ADR）isued by Japanese corporation” Journal of Financial and Quantitative Analysis,23,pp.45-54

Erruna, V.,＆Miller, D.P.（2003）.Valuation effects of seasoned global equity offerings. Journal of Banking ＆ Finance,27（9）,1611