海外權益融資的資訊內涵與發行效果之實證研究

The Empirical Research of Information Content and Issuing Effects by Overseas Equity Offerings

葉俊廷(Chun-Ting Yeh)

指導教授 ： 陳達新

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2010年)

摘要

本研究是探討台灣上市櫃公司最近次海外權益融資對於「發行公司」在台灣股市中價格的影響，本文採用能表彰公司股票特性的海外存託憑證做為替代之研究標的，分析公司海外存託憑證的近次發行是否具有「資訊內涵」以及「發行效果」。

透過事件研究法的結果發現，「發行公司」的股價會因為海外存託憑證的宣告與掛牌而有正面的異動效果，特別是產生在宣告與掛牌之前。本研究認為是因為公司若欲發行海外存託憑證將表示具有較高的成長機會預期，並傳遞成長機會的資訊內涵；但在事件發生之後，卻轉為「負面」的效果，代表在海外存託憑證的宣告與掛牌之後，「發行公司」的股價可能產生不利的情況。

本研究由文獻探討的結果中發現「產業別」、「上市櫃」、「公司規模」、「β值」亦可能支配海外存託憑證的發行效果，因此將樣本分成「高科技產業群組」與「非高科技產業群組」、「上市公司」與「上櫃公司」、「公司規模」與「非公司規模」、「高β值」與「低β值」。

最後本研究的結論是台灣企業發行海外存託憑證的事件具有資訊內涵，會造成其台股股票價格的異動。另「公司特性」的樣本分群標準亦有其資訊內涵－價格效果，即此事件對特定「發行公司」群組的股價較為有利，但對於其他群組的股價明顯受害。雖然台灣企業發行海外存託憑證的決策著重於現實生活中與公司具有密切關連者的行為，但考量企業本身特質適合與否，亦有可能決定公司決策績效的成敗優劣。

關鍵字

海外存託憑證、資訊內涵、發行效果、事件研究法、異常報酬

並列摘要

This article studied pricing effects of Taiwan listing and OTC companies to issue equities abroad within announcement period and listing period. This article recruited GDRs as overseas equity offerings. Through recent GDRs offerings, this study attempted to identify if content information and issuing effects achieved statistics significant.
By event studies, we observed pricing effects are positive before announcement date and listing date. GDRs offerings represent the expecting of high-growth and express the opportunities to inside investors. However, stock prices of issuing companies were going downing behind announcement date and listing date. It shows, within announcement period and listing period, prices are negative afterward.
This study applied factors of industry, listing type, company scale, and β value to figure out differences of issuing effects. This article divided the samples into groups of hi-tech industry and non hi-tech industry, listing companies and OTC companies, large-scale companies and small-scale companies and hi-β and low-β.
The conclusion of this article is GDRs offerings attain information content to achieve variety of stock prices in Taiwan market. This study applied grouping samples to GDRs offerings and influenced the issuing companies’ stock price. Nevertheless, GDRs offerings are good for specific grouping and harmful for the other groupings. Although the strategy of GDRs offering was made by beneficiaries of corporations, identifying the elements of companies also determined the resolution of success.

並列關鍵字

GDR、Information Content、Issuing Effect、Event Study、Abnormal Return

參考文獻

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