公司治理、公司績效與ADR的選擇 ─ 以中南美洲為例

Corporate Governance, Firm Performance and ADR Choices：Evidence from Latin America

凃皓竣

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

本研究以中南美洲發行美國存託憑證之公司為樣本，主要分為兩大主軸進行探討。第一部分為公司特性、公司治理與美國存託憑證類型選擇之關聯性。以公司規模、股權結構、獨立董事比例、董事會及經理人相關變數分析與美國存託憑證類型選擇之關聯性。另一部分則以三個不同事件為基準點(美國存託憑證之發行、沙賓法案、巴西公司治理最佳實務法案)，比較事件前後對於公司治理及公司績效之影響。
實證結果顯示，公司規模大、董事會規模大、設有專職委員會、總經理與董事長未有兼任情形之公司比較傾向選擇上市型之類型，而獨立董事比例高與股權集中度高的公司傾向選擇非上市型，與預期結果不同，可能與企業的遵循成本考量或中南美洲股權結構的特殊性有關。進一步考量國家差異後，中南美洲企業型態選擇的決定因素以公司規模大小、設立專職委員會及總經理兼任董事長的情形較為關鍵。在發行美國存託憑證與巴西公司治理最佳實務法案頒布後，公司治理及公司績效均明顯提升，而沙賓法案之實行確實帶來公司治理之改善，但公司績效並非在頒布後立即上升，結果顯示在法案頒布後初期，由於遵循成本的提高而導致下降，長期來看，公司績效因為市場對於其評價的提高而提升。

關鍵字

美國存託憑證 ； 綑綁理論 ； 公司治理 ； 公司績效

並列摘要

This study examines the Latin America companies which issued the American Depositary Receipt (ADR). It focuses on two main topics: ADR type choices and the impacts of specific events on corporate governance and firm performance. First, we use firm size, ownership structure, independent ratio, board composition, managerial characteristics to examine the ADR type decision. Second, we use three specific events (ADR listing, SOX Act, Code of Best Practice of Corporate Governance) to examine its effects on corporate governance and firm performance.
The empirical results show that firms with large scale, large board size, audit and nomination committees, no CEO duality are more likely to choose listed type. However, the firms with high independent ratio and ownership concentration are more likely to choose unlisted type. These results may be attributable to the compliance cost and Pyramid ownership in Latin America. After controlling for countries, the firm scale, the presence of the professional committee, and CEO duality are the key determinants for ADR type decision. Furthermore, we find that firms have improvement in their corporate governance and firm performance after the issuing ADR and Code of Best Practice of Corporate Governance. SOX Act poses positive impact on corporate governance. But due to the strict regulation, the firm performance decreases after SOX Act. In the long run, the overall firm performance would be better due to the higher market valuation.

並列關鍵字

American Depositary Receipt ； Bonding Hypothesis ； Corporate Governance ； Firm Performance

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