台灣上市(櫃)公司發行海外全球存託憑證後之長期績效

The Long-run Performance after GDR Issuance of Taiwan Listed Companies

陳靜美(Ching-mei Chen)

指導教授 ： 顧廣平

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2010年)

https://doi.org/10.6846/TKU.2010.00085

摘要

本研究係蒐集自1992年至2005年間曾以增資發行新股方式發行海外全球存託憑證(GDR)之上市(櫃)公司為研究對象，共計57件樣本數，運用各種不同的績效衡量方法，探討公司以發行GDR來進行海外融資，是否能提高公司價值及增進股東財富，以及公司至國外發行GDR進行國際籌資，對於經營績效是否有顯著的影響。研究結果指出：
一、上市(櫃)公司發行GDR後之長期投資績效：
投資者若於公司發行GDR時買進持有該公司之股票，其無法獲取
優於基準之長期平均報酬，又或許顯示公司管理當局發行GDR之
決策，長期平均而言，並無法增加股東更多之財富。
二、上市(櫃)公司發行GDR後之長期營運績效：
從衡量長期營運績效財務比率得知，上市(櫃)公司發行GDR後的
長期營運績效表現，在獲利能力是呈現衰退之趨勢，而公司的資
產運用效率與償債能力亦没有獲得較好的改善。

關鍵字

海外全球存託憑證 ； 長期營運績效 ； 長期投資績效

並列摘要

The present study investigates the TSEC & OTC listed companies which issued GDR between 1992 to 2005. A total of 57 companies were investigated in this study. A variety of performance assessment methods were adopted to explore the effects of overseas financing by issuing GDR on raising a company’s value and promoting shareholders’wealth. The study also explores whether it has a significant impact on operation performance if a company conducts international fund-raising by issuing GDR abroad. The following are the major findings of the study.
I.Long-term investment performance of the TSEC & OTC listed
companies after issuing GDR:
If investors who bought the company’s stocks when it
issued GDR failed to receive long-term average return
which was better than benchmark，it probably indicates
that the company administration’s policy of issuing GDR
can’t bring shareholders more wealth in the long run.
II.Long-term operation performance of the TSEC & OTC listed
companies after issuing GDR:
By evaluating the financial ratios of long-term
operation performance, we can find that in terms of
long- term operation performance of the TSEC & OTC listed
companies issuing GDR, there is a tendency to decline in
making a profit. Neither assets utilization nor repaying
capability improves.

並列關鍵字

Global depository receipts overseas ； Long-term operation performance ； Long-term investment performance

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