公司治理與美國存託憑證型態之選擇：以英國為例

Corporate Governance and Choices of ADRs:Evidence from United Kingdom

呂涵妤(Han-Yu Lu)

指導教授 ： 潘李賢

國立中正大學/管理學院/會計與資訊科技學系/碩士(2014年)

摘要

本研究主要針對英國發行美國存託憑證之公司，以發行公司在2013年之前可獲取的資料為樣本，主要探討公司對於不同類型美國存託憑證之選擇。研究主要透過董事會結構、管理階層特性、股權結構、審計等公司治理變數以及公司特徵變數，探討公司發行不同類型美國存託憑證之發行動機和發行美國存託憑證對公司的影響。

實證結果發現，企業會根據不同公司治理、公司特徵做出不同型態美國存託憑證之選擇。當公司具有股權集中程度低、獨立董事比率高、規模大的特性，傾向選擇發行上市型ADR，在發行後，公司除了提升其公司治理，也因此增加其資產報酬率和銷售規模，獲得了營運上的好處; 而股權集中程度高、獨立董事比率高、較不具有總經理兼任董事長情形的Level I則傾向發行非參與型，其海外知名度藉由美國投資者或存託機構的主動發行而提升，公司會為了避免利益的分散，增加其股權集中程度。

關鍵字

美國存託憑證 ； 公司治理

並列摘要

This paper focuses on the behaviors of British American Depositary Receipts (ADRs) during 2000-2013. We examine the motivation and impact of listing choices for different types of ADRs using variables of board structure, managerial characteristics, ownership structure, audit quality, and firm-specific characteristics.

We find that firms choose different types of ADRs based on their corporate governance quality and firm characteristics. Firms with lower ownership concentration, higher percent of independent directors, larger firm size are more likely to choose Level II and III of ADRs. After ADRs issuance, these companies benefit from enhanced corporate governance, increased return on assets (ROA) and sales (Ln Sales). Among the Level I ADRs, we find that firms with concentrated ownership, higher independent director percentage, and lower CEO duality are more likely to issue unsponsored Level I ADRs. We suspect that these companies choose unsponsored Level I ADRs is passively. Although unsponsored Level I ADRs is increase reputation but these firms further concentrate ownership to avoid ownership dilution.

並列關鍵字

America Deposit Receipt (ADRs) ； Corporate Governance

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