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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/36407| 標題: | 台灣存託憑證發行事件對發行公司原市場股價影響探討 Share Price Effects of Taiwan Depository Receipts Listing Event |
| 作者: | Teng-wei Huang 黃騰緯 |
| 指導教授: | 胡星陽(Shing-Yang Hu) |
| 關鍵字: | TDR,台灣存託憑證,事件研究法,投機, TDR,event study,speculation, |
| 出版年 : | 2011 |
| 學位: | 碩士 |
| 摘要: | 最近幾年來,境外公司來台或回台發行台灣存託憑證(TDR)蔚為風潮,而市場上時見傳言,在TDR上市前存在著原上市地公司股價被炒作的現象。本文即探討發行的事件對於該公司在第一上市市場的股價的影響。本文蒐集至二零一一年三月十一日為止的上市資料,並進行事件研究法發現,藉由無母數方法,統計上的確可能支持TDR的發行前對原股股價的正面影響的現象。股價的正面影響可能是在台灣市場上市具備了先前ADR的研究發現的一些優點,抑或是市場的投機行為;然而由於在上市之後的TDR股價有傾向下跌的現象,因此發行之前的股價上漲可能部分源自於市場短期的投機炒作行為。 More and more non-Taiwan registered firms has cross-listed their shares as TDR (Taiwan Depository Receipt) in recent years, especially after 2009. This paper discusses the cross-listing effects of TDR on their home stock price as a basis of further research on motivations of their listing. It’s been widely discussed that the stock price of some TDR-listing firms increased dramatically due to speculation by insiders. Our event study , with available data as for Mar 11, 2011, shows statistical evidence with sign test of nonparametric method, and therefore provides possible support to the corporate benefits of cross-listing in Taiwan as that of ADR cross-listing, or insider speculation. The weak performance of share price of TDR-listing firms after listing event make us tend to believe the price increase before listing is possibly the result of market speculation. |
| URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/36407 |
| 全文授權: | 有償授權 |
| 顯示於系所單位: | 財務金融學系 |
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| ntu-100-1.pdf 未授權公開取用 | 1.29 MB | Adobe PDF |
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