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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 李存修 | |
dc.contributor.author | I-Lin Shin | en |
dc.contributor.author | 辛依霖 | zh_TW |
dc.date.accessioned | 2021-06-17T00:17:07Z | - |
dc.date.available | 2017-07-27 | |
dc.date.copyright | 2012-07-27 | |
dc.date.issued | 2012 | |
dc.date.submitted | 2012-07-01 | |
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/65970 | - |
dc.description.abstract | 本研究主要探討大中華地區至美上市發行ADR的價差因素,利用2003-2010年大中華地區發行的ADR市場資料做實證,分別探討市場活動、財務資訊和公司治理變數,是否會對雙重上市之ADR折溢價產生顯著影響,本文利用Panel data-fixed effect模型檢定變數是否造成ADR折溢價,其結果顯示:第一、市場活動顯著影響ADR日溢價率的變數因地區不同而有所不同,但影響ADR年溢價率的因素主要為ADR的流動性,流動性越高者,ADR溢價較大。第二、公司盈餘資訊和公司規模對ADR價差無顯著影響,唯有股利殖利率和財務槓桿會顯著影響大中華地區折溢價比率。第三、一般認為獨立董事佔比較高者,有助於ADR之資訊透明度,此研究結果並不支持這項說法,但控制股東和董事會直接持股比例較高者會有較高的ADR溢價,此外,針對中國地區,控制股權的比例越高者對ADR溢價率為負面影響。 | zh_TW |
dc.description.abstract | This study focuses on the factors affected the price differentials between the Greater China region and the United States. I examine whether the market activities, financial information and corporate governance variables to have significant impacts on ADR price premium.
To generate the empirical results, I used the Panel data-fixed effect model for empirical test and the results are as follow: First of all, the market activities significantly affect ADR daily premium rate and the variables vary due to different regions, ADR liquidity is major factor that significantly and consistently affects ADR annual premium rate among different regions. The higher the liquidity, the larger the spread. Second, earnings information and company size does not significantly affect the ADR price difference, only the dividend yield and financial leverage significantly affect the premium rate. Third, it is generally believed that the higher percentage of independent directors contributes to the ADR information transparency, but the results of this study do not support this claim. Higher direct shareholding of the controlling shareholder and the Board will result in higher ADR premium. In addition, higher shareholding of government or other institutions, direct or indirect, have a negative impact on the ADR premium. | en |
dc.description.provenance | Made available in DSpace on 2021-06-17T00:17:07Z (GMT). No. of bitstreams: 1 ntu-101-R99723054-1.pdf: 1766950 bytes, checksum: b11983eb176cc69732520e8563ca51c2 (MD5) Previous issue date: 2012 | en |
dc.description.tableofcontents | 目錄
第一章 緒論 1 第一節 研究動機與背景 1 第二節 存託憑證簡介 2 第二章 文獻探討 7 第一節 區隔市場假說 7 第二節 不同風險假說 9 第三節 訊息不對稱假說 10 第四節 流動性假說 12 第三章 研究方法 14 第一節 建立假說 14 第二節 變數選取與資料來源 17 第三節 實證模型 21 第四章 實證結果分析 23 第一節 假說一市場活動影響ADR折溢價檢定結果 23 第二節 假說二財務資訊影響ADR折溢價檢定結果 32 第三節 假說三公司治理影響ADR折溢價檢定結果 34 第四節 綜合檢定各假說影響ADR折溢價檢定結果 36 第五章 結論與建議 39 第一節 結論 39 第二節 後續研究建議 40 參考文獻 41 | |
dc.language.iso | zh-TW | |
dc.title | ADR折溢價因素探討-以大中華地區為例 | zh_TW |
dc.title | The Determinants of Price Differentials in Dual-Listed ADR —The Case of The Greater China Region | en |
dc.type | Thesis | |
dc.date.schoolyear | 100-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 陳業寧,莊文議 | |
dc.subject.keyword | ADR折溢價,雙重上市,流動性假說,區隔市場假說,風險假說, | zh_TW |
dc.subject.keyword | ADR premium ratio,Dual listing,liquidity hypothesis,Asymmetric information, | en |
dc.relation.page | 43 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2012-07-02 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
顯示於系所單位: | 財務金融學系 |
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