臺灣上市公司發行海外存託憑證對融資限制之影響

Abstract

本文以1992年至2009年間首次發行海外存託憑證的台灣上市公司為樣本，使用「追蹤資料」(panel data)及「橫斷面固定效應模型」(cross-section fixed effect model)，探討發行海外存託憑證對融資限制的影響，並比較發行海外存託憑證與在國內進行現金增資的融資限制放寬效果。另外，本文也分析存託憑證是否完全使用舊股發行及發行時點對融資限制的影響。 本文主要發現如下: 1.台灣上市公司發行海外存託憑證具有融資限制放寬效果，而在國內進行現金增資，則無融資限制放寬效果。 2.發行存託憑證的融資限制放寬效果與發行公司是否從中取得融資無關。 3.發行存託憑證的融資限制放寬效果可能是來自在海外掛牌使發行公司的聲譽與能見度提高，進而使其比較容易取得外部融資。 4.發行存託憑證的融資限制放寬效果與發行時點無關，這隱含即使台灣資本市場的開放程度與對公司治理的規範已經大幅提高，但是台灣上市公司仍然可以藉由發行存託憑證提高聲譽及投資人認同，因而使融資限制降低。

This paper investigates if firms can relax their financing constraints by issuing oversea depositary receipts, using as sample Taiwan’s listed companies that issued DRs for the first time from 1992 through 2009. We use panel data and cross section fixed effect model for estimation. The financing-constraint-relaxing-effect of DR issuance is compared with that of seasoned public offerings undertaken in Taiwan’s equity market. We also investigate if the effect depends on capital raised from DR issue or timing of the issue. Major findings of this paper are as follows: 1.Firms can relax their financing constraints by issuing DRs, but they can’t do so by undertaking seasoned public offerings in the domestic market. 2.The financing-constraint-relaxing-effect of DR issuance is not contingent on capital raised from DR issue. 3.The financing-constraint-relaxing-effect of DR issuance is most likely due to the prestige and visibility gain from cross-border listing for the DR issuers, which gives the issuers greater and easier access to capital markets. 4.The financing-constraint-relaxing-effect of DR issuance is independent of the timing of issue. This seems to imply that firms from Taiwan can still garner prestige and investor recognition, and relax their financing constraint as a result, by issuing DRs, despite Taiwan has liberalized her financial markets and improved her corporate governance practices substantially.