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引文資料
題名:
發行海外存託憑證可以放寬融資限制嗎?--臺灣之實證分析
書刊名:
臺大管理論叢
作者:
黃志典
/
管浥棠
作者(外文):
Hwang, Jyh-dean
/
Kuan, Yi-tang
出版日期:
2014
卷期:
25:1
頁次:
頁101-128
主題關鍵詞:
融資限制
;
海外存託憑證
;
投資-內部現金流量敏感度
;
Financial constraints
;
Depository receipt
;
Investment to cash flow sensitivity
原始連結:
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相關次數:
被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:0
共同引用:
2
點閱:430
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」及「橫斷面固定效應模型」,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。本文發現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;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;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;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,使融資限制降低。
以文找文
This paper investigates if firms can ease their financial constraints by issuing oversea depositary receipts, using as sample Taiwan’s listed companies that issued DRs for the first time from 1992 through 2009. Panel data and cross-section fixed-effects model are employed for empirical analysis. The effect of DR issue in easing financial constraints is compared with that of the seasoned public offerings in Taiwan’s equity market. We also investigate if the effect depends on the capital influx from DR issue and the timing of DR issue. We find that Taiwan’s listed companies can reduce their financial constraints by issuing DRs, but they cannot do so by undertaking the seasoned public offerings in the domestic equity market. Moreover, the effect is not caused by the capital influx from DR issue. We demonstrate that its effect is most likely driven by the prestige and visibility gain from cross-border listing, which gives the DR issuers greater and easier access to capital markets. Finally, our results suggest that Taiwan’s listed companies can still garner prestige and investor recognition by issuing DRs and reduce their financial constraints as a result, despite Taiwan has liberalized its financial markets and improved its corporate governance practices substantially.
以文找文
期刊論文
1.
Fazzari, S.、Hubbard, R. G.、Petersen, B.(2000)。Investment-cash Flow Sensitivities are not Useful: A Comment on Kaplan and Zingales。The Quarterly Journal of Economics,115(2),695-705。
2.
Fazzari, Steven M.、Hubbard, R. Glenn、Petersen, Bruce C.(1988)。Financial constraints and corporate investment。Brooking Papers on Economic Activity,1988(1),141-206。
3.
Foerster, Stephen R.、Karolyi, George Andrew(1999)。The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States。The Journal of Finance,54(3),981-1013。
4.
詹維玲(20020300)。金融自由化與投資:臺灣實證研究。臺灣經濟預測與政策,32(2),29-59。
延伸查詢
5.
Alexander, G.、Eun, C.、Janakiramanan, S.(1987)。Asset pricing and dual listing on foreign capital markets。The Journal of Finance,42(1),151-158。
6.
Bris, A.、Cantale, S.、Nishiotis, G. P.(2007)。A breakdown of the valuation effects of international cross-listing。European Financial Management,13(3),498-530。
7.
Errunza, V.、Miller, D.(2000)。Market segmentation and the cost of the capital in international equity markets。Journal of Financial and Quantitative Analysis,35(4),577-600。
8.
Hovakimian, A.、Hovakimian, G.(2009)。Cash flow sensitivity of investment。European Financial Management,15(1),47-65。
9.
Khurana, I. K.、Martin, X.、Periera, R.(2008)。Cross-listing and firm growth。Review of Finance,12(2),293-322。
10.
Miller, D. P.(1999)。The impact of international market segmentation on securities prices: Evidence from depositary receipts。Journal of Financial Economics,51(1),103-124。
11.
Fanto, J. A.、Karmel, R. S.(1997)。A Report on the Attitudes of Foreign Companies Regarding a U.S. Listing。Stanford Journal of Law, Business & Finance,3(1),143-162。
12.
Karolyi, G. Andrew(1998)。Why Do Companies List Shares Abroad? A Survey of the Evidence and Its Managerial Implications。Financial Markets, Institutions, and Instruments,7(1),1-60。
13.
Foerster, Stephen R.、Karolyi, George Andrew(2000)。The Long-run Performance of Global Equity Offerings。Journal of Financial and Quantitative Analysis,35(4),499-528。
14.
Stapleton, R.、Subrahmanyam, M.(1977)。Market Imperfections, Capital Market Equilibrium and Corporate Finance。Journal of Finance,32(2),307-319。
15.
Kaplan, S.、Zingales, L.(2000)。Investment-cash flow sensitivities are not valid measures of financial constraints。The Quarterly Journal of Economics,115(2),707-712。
16.
Reese, William A. Jr.、Weisbach, Michael S.(2002)。Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings。Journal of Financial Economics,66(1),65-104。
17.
Stulz, René M.(1999)。Globalization, corporate finance, and the cost of capital。Journal of Applied Corporate Finance,12(3),8-25。
18.
Errunza, Vihang R.、Losq, Etienne(1985)。International asset pricing under mild segmentation: Theory and test。Journal of Finance,40(1),105-124。
19.
Lins, K. V.、Strickland, D.、Zenner, M.(2005)。Do Non-U.S. Firms Issue Equity on U.S. Stock Exchanges to Relax Capital Constraints?。Journal of Financial and Quantitative Analysis,40(1),109-133。
20.
Kaplan, Steven N.、Zingales, Luigi(1997)。Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?。The Quarterly Journal of Economics,112(1),169-215。
21.
Doidge, Craig、Karolyi, George Angrew、Stulz, René M.(2004)。Why are foreign firms listed in the U.S. worth more?。Journal of Financial Economics,71(2),205-238。
22.
La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(1997)。Legal Determinants of External Finance。Journal of Finance,52(3),1131-1150。
23.
Merton, Robert C.(1987)。A simple model of capital market equilibrium with incomplete information。The Journal of Finance,42(3),483-510。
24.
Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics,13(2),187-221。
25.
Gilchrist, Simon、Himmelberg, Charles P.(1995)。Evidence on the Role of Cash Flow for Investment。Journal of Monetary Economics,36(3),541-572。
26.
Sarkissian, S.、Schill, M. J.(2008)。Are there permanent valuation gains to overseas listing?。Review of Financial Studies,22(1),371-412。
27.
Bancel, F.、Mittoo, C.(2001)。European managerial perceptions of the net benefits of foreign stock listings。European Financial Management,7(2),213-236。
研究報告
1.
Cantale, Salvatore(1996)。The choice of a foreign market as a signal。Fontainebleau, France:INSEAD。
2.
Cetorelli, N.、Peristiani, S.(2010)。Firm value and cross-listings: The impact of stock market prestige。New York:Federal Reserve Bank of New York。
3.
Donaldson, Gordon(1961)。Corporate debt capacity: A study of corporate debt policy and the determination of corporate debt capacity。Graduate School of Business Administration, Harvard University。
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