頁籤選單縮合
題 名 | 公司治理機制對臺灣存託憑證折溢價之影響=The Impact of Corporate Governance of Taiwan Depositary Receipts on Their Discount or Premium |
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作 者 | 洪千惠; 林淑玲; | 書刊名 | 修平學報 |
卷 期 | 26 2013.03[民102.03] |
頁 次 | 頁79-101 |
分類號 | 563.538 |
關鍵詞 | 公司治理; 臺灣存託憑證; 資訊不對稱; 訊號理論; Corporate governance; Taiwan depositary receipts; TDR; Information asymmetry; Signal theory; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究以資訊不對稱與訊號理論為基礎,以2002 年至2010 年底在台灣掛牌上市的台灣存託憑證(TDR) 為研究對象,探討公司治理機制對TDR 折溢價的影響。研究結果顯示,獨立董事能基於其專業有效發揮監督角色,其與溢價呈正向關係,對降低資訊不對稱之影響更具效果。承銷商聲譽的確影響投資人之投資意願,與溢價呈現正向關係,透過承銷商聲譽資產傳遞公司價值資訊,降低資訊不對稱,並產生溢價。董事會規模及創辦人身兼總經理,與溢價呈現正向關係,董事會規模越大對公司經營效率提昇,總經理雙重角色因權利集中提昇董事會監督效能。最終控制董事席次與溢價呈現負向關係,可見小股東利益被大股東剝奪,存在核心代理問題。同一公司兩地掛牌,基於保護投資人權益,本研究結果期望可提供相關單位未來規劃管理TDR 及投資人投資決策之參考。 |
英文摘要 | This study based on the asymmetric information and signaling theory and takes the Taiwan listed company issued Taiwan depository receipts (TDR) from 2002 to the end of 2010 as material, explores the influence of corporate governance on TDR’s discount or premium, and further studies the bad explosion of relevant information and if there will be an influence on TDR’s discount or premium by improving corporate governance. The results show that independent directors are positive with the discount, as independent directors can more effectively monitor based on their professional role. The underwriter reputation affects the investor's willingness to invest, a significantly positively with the premium and signaling the value of the company to reduce information asymmetry. The board size and founder duality manager are found to be significant positively related to TDR premium, and the control director is significant negative relationship with TDR premium. A dual-listed company, based on protecting investors rights, TDR must shut transaction mechanism synchronized and the important messages also need to expose at the same time. Above results provide future research and regulator to TDR relevant management and improve investors a fair and competitive capital market. |
本系統中英文摘要資訊取自各篇刊載內容。