隨著金融市場的全球化，自一九〇〇年代起各國進行跨國上市的企業逐年增長，而該現象也引起學者對於可能造成跨國上市之因與其中之利弊進行進一步的思考與研究，從而發展出許多假說與相關實證結果。過去的傳統假說以市場分割假說、流動性假說以及投資人認知假說等對跨國上市進行解釋，且多以各國至美國跨國上市作為實證，由於上述假說經實證仍留有無法解釋的部分，進而發展出綁定假說，但無論是傳統或是新興的理論，都留有空間讓我們透過全新的角度去賦予見解，因此本論文期以透過行為財務學的觀點，以投資人情緒來解讀公司進行跨國上市的決策制定。 不同於以往，我們以美國作為實證，檢視全球投資人情緒對於美國公司至全球進行跨國上市決策是否有所影響，樣本期間取自二〇〇三年至二〇一四年，完整樣本數共4,955家企業進行跨國上市，而透過參考文獻我們在考量了公司、交易所與國家三個層級的控制變數後進行相關實證。 實證結果顯示全球投資人情緒確實影響公司進行跨國上市的決策，當全球投資人情緒越高漲，公司進行跨國上市的可能性則提高，而反之亦然。本論文提供已經過長時間假說與實證的跨國上市領域一個新的思考方向，全球投資人情緒的波動將會是一個影響企業至海外進行權益融資的指標之一。 / With the globalization of financial markets, boundaries between countries are getting vague. Since the 〖20〗^(th) century, the amount of firms having their stocks cross-listed oversea is increasing each year, hypotheses and empirical test have long been formed and conducted to figure out the cause and effect of such phenomenon. As for the conventional wisdom, market segmentation, liquidity and investor recognition hypotheses are constructed but still left puzzle unexplained. Bonding theory then been brought up after. But no matter how the conventional wisdom or new research initiatives are trying to interpret, behavioral finance can always bring up a brand new aspect and a whole new explanation. Our paper use global sentiment as a determinant to demonstrate the cross-listing decision-making of a firm. Firms in the United States are using as our samples to test our hypothesis, which is expressed that the higher the global sentiment is, the more possible that a firm would have its stock cross-listed. Our sample period is from 2003 to 2014 and the amount of firms cross-listed in the sample period is 4,955. Familiar with the previous studies we have our control variables divided into three levels, firm, exchange and country. The empirical result indicates that while the sentiment of the globe is high, firms in the United States have the intention to have their stock cross-listed oversea, and vice versa. Our main contribution of this study is that though research in cross-listing has long been studied, we provide a new viewpoint that we confirm the connection between global sentiment and cross-listing decision of financing.

本研究之模型乃採用Hansen於1999年提出之Panel Threshold Model，並針對全球23個不同國家中之23間證交所於1995~2006年間的資料，探討各類影響企業選擇跨國上市之因素，是否會因模型的門檻變數─經濟成長率的變動而對被解釋變數─跨國上市率出現結構改變的影響。實證的結果發現：各變數中唯有市場集中度此一變數具顯著的門檻效果，且在其兩個門檻值的分類中都和跨國上市率呈顯著正相關；這樣的結果除了符合Heiko (2001) 的研究之外，更近一步的我們還發現低於門檻值部分的樣本其對跨國上市率的影響大於高於門檻值部分的樣本。此外，本文的實證結果也指出：對跨國上市率有顯著正相關的因素分別為：本益比、通貨膨脹率及經濟成長率。而對跨國上市率有顯著負相關的因素則為：週轉率、利率和新上市籌資率。 / This paper adopts the Panel Threshold Model suggested by Hansen in 1999 as our main idea to make a study of contributors of cross-listing ratio of stock exchanges. In order to find out whether the explanatory variables will make cross-listing ratio occur structure change, we use GDP growth rate as our threshold variable and take 23 stock exchanges of 23 different countries as research samples. The results are as follows, we found that the only one variable that has threshold effect is the degree of market concentration, and in both regimes it has positive relations to the cross-listing ratio. The result not only supports the research of Heiko (2001), but also points out that the higher regime part has more powerful influence to the cross-listing ratio than the lower regime part. Besides, we still found that variables have positive relations to the cross-listing ratio are PE ratio, inflation rate and GDP growth rate. Furthermore, variables like turnover ratio, interest and capital raised by new shares ratio have negative relations to the cross-listing.

自2002年以來，台商企業因法令設有投資大陸40%上限，以及租稅制度相對較不優惠等因素，遂轉赴香港新加坡等海外市場上市以求繞開政策上的限制，從資本市場直接籌資。國內企業出現一波朝外的推力，遂因此導致我國近年來上市公司家數成長遲緩的現象。本研究係從學術理論出發，以市場分割假說、法律約束假說、投資人認可假說、流動性假說該四個構面探討企業海外掛牌的動機，並以台灣資本市場作為個案，審慎分析與評估企業跨國上市後的股票交易量流向。 最後，分別從主管當局、證券交易所及櫃買中心就其所應扮演的角色，提出未來努力方向，期望能提供台灣資本市場扭轉劣勢、提昇競爭力的根本之道，使台灣成為一個具有區域競爭力的高流動性的資本市場。建議主管當局積極營造一個更開放、交易成本更低廉的資本市場，提昇自身的投資環境、降低法規障礙。建議交易所與櫃買中心未來可從監理的角色轉變成純粹提供「流動性」服務的公司，將市場監理的機制，交由第三者來負責。交易所與櫃買中心則專注於提供低成本、高流動性的服務。證券交易所之間的策略聯盟亦是未來發展的重要策略。 / Since 2002, Taiwanese companies have been restricted by the law of inverstment upper limit 40%. Moreover, the tax regime in Taiwan is less favorable for companies. When choosing where to list, instead of staying in Taiwan, a lot of Taiwanese companies started to pick other markets such as Hong Kong to avoid the inverstment restriction and raise fund directly from Mainland China. This results in the outwards power, making the number of the companies which newly listed in Taiwan stock market decrease. This paper starts from four academic theories: market segmentation hypothesis, legal bonding hypothesis, investor recognition hypothesis, and liquidity hypothesis, to discuss the motivations behind the cross-listing decision made by companies. Furthermore, taking the capital market of Taiwan as a case study, this paper analyses and evaluates the trading volume after cross-listing thoroughly. At last, this paper provides several suggestions for Taiwanese government, TSEC and OTC respectly; hopely those can make the capital market of Taiwan much more competitive and of higher liquidity. We suggest that the authority should try to build a market with less restrictions and lower trading costs, improve the investiment environment, and remove the legal barriers. In the other hand, we suggest TSEC and OTC might outsource their monitoring function to another independent party in the future, and transform into companies simply provide the good: “liquidity”. Thus, they can focus on providing lower cost of liquidity. The strategic alliance between exchanges is also an important stratedy.

本研究係探討強制採用國際財務報導準則(IFRS)對在美國掛牌上市之外國企業，其應計項目異常現象之影響。實證結果顯示，在美掛牌上市且採用IFRS之外國企業，在2005年後裁決性應計項目之異常報酬顯著降低。此外，裁決性應計項目之負向報酬預測力亦顯著降低。由此可知，無論美國未來是否採用IFRS，根據本結論，其餘各國強制採用IFRS後，透過提供更高品質之財務報導及降低資訊落差，仍能為美國投資者帶來效益。 / I examine whether the mispricing of accruals among foreign firms cross-listed in the U.S. are affected by the mandatory adoption of International Financial Reporting Standards (IFRS). Consistent with the impact of information environment on the accrual anomaly documented in the literature, I find significant reductions in the annual abnormal returns and in the negative return predictability of discretionary accruals among cross-listers from IFRS adopted countries after IFRS adoption. The evidence implies that irrespective of whether the U.S. adopts IFRS, the mandatory IFRS adoption elsewhere can still benefit U.S. investors by providing financial reporting with high quality and reducing their information disadvantages.