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.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0102357020 |
| Creators | 吳姿儀 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 英文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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