碩士 / 中原大學 / 國際貿易研究所 / 94 / The enterprise chooses to issue Depositary Receipt as long-term capital source from multitudinous finance tools. What kind of characteristics has the enterprise that affects enterprise to issue DR? Can increase company performance after cross-listed? In order to understand the factors of issuing DR and the performance difference after cross-listed, this paper attempts to investigate correlative finance data. From 1991 to 2004 in Taiwanese electronic Industry, there are 40 companies issued DR and 557 companies not issued DR. Considering the research number, we use Panel data to analyze this paper including cross section and time section. After deducting the ineffective data, there are 211 year-firm observations issued DR, 2,630 year-firm observations not issued DR, entire 2,841 year-firm observations.
First part, we find the three crowds are significantly different among SEC-listed companies, OTC and 144a companies, and non-cross-listed companies.
The second part, we use logistic regression to analyze what kind of financial characteristics influences enterprise to issue DR. We find low performance, high firm size, low leverage, low overseas sales ratio, low fixed assets ratio, high capital expenditure ratio, high stock liquidity, younger, TSE listed companies are positive effective factors to affect enterprise issuing DR. Simultaneously, we forecast the issuing DR probability through logistic regression.
Finally, we use issuing DR or not and issuing DR probability through 2SLS Model to analyze the influence of company performance. The empirical results reveal that issuing DR and company performance both have significantly negative influence. Meaning that firms with good performance tend not to issue DR, firms with bad performance tend to issue DR, and firms issued DR show a negative influence on company performance.
| Identifer | oai:union.ndltd.org:TW/094CYCU5323009 |
| Date | January 2006 |
| Creators | Shu-Feng Chiang, 江淑鳳 |
| Contributors | Hai-Chin Yu, 俞海琴 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 66 |
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