碩士 / 國立彰化師範大學 / 會計學系 / 94 / Abstract
With the internationality and freedom of the economy, more and more companies choose international capital market to raise their capital. Recently, issuing depository receipts (DRs) has become one of the popular tools that Taiwan’s companies like to use. When the company issues depository receipts, it should follow the rules which the local government sets. The company issuing depository receipts would have much more disclosure than the other companies. General speaking, people think that the company is allowed to issue depository receipts is better than the other company which does not issue depository receipts.
This study investigates the effect of issuing depository receipts. 1 If issuing depository receipts of a company influences its analysts’ forecast accuracy and its dispersion of analysts’ forecast. 2 If the investors of a company issuing depository receipts would react information to the price timely. 3 If issuing depository receipts of a company influences its cost of capital and market valuation?
This study documents that the company issuing depository receipts has higher analysts’ forecast accuracy and market valuation, and lower cost of capital. This document support that company issuing depository receipts is given much higher valuation. However, this response of higher information transparency is not show on earnings response coefficients and analysts’ dispersion of forecasts. Totally speaking, issuing depository receipts can increase a company’s market valuation.
Key word: depository receipts, information environment,
analysts’ forecast accuracy, dispersion of
analysts’ forecasts, earnings response
coefficients, cost of capital, market value
| Identifer | oai:union.ndltd.org:TW/094NCUE5385018 |
| Date | January 2006 |
| Creators | 溫琬卉 |
| Contributors | 趙雅儀 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 124 |
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