碩士 / 國立清華大學 / 計量財務金融學系 / 98 / The main purposes of this thesis are to (1) examine whether the companies with issuing depositary receipts (DRs) would have higher firm value than the companies without issuing DRs (2) find out which type of DRs would have higher premium (3) examine whether this premium effect is weakened under the fact that many of Asian countries have been witness to rapid economic growth over the past years.
This study employs the Tobin’s q ratio as a proxy for firm value and uses a sample of listed companies from ten Asian countries at the end of 2007, then divides the sample firms into two groups depended on the companies have issued DRs or not. After controlling the firm-specific and country-level variables which would affect Tobin’s q, we could examine whether the cross-listing premium is significant between cross-listed firms and not-cross-listed firms. Additional, time variable is added to model in order to examine the premium is weakened as time goes by.
The empirical results indicate the companies which issued DRs had Tobin’s q ratio that were 30.4% higher than the q ratio of the companies which didn’t issue DRs, and this premium effect would be different from the type of DRs. Finally, we add the time variable and find out the q ratio, on average, would decrease 5.2% per year after listing.
| Identifer | oai:union.ndltd.org:TW/098NTHU5304050 |
| Date | January 2010 |
| Creators | 呂竹耘 |
| Contributors | 張焯然 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 34 |
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