The Emprical Research of the Decision-Making Factors and the Influence to Values of Company When Issued Global Depositary Recepit

• Main Authors: Chiang, Ruey-Mon, 蔣瑞夢
• Other Authors: Shyu, Jonchi
• Format: Others
• Language: zh-TW
• Published: 1994
• Online Access: http://ndltd.ncl.edu.tw/handle/76140646310673799327

碩士 === 文化大學 === 國際企業管理研究所 === 82 === 　　In order to promote the internationalization of Security Market and convenience for enterprises to recruit capital from overseas, Security and Exchange Commission (SEC) pushes domestic enterprises to issue Overseas Convertible Bond (OCB) and begins to accept enterprise applying for issueing Golbal Depositary Receipt (GDR), i.e. China Steel Corp., Asia Cement Corp., Chia Hsin Cement Corp., President Enterprise Corp. and Tung yun Corp., other public company also start to research and plan to issue. The goal of the research are discussing that the decision-making fators of public company issued GDR and the influence of the stock price. 　　This research focuses on the companies that had already issued GDR, with interviewing senior management to realize the decision-making factors of issuing GDR. Conclude the result of interviewing below: 　　1.Raise internation will-know reputation, to facilitate the internationalization of the funture. 　　2.Issue stock on overseas to reduce the impact of stock price on the domestic market. 　　3.Recuit capital to support overseas financial transfering. 　　However the influences of value of company for domestic company issuing GDR were researched with the event study method. Using Market Model to evaluate the abnormal return and comulated abnormal return for testing the signiffcance on the four different defined event date. 　　The main conculusion are: 　　1.There were no significance influence of issuing GDR at applicable date, SEC approve date, underwriting date. 　　2.There were great significance to stock price at exchanging date, and the cumulated abnormal return of President Corp. obvious superior to Asia Cement Corp. and Chia Hsin Cement Corporation.