| Summary: | 碩士 === 淡江大學 === 會計學系碩士在職專班 === 98 === Under the financial globalization, listed enterprises in Taiwan started issuing DR （Depository Receipt） in various foreign capital markets continually. However, the purposes and objectives of Cross-Listings which Taiwanese enterprises have pursued are varied and in addition, they ended with diverse outcomes.
For the Taiwanese enterprises with Cross-Listings by DR issuance, whether the investors will give higher market valuation which in turn will enhance the company''s value is the most critical topic all various scholars wish to explore and discuss. Therefore, this paper use Tobin''s Q as the main observation indicator to compare the difference between listed enterprises who issue DR in foreign capital markets and the ones who do not issue DR in foreign capital markets. Through using the regression analysis to verify if listed enterprises in Taiwan with Cross-Listings by DR issuance provides higher values for the company (Tobin''s Q). The empirical result reveals that listed enterprises in Taiwan with Cross-Listings by DR issuance possess higher company valuation than those without Cross-Listings.
In addition, through using different types of Cross-Listings, this paper will discuss how each different type of Cross-Listings will generate various benefits on the company’s value. Further empirical result shows that the enterprises issuing ADR has no great significance of higher corporate values than those issuing GDR due to the fact of the various costs and benefits that each type of Cross-Listings will incur. The premium of ADR issuance by listing enterprises in Taiwan is not higher than its associated costs. As a result, the value of the company is not significantly higher than the issue of the GDR.
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