| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 99 === In order to improve the competitiveness of Taiwan to become Asia’s Nasdag, Taiwan government authorities constantly released and loosened the restrictions in financial control. The specific achievements were made recently, such as making agreements (ECFA, MOU) with Mainland China. The purposes are to establish the perfect competitive market and attract foreign companies to list in Taiwan (Taiwan Depository Receipts) in Taiwan stock market. This study mainly aims to distinguish from the differences between TDRs & Taiwan Companies in financial character, hoping to help the investors make a strategic decision.
The empirical results indicate that the financial characters of TDRs include lower PB ratio, higher Net Worth Turnover ratio, and higher Performance ratio, which means that most TDRs belong to high growth stocks, higher reliance on debt financing for capital needs. On the contrary, the following are the financial characters of Taiwan listed companies in Taiwan stock market, higher Return on Assets ratio, higher Total Assets Turnover ratio, higher Interest Protection Multiples, higher YoY Gross Margin Growth ratio, higher Return on Equity, and higher YoY Net Income ratio, which reflects that Taiwan companies put more emphasis on the control of assets scale, liquidity, and the profitability.
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