| Summary: | 碩士 === 國立交通大學 === 管理學院財務金融學程 === 101 === With the development of international capital market, the industry financing channels are diversified in more respects, including issuers entering overseas equity market for IPO. World famous exchanges center now welcome Taiwan and foreign industries initial public offering. As for Taiwan, it nowadays positively promotes foreign corporations initial public offering in Taiwan as the second financing market (So called Taiwan Depositary Receipts, TDR). However the equity issued in different country arouses the asymmetric information concern, which will mislead the intrinsic valuation of TDR and also increases the risk of investment in TDR.
This research aims to apply Tobin's Q with the evaluation of performance benchmark for issued TDR, with consideration of the company value effectiveness from industry background, company characteristics and equity structure, so there will be more evidence in providing different ways of evaluating the TDR market. The sample period demonstrated from 2008 to 2012 issued TDR company, with total sample amounted to 32 companies. The demonstration results show:
1. There will be positive value for issuer company from Taiwanlocal industry background; 2. Leverage operation will lead to positive value for TDR; 3. There is negative value for original equity past issued public years; 4. There is positive value for equity held ratio by S.I.T.E, which complying with the efficient supervision hypothesis written by Pound(1988).
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