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The effect of cross-listing on the cash holdings and the value of excess cash : Evidence from American Depositary Receipts
|關鍵字:||美國存託憑證;現金持有;超額現金;America depositary receipts;cash holding;excess cash||引用:||1. Almeida, Campello, M., and Weisbach, M. S., 2004, The cash flow sensitivity of cash, Journal of Finance 59, 1777–1804. 2. Akerlof, G. A., 1970, The Market for 'Lemons': Quality Uncertainty and the Market Mechanism, The Quarterly Journal of Economics84,488–500. 3. Ayyagari, M., 2004. 'Does cross-listing lead to functional convergence? Empirical evidence', working paper 4. Bates, T. W., Kahle, K. M., and Stulz, R. M., 2009, Why do US firms hold so much more cash than they used to?, The Journal of Finance 64, 1985–2021. 5. Baumol, W. J., 1952, The transactions demand for cash: An inventory theoretic approach, Quarterly Journal of Economics 66, 545–556. 6. Brown, G., and Kapadia, N., 2007, Firm–specific risk and equity market development, Journal of Financial Economics 84, 358–388. 7. Cameron, A. C., Jonah B. G., and Douglas L. 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公司流動性資產的管理是企業管運重要的一環，現金對於企業而言，同時存 在利與弊，衍生出的代理問題更是公司治理中的重要探討議題。而企業跨國上市 後，可望透過知名度的提升及資訊揭露程度高等因素間接增加公司的價值。綜合以上量點，本研究試圖檢視有無發行美國存託憑證公司之間現金持有比 例及其超額現金的價值是否有所差異。有別於Laurent and Carolina(2010)選取樣 本方式，本研究將探討對象著重於規模相近的競爭對手。以全球企業在美國發行 第二級及第三級美國存託憑證及其同業間競爭對手為研究對象。研究結果發現公司是否跨國上市與其現金持有比例呈現負向關條﹔而在超額 現金之價值結果方面，有別於 Laurent and Carolina(2010)研究結果，本研究發現 市場投資人對公司所持有之超額現金給予折價的態度，而跨國上市公司之折價幅 度比起同業間來的多。
Management of current assets in a company is an important issue for a company; therefore, the control of cash holding is a meaningful topic. Because it influences many aspects, it can become a company's pros or cons seriously. Moreover, the problem derived from the agency problems is also an important issue in the corporate governance. Besides, after cross-listing in other countries, for a company, it is naturally considered to increase its international reputation and its information transparency; then, the company's market value could be enhanced indirectly. Based on the previous points, this study examines whether a company issue its America depositary receipt or not can affect its value of cash holding and value of excess cash. In this study, we use the data of global companies which issued Level II and Level III's America depositary receipt and their competitors as our samples. The results show that the relationship of whether a company is cross-listed and its proportion of cash holdings is negative, while market investors give discounts to company's excess cash; however, discount rates of cross-listed companies are more than their competitors.
|Appears in Collections:||財務金融學系所|
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