於金融全球化熱潮下，近年來台灣上市櫃企業陸續發行存託憑證跨國掛牌於各國市場，然而企業跨國掛牌的目的均不相同，所得效果亦不同，但有跨國掛牌的企業，投資人是否會因此給予較高之市場評價，進而提升公司價值，卻是各界學者希望探究之議題。因此，本文以Tobin's Q為主要觀察指標，以台灣上市櫃企業發行存託憑證跨國掛牌與未發行存託憑證跨國掛牌間相互比較，藉由迴歸分析檢驗跨國掛牌企業是否具有較高之公司價值。實證結果顯示跨國掛牌企業較未跨國掛牌企業擁有較高之公司價值（Tobin's Q）。另藉由跨國掛牌的種類不同，探討在不同跨國掛牌方式下對公司價值是否產生不同效益，而進一步的實證結果顯示，發行ADR跨國掛牌企業較發行GDR跨國掛牌企業並未具有顯著較高之公司價值，因發行種類不同會有不同之跨國掛牌成本及效益，於台灣跨國掛牌之上市櫃企業中，發行ADR所產生之跨國掛牌溢酬並未高於其所產生之相關成本，致公司價值並未明顯高於發行GDR之台灣上市櫃企業。

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.

第壹章　緒論	1
第一節　研究背景及動機	1
第二節　研究目的	3
第三節　研究架構	3
第四節　研究流程	4
第貳章　文獻探討	5
第一節　存託憑證發行種類	5
第二節　企業跨國掛牌假說	14
第三節　Tobin’s Q應用	19
第參章　研究方法	23
第一節　資料來源與描述	23
第二節　研究假說	28
第三節　研究變數與定義	29
第四節　研究方法	31
第肆章　實證結果及分析	34
第一節　敘述統計分析及T檢定	34
第二節　跨國掛牌溢酬的多元迴歸分析	37
第三節　不同發行方式跨國掛牌溢酬的多元迴歸分析	41
第伍章　研究結果、限制與建議	44
第一節　研究結果	44
第二節　研究貢獻	45
第三節　研究限制	45
第四節　研究建議	45
參考文獻	48
中文文獻	48
英文文獻	50
表目錄
表一　美國存託憑證類型彙總表	11
表二　存託憑證主要類型彙總表	13
表三　2004年至2008年台灣發行海外存託憑證家數與上櫃市公司數	23
表四　2004年至2008年台灣上市櫃公司發行海外存託憑證匯總表	24
表五　敘述性統計表	35
表六　跨國掛牌(Cross-List）與非跨國掛牌之ln(公司價值）之T檢定	36
表七　跨國掛牌與Tobin's Q年度區間關係表	39
表八　跨國掛牌與Tobin's Q各年度關係表	40
表九　發行ADR跨國掛牌與Tobin's Q年度區間關係表	42
表十　發行ADR跨國掛牌與Tobin's Q各年度關係表	43
圖目錄
圖一　研究流程	4
圖二　參與型GDR流程圖	7
圖三　非參與型GDR流程圖	8

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