以個案分析進行實證研究，探討第一部份是說明台積電公司宣告發行 ADR 時的股價反應，以了解當台積電宣告發行 ADR 時市場是否具有訊息釋放效果。第二部份探討探討特定財務特性之表現與公司發行海外有價證券籌資決策之關係。
- 冠諭Lv 51 0 年前最佳解答
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Carry on a substantial evidence research by individual case analysis, inquire into that part 1 is the stock price reaction for explaining that the TSMC companies announce issue ADR with understand whether market has a message to release effect or not when the TSMC announces issue ADR.Part 2 inquires into that performance and company of particular finance characteristic publish the relation of oversea decision of the marketable securities money raising.
The research result of this text is as follows:
Confirm profit ability to publish an overseas to save to give certificate to the enterprise choice for the margin tool to have positive influence, study result management ability of finding the company, profit ability and long-term funds occupy a fixed assets specific value more big, growth rate and liquidity ratio more hour, the more easy choice issue can convert corporate bonds.No matter is making a profit ability, repay debt ability and grow up power and company scale etc. all notable and excellent expect the company of cash capital increase at the same time.
The result of this research although the company circulate a part at the outside number scatter in overseas, have already helped to rise to help to fall to the stock price in the short run of influence, in the long run, the issue of certificate contributes to the liquidity of the marketable securities of the company of the increment issue, and the enterprise will float a counter to call away to an overseas, therefore the opposite full general can raise stability and the degree of the market reaction of stock price.Consequently, whether stock price often is an issue success or not of key factor.Also often find when the stock market is placed in warm moment, many enterprises publish an overseas to save to give certificate to take in to raise funds in succession.
Key word:the overseas save to give certificate, finance structure, stock price參考資料： 自己＋網路