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Multinational Business Finance

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  1. Multinational Business Finance Chapter 15 Sourcing equity globally

  2. Depositary receipts • Global depositary receipts(GDRs)refer to certificates traded outside the United States. • American depositary receipts(ADRs)are certificates traded in the United States and denominated in U.S. dollars. • Each ADR representing some multiple of the underlying foreign share. • ADR can be changed for the underlying foreign share.

  3. Global Registered Shares(GRSs) • GRS:以公司原本的股票在國外發行 • According to the NYSE, dealing fees levied on ADRs cost investors between 3 to 5 cents per share per trade. By comparison, GRSs carry a flat cost of $5 per trade, regardless of the quantity of shares traded.

  4. Effect of Cross-Listing and equity issuance on share price • 發行ADR的公司,股價不受市場區隔影響 • 當外國公司宣布在美國發行ADR會產生正向宣告期間異常報酬 • 赴美掛牌ADR的公司有較高的Tobin’s q,即有較高的成長機會

  5. Effect of Cross-Listing and equity issuance on share price • 美國公司到其他國家掛牌: • 可增加公司品牌認同度 • 取得自國外募集資金的管道 • 會有較小的負向宣告期間異常報酬 • 公司經理人會利用股價被高估時發行新股,而投資者並不知道公司的真正價值,所以當公司宣佈要辦理現金增資時,投資人會據以推斷公司股價被高估,因此會有負向異常報酬

  6. Private Equity Funds • 私募基金是指在全球資金流動快速之國家募集法人與富有的投資個人之資金,協助位於新興市場的成熟期家族企業(仍持續獲利與成長)重組和現代化以應付與日俱增的競爭 • 創投基金通常投資在已開發國家,幫助未來可能成功的公司(剛要成型的高科技公司)上市上櫃,若將來公司經營成功,可為創投基金帶來豐厚的利潤