The Effect of Shareholder Structure and Board Composition on Offering Price and Operating Performance for Foreign Firms Primary Listing in Taiwan

自2008年起，「外國企業來臺第一上市(櫃)」(以下簡稱F股)的話題開始發燒，由於其組織結構較為複雜，資訊揭露亦較不透明，因此其公司治理即顯得相當重要。 本研究以截至2014年底，已來臺第一上市櫃之F股計67家為研究樣本，透過其股權結構與董事會結構兩大面向，探討F股公司本身公司治理機制之良窳，對其承銷價及掛牌後績效表現之影響，實證結果獲得以下主要結論：(1)大股東持股比率對F股承銷價有負向之影響；(2)機構投資人持股比率對F股承銷價有正向之影響；(3)董事會規模對F股承銷價有負向之影響；(4)董監持股比率對F股來臺掛牌後短期股價報酬有負向之影響，對長期經營績效則有正向之影響；(5)經理人持股比率對F股來臺掛牌後短期股價報酬有負向之影響，對長期經營績效則有正向之影響；(6)董事會規模對F股來臺掛牌後短期股價報酬有正向之影響，對長期經營績效則有負向之影響。 綜上，透過本研究，可知股權結構及董事會結構層面之公司治理指標，均會對F股承銷價之訂定及掛牌後之績效表現產生影響，故投資人可藉由F股公司本身公司治理之良窳評估其公司價值。Foreign issuers applying for primary listing of securities in Taiwan as F-shares has been a hot issue since 2008. With the issuers’ complicated organizational structures and lack of disclosure transparency, these firms’ corporate governance may have economic significance on offering price and operating performance. Based on 67 primary listed companies with F-share in Taiwan up to 2014, this study investigates the effect of F-shares’ shareholder structure and board composition on offering prices and operating performance. The empirical result shows that: (1) the concentration of share interest has negative impact on offering price; (2) the share interest of institution investors has positive effect on offering price, too; (3) the scale of the board of directors has negative effect on offering price; (4) the share holdings of the directors and supervisors have negative effect on operating performance in short-term period, but positive in the long run; (5) the share holdings of the managers also have negative effect on operating performance in short-term period, but positive in the long run; (6) the scale of the board of directors has positive effect on operating performance in short-term period, but negative in the long run. In conclusion, both ownership structure and composition of board of directors under corporate governance have significant effect on F-shares’ offering prices and operating performance, investors may evaluate the firm value of F-shares based on their corporate governance