本計畫為三年期專案，擬探討中國大陸跨港上市企業對於其資金成本與資本結構的影響，並與臺灣跨港上市企業資本結構的影響因素作比較。第一年度將研究中國大陸企業跨港上市對於其資本結構的影響；第二年度則加入中國大陸的制度改革(股權分置改革)，探討其對於跨港上市企業的資金成本是否帶來進一步的影響；第三年度針對臺灣與中國大陸跨港上市企業，比較其資本結構是否受到控制股東特性的影響。由於臺灣與中國大陸的關係密切，政治、經濟以及文化等方面皆有著緊密關聯，因此，有必要深入瞭解中國大陸的資本市場，以判斷企業選擇資本結構時的考量因素，與其所面臨的環境為資金成本帶來的影響，以作為各方擬定決策時的依據。本計畫首先將持續進行更深入的文獻探討、建立更完整的研究架構並強化假說之推理。接著，本計畫將透過TEJ 資料庫及其他來源選取樣本與蒐集資料，並進行數量分析。最後則按時繳交期中與期末報告，以完成本計畫。本計畫之研究成果，預期將有助於進一步瞭解中國大陸資本市場，以及臺灣與中國大陸企業之差異，為學術界提供後續研究之基礎，也讓實務界─如企業或投資人對兩地企業的差異有更深入的瞭解。本計畫將盡可能克服困難，全力提升整個團隊的研究能力及品質，務求能使此一補助發揮最大的效果。 This is a three-year project, examining the impact of cross-listing decisions on Chinese cross-listed firms’ capital structure and cost of capital, and further comparing to those of Taiwanese cross-listed firms. The influence of cross-listing decisions on the capital structure of Chinese listed firms will be studied in the first year, and we further explore the impacts of institutional reform (Split-share reform) on the cost of capital of Chinese cross-listed firms in the second year. In the third year, we will investigate whether the capital structures of Chinese cross-listed firms and those of Taiwanese cross-listed firms would be influenced by the characteristics of controlling shareholders. It’s necessary for us to have better understanding of Chinese capital markets to know the determinants of the capital structure and the influences from the economic environment on firms’ cost of capital, since Taiwan has a tight connection with China in politics, economies and cultures. We hope that the results from this project can help the decision-making in all respects. The sample of this study will be selected and data will be collected after conducting further literature review, developing better research framework and more solid hypotheses. Then, econometric methods will be used to analyze data. Finally, interim and final reports will be completed and this project will be concluded on time. The results in this project will be expected to extend our knowledge of the difference between Taiwanese and Chinese financial markets and to lay the groundwork for future research as well as to have implications for business people and investors who are interested in Chinese markets. We will try our best to overcome all possible difficulties we would face and to enhance our research group members’ research abilities and quality. 研究期間：10008 ~ 10107
