本研究採用52家台灣上市且於1991年2008年至海外發行雙邊掛牌之企業為樣本，並以相同產業且規模相近之企業作配對樣本，檢驗台灣企業至海外雙邊掛牌上市對公司治理之間的關連性。本研究檢測當企業作出至海外發行雙邊掛牌的決策對企業公司治理指標所造成的影響。實證結果顯示企業在雙邊掛牌後之公司治理指標皆較發行雙邊掛前有所改善，此現象更以發行後兩年及兩年以上最為明顯。而公司治理的指標中又以管理當局對董事會的影響力與股權結構中機構法人持股兩者最具有顯著的關聯性。 在董事會獨立性的部份，企業在雙邊掛牌之後其獨立董事佔董事會比例有顯著上升，另外相較於配對樣本，雙邊掛牌之企業在掛牌之事件年度與掛牌後一年中，獨立董事的比例亦顯著較高。在股權結構方面，本研究的實證結果顯示，機構法人的持股比率雖在企業掛牌前後一年內並無顯著的改變，但在掛牌兩年與兩年之後，雙邊掛牌企業的機構法人持股比率皆遠大於非雙邊掛牌之企業。此結果顯示了股權的分散可以增加並鞏固少數股權的保護能力，也與本研究之假說相符。This study investigates the relationship between corporate governance and cross-listing for 52 Taiwanese firms, which were cross-listed on other country during 1991 to 2008. And we find that firms will experience the improvement after cross-listing in independent boards in boards’ percentage and institution holding rate after cross-listing. Moreover, we find that cross-listed firms have more independent boards and institution holding than the non-cross-listing match samples. Finally, we examine the relation between the cross-listed firm with independent boards’ percentage and CEO influence and owner structure as our robustness test. And the result shows that corporate governance factor is more important after firm cross-listed, this result is also consistent with the bonding hypothesis too. Overall, these results provide evidences to support the literature on bonding role, which means that there’s a relations between cross-listing and corporate governance; and these results are consistent with the hypothesis this paper assuming.
