迴歸模型變數間相關係數 （ADR 與本土配對公司）

附表 1 （續）迴歸模型變數間相關係數 （L1 與 L3）

圖 2、1993 年～2009 年中國地區發行美國存託憑證公司數（按類別區分）

圖 3、L1.L3 發行前後總經理帄均持股比率變化

圖 4、L1.L3 發行前後內部人帄均持股比率變化

圖 5、L3 及非 ADR 配對公司帄均舉債程度變化

圖 6、L3 及非 ADR 配對公司帄均獨立董事比率變化

圖 7、L3 及非 ADR 配對公司帄均前十大股東持股比變化

圖 8、L3ADR 各變數期間變化

說明：

1. T=0 為發行 ADR 當年度，T-1、T+1、T+2 分別代表發行前一年、後一年及後兩年。

2. *.**.*** 分別表示在顯著水準為 0.1、0.05、0.01 時，配對樣本

變數/期間 T-1 T=0 T+1 T+2 (-1.0) (-1,1) (-1,2) (0,1) (0,2) (1,2) D/E 1.41 0.33 0.57 0.55 ** ** ** **

indep 0.43 0.44 0.51 0.52 * * ** **

ceo_chair 0.40 0.64 0.68 0.64 ceo_own 0.02 0.19 0.20 0.19 ** ** **

top10 0.54 0.55 0.49 0.43 **

-1

0 +1

+2 -1

0 +1

+2

-1

0 +1 +2

-1

0 +1 +2

-1 0 +1 +2

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