本篇論文止在探討公司治理因素是否跟外資投資有關係，利用多元逐步回歸
法來看公司治理變數會不會影響外資持股比例，另外用羅吉斯回歸來看公司治理
變數是否會影響公司發行海外存託憑證(GDR)及海外可轉換公司債(ECB)。
結果發現揭露良好、大型且低負債比的公司較易吸引外資，且有顯著的不
同，另外大股東持股比率越高或家族持股比例越高的公司，其外資持股比率也較
高，此外公司如果有獨立董事的話，有助於提高外資持股比率，還有擁有GDR
及ECB的公司外資持股比率也會較高。
本篇論文同時也探討哪些公司治理變數會影響公司發行GDR及ECB，發現公
司規模、負債比率及家族持股比率都有影響公司發行GDR，而只有公司規模及家
族持股比率會影響公司發行ECB。
因此本篇文章將提供台灣上市公司，如果想吸引外資的話，該從哪方面著
手，從本文可以發現，增設獨立董事席次及提高公司揭露程度都是可以好好努力
的方向。

In this paper, it attempts to investigate whether corporate governance affects
foreign investment or not. Furthermore, it also wants to detect what factors influence
the percentage of foreign investment. Some hypotheses for corporate governance and
foreign investment are developed in this study. Multi-regression models are conducted
to test the relationship between corporate governance factors and foreign investment.
The results of multi-regression models indicate that higher corporate
transparency, bigger companies and companies with lower liability ratio attract more
foreign investment. Moreover, companies held by big stockholders have higher
percentage of foreign investment; on the contrary, family-owned firms are not
preferred by foreign investors. In addition, foreign investors like to invest in firms
having more independent directors. Furthermore, companies having GDR (Global
Deposit Receipt) or ECB (Euro Convertible Bond) do increase the percentage of
foreign investment.
This paper also utilized the logistic regression to test what corporate governance
factors act on the willingness of issuing GDR and ECB. As a result, it finds that
company size, liability ratio and percentage of stocks held by owner’s family all have
impact on whether the company issue GDR or not. In addition, size and family
holding are two significant factors that affect Taiwanese companies to issue ECB.
Hence, this paper provides some information for foreign investment in Taiwan.

Table of Contents
Abstract……………………………………………………………………………..4
Chapter 1 Introduction……………………………………………………………...6
Chapter 2 Literature Review………………………………………………………..8
2.1 Corporate governance around the world……………………………………..8
2.2 Corporate transparency……………………………………………………...10
2.3 Foreign investment in publicly traded firms………………………………...10
Chapter 3 Methodology and Data………………………………………………….11
3.1 Hypothesis of research………………………………………………………11
3.2 Methodology and Variable Definition……………………………………….14
3.3 Data and Sample Selection…………………………….…………………….16
Chapter 4 Empirical Tests and Results……………………………………………..16
4.1 Corporate transparency and foreign investment……………………………..16
4.2 Corporate governance and foreign investment…………………...….………20
4.3 GDR/ECB and foreign investment…………………………….…………….23
4.4 Logistic regression for GDR and ECB….…………………………………...24
Chapter 5 Conclusions...……………………………………………………………26
References………………………………………………..…………………………28

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