本研究透過實證分析36個流動性變數，探討流動性與強制揭露的關係。研究發現，強制揭露與Spread系列變數呈現顯著正相關，顯示強制揭露會使得美國存託憑證(ADR)交易成本顯著上升，流動性下降。在驅動系列中，強制揭露會使驅動量顯著下降，但驅動值卻會上升，這可能與價格發現、投資者偏好和時間因素等有關。此外，強制揭露可以改善買賣方驅動平衡，降低交易成本，改善流動性。最後，在深度系列中，強制揭露與深度呈現顯著負相關，顯示投資人對於ADR的偏好下降。總結來說，強制揭露對於流動性的影響具有多面性，並且會影響交易成本和投資者偏好。

This study empirically analyzes 36 liquidity variables to explore the relationship between liquidity and mandatory disclosure. The research finds that mandatory disclosure is significantly positively correlated with the Spread series variables, indicating that mandatory disclosure significantly increases the cost of ADR transactions and reduces liquidity. In the Motivated series, mandatory disclosure significantly reduces the motivated volume but increases the drive value, which may be related to price factors, investor preferences, and time factors. In addition, mandatory disclosure can improve the balance of buying and selling drives, reduce trading costs, and improve liquidity. Finally, in the Depth series, mandatory disclosure is significantly negatively correlated with depth, indicating a decrease in investor preference for ADRs. In summary, mandatory disclosure has multifaceted impacts on liquidity and affects transaction costs and investor preferences.

論文審定書 i
誌謝 ii
摘要 iii
ABTRACT iv
目錄 v
表目錄 vii
第一章 緒論 1
本文架構 4
第二章 文獻回顧 5
2.1 你說ADR是什麼？ 5
2.2 CSR與ESG的關係 5
2.3 描述CSR與公司風險的文獻 6
2.4 描述CSR績效與公司表現關係的文獻 6
2.5 描述ESG與揭露的文獻 7
2.6 描述CSR與揭露的文獻 8
2.7 描述流動性的文獻 11
第三章 研究方法 13
3.1 資料來源 13
3.2 模型架構 13
3.3 變數介紹 15
3.3.1 強制揭露定義 15
3.3.2 流動性之定義 16
3.3.3 控制變數 17
第四章 實證結果 21
第五章 結論與建議 32
參考文獻 33
附錄 38

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