本篇論文主要在探討當公司到美國進行海外上市之後，是否會有研發支出上更多的投入或是活動。近期公司的創新活動常是財務上被熱烈討論的話題，創新活動包含商標或是研發、新產品上市等。本篇論文專注在探討研發支出與海外上市之間的關係，方法是以公司至美國上市的日期為基準點，觀測上市前三年與後三年的研發支出差異。
資料皆在COMPUSTAT與紐約銀行的公開訊息中，以公司營運績效的幾個變數，如舉債狀況、投資支出、無形資產的換算價格等作為觀測研發支出影響的變數。研究結果顯示，研究支出若考慮公司規模，在前後有顯著增加。且，無形資產亦會增加，代表公司在海外上市後確實有投入更多的資源在創新活動上面。另外，也發現海外上市的證券交易所也有差別，若在美國三大證券交易所上市的公司，其三年後研發支出的表現會比較好。結果代表制度較為完善且資本額較龐大的公司，其願意投入研發的量也會較多。

This paper mainly focuses on the change of research & development expense when companies doing cross-listing in the U.S., which is also called ADR. Recently innovation activities of the firm are considered as a hot topic in corporate finance. Innovation activities include R&D, patenting and new product announcement and this paper focuses on the relationship of R&D spending and cross-listings.
The data are from the COMPUSTAT and the New York Bank ADR issue. Also using several variables in corporate governance (i.e. debt, investment expense, intangible asset) to take part of the effect of R&D expense. The outcome showed that of take into account of firm size, the R&D expense would increase after the firm went cross-listing in the U.S. And it also showed that the intangible asset increases too. The outcome showed that the firm would pour more monetary resource on the R&D after cross-listing. And this paper also found the stock exchanges that the ADR stays in would have some correlation, that is, if it had issued in NYSE NASDAQ and AMEX rather than OTC, the performance of the company would be better. The paper showed that if the company turned out to have bigger scale and resources, the willingness of pouring R&D spending would also be much more.

Acs, Z. J., Anselin, L., & Varga, A. (2002). Patents and innovation counts as measures of regional production of new knowledge. Research Policy, 31(7), 1069-1085.
Amit, R., & Zott, C. (2012). Creating value through business model innovation. MIT Sloan Management Review, 53.
Balachandra, R., & Friar, J. H. (1997). Factors for success in R&D projects and new product innovation: a contextual framework. Engineering Management, IEEE Transactions on, 44(3), 276-287.
Ballester, M., Garcia-Ayuso, M., & Livnat, J. (2003). The economic value of the R&D intangible asset. European Accounting Review, 12(4), 605-633.
Bancel, F., Kalimipalli, M., & Mittoo, U. R. (2009). Cross-listing and the long-term performance of ADRs: Revisiting European evidence. Journal of International Financial Markets, Institutions and Money, 19(5), 895-923. doi:10.1016/j.intfin.2009.07.004
Berchicci, L. (2013). Towards an open R&D system: Internal R&D investment, external knowledge acquisition and innovative performance. Research Policy, 42(1), 117-127.
Bernstein, S. (2015). Does going public affect innovation? The Journal of Finance.
Benos, E., & Weisbach, M. S. (2004). Private benefits and cross-listings in the United States. Emerging Markets Review, 5(2), 217-240.
Blind, K., Edler, J., Frietsch, R., & Schmoch, U. (2006). Motives to patent: Empirical evidence from Germany. Research Policy, 35(5), 655-672.
Cassiman, B., & Veugelers, R. (2002). R&D cooperation and spillovers: some empirical evidence from Belgium. American Economic Review, 1169-1184.
Chauvin, K. W., & Hirschey, M. (1993). Advertising, R&D expenditures and the market value of the firm. Financial Management, 128-140.
Chen, S.-S., Chen, Y.-S., Liang, W.-l., & Wang, Y. (2013). R&D spillover effects and firm performance following R&D increases. Journal of Financial and Quantitative Analysis, 48(05), 1607-1634.
Coffee Jr, J. C. (2002). Racing towards the top?: The impact of cross-listings and stock market competition on international corporate governance. Columbia law review, 1757-1831.
Doidge, C., Karolyi, G. A., Lins, K. V., Miller, D. P., & Stulz, R. M. (2009). Private benefits of control, ownership, and the cross‐listing decision. The Journal of Finance, 64(1), 425-466.
Doidge, C., Karolyi, G. A., & Stulz, R. M. (2004). Why are foreign firms listed in the US worth more? Journal of Financial economics, 71(2), 205-238.
Doraszelski, U., & Jaumandreu, J. (2013). R&D and productivity: Estimating endogenous productivity. The Review of Economic Studies, 80(4), 1338-1383.
Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long‐term abnormal stock returns and operating performance following R&D increases. The Journal of Finance, 59(2), 623-650.
Esqueda, O. A., & Jackson, D. O. (2015). Cross-listing performance and insider ownership: The experience of US investors. Journal of Multinational Financial Management, 32, 77-94.
Filatotchev, I., & Piesse, J. (2009). R&D, internationalization and growth of newly listed firms: European evidence. Journal of International Business Studies, 40(8), 1260-1276.
Foucault, T., & Frésard, L. (2012). Cross-listing, investment sensitivity to stock price, and the learning hypothesis. Review of Financial Studies, 25(11), 3305-3350.
Granstrand, O. (1999). The economics and management of intellectual property towards intellectual capitalism: External organization.
Griliches, Z. (1990). Patent statistics as economic indicators: a survey. Retrieved from
Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. (2011). Effects of innovation types on firm performance. International Journal of Production Economics, 133(2), 662-676.
Guo, R.-J., & Zhou, N. (2016). Innovation capability and post-IPO performance. Review of Quantitative Finance and Accounting, 46(2), 335-357.
Hall, B. H., Jaffe, A., & Trajtenberg, M. (2005). Market value and patent citations. RAND Journal of economics, 16-38.
Karolyi, G. A. (2012). Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis. Emerging Markets Review, 13(4), 516-547.
King, M. R., & Segal, D. (2009). The long-term effects of cross-listing, investor recognition, and ownership structure on valuation. Review of Financial Studies, 22(6), 2393-2421.
Kleinknecht, A., Van Montfort, K., & Brouwer, E. (2002). The non-trivial choice between innovation indicators. Economics of Innovation and new technology, 11(2), 109-121.
Landry, S., & Callimaci, A. (2003). The effect of management incentives and cross-listing status on the accounting treatment of R&D spending. Journal of International Accounting, Auditing and Taxation, 12(2), 131-152.
Lang, M., Raedy, J. S., & Yetman, M. H. (2003). How representative are firms that are cross‐listed in the united states? An analysis of accounting quality. Journal of Accounting Research, 41(2), 363-386.
Lang, M. H., Lins, K. V., & Miller, D. P. (2003). ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm's information environment and increase market value? Journal of Accounting Research, 41(2), 317-345.
Lel, U., & Miller, D. P. (2008). International Cross‐Listing, Firm Performance, and Top Management Turnover: A Test of the Bonding Hypothesis. The Journal of Finance, 63(4), 1897-1937.
Leuz, C. (2003). Discussion of ADRs, Analysts, and Accuracy: Does Cross‐Listing in the United States Improve a Firm's Information Environment and Increase Market Value? Journal of Accounting Research, 41(2), 347-362.
Lhuillery, S. (2011). The impact of corporate governance practices on R&D efforts: a look at shareholders’ rights, cross-listing, and control pyramid. Industrial and Corporate Change, 20(5), 1475-1513.
Licht, A. N. (2003). Cross-listing and corporate governance: bonding or avoiding. Chi. J. Int'l L., 4, 141.
Liu, S. (2007). International cross-listing and stock pricing efficiency: An empirical study. Emerging Markets Review, 8(4), 251-263. doi:10.1016/j.ememar.2007.09.001
Maksimovic, V., & Pichler, P. (2001). Technological innovation and initial public offerings. Review of Financial Studies, 14(2), 459-494.
Miller, D. P. (1999). The market reaction to international cross-listings:evidence from Depositary Receipts. Journal of Financial economics, 51(1), 103-123.
Moel, A. (1999). The role of information disclosure on stock market listing decisions: the case of foreign firms listing in the US. Unpublished working paper, Harvard Business School, MA.
Pagano, M., Randl, O., Röell, A. A., & Zechner, J. (2001). What makes stock exchanges succeed? Evidence from cross-listing decisions. European Economic Review, 45(4), 770-782.
Pan, F., & Brooker, D. (2014). Going global? Examining the geography of Chinese firms’ overseas listings on international stock exchanges. Geoforum, 52, 1-11. doi:10.1016/j.geoforum.2013.12.003
Reese, W. A., & Weisbach, M. S. (2002). Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings. Journal of Financial economics, 66(1), 65-104.
Sarkissian, S., & Schill, M. J. (2009). Are There Permanent Valuation Gains to Overseas Listing? Review of Financial Studies, 22(1), 371-412. doi:10.1093/rfs/hhn003
Sarkissian, S., & Schill, M. J. (2012). The nature of the foreign listing premium: A cross-country examination. Journal of Banking & Finance, 36(9), 2494-2511. doi:10.1016/j.jbankfin.2012.05.007
Schumpeter, J. A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle (Vol. 55): Transaction publishers.
Walcott, S. M. (2000). Defining and measuring high technology in Georgia. Georgia State University, FRP Report(50).
Wang, E. C., & Huang, W. (2007). Relative efficiency of R&D activities: A cross-country study accounting for environmental factors in the DEA approach. Research Policy, 36(2), 260-273.
Zhu, H., & Small, K. (2007). Has Sarbanes-Oxley led to a chilling in the US cross-listing market? The CPA Journal, 77(3), 32.