Le capital social joue un rôle disputé, mais toujours essentiel dans une société. Derrière le capital social se profile le pouvoir: celui qui détient la majorité des parts ou des actions détient le contrôle réel de la société. Les opérations sur le capital social désignent donc en réalité les opérations de pouvoir entre les associés ou actionnaires au cours de la vie sociale. C'est la raison pour laquelle les opérations sur le capital social suscitent l’intérêt des juristes et des praticiens, tant en France qu'en Chine.Or, le régime de capital social qui a été établi par la même idée présente beaucoup de différences dans les systèmes juridiques français et chinois. Notre recherche se concentrera donc sur la présentation de la différence entre les deux systèmes juridiques, en analysant les raisons sous-jacentes sous un angle juridique, social, et culturel. A part ces différences, en espérant pouvoir faire progresser le régime chinois sur les opérations de capital social, la présente étude tentera de s’interroger sur la question de savoir comment le droit chinois des sociétés peut inspirer le droit français des sociétés en ce domaine. De façon plus générale, comment le capital social devrait-il se présenter dans les deux systèmes juridiques? Notre étude comparative s'effectuera en visant les trois opérations essentielles sur le capital social: les augmentations de capital social, les réductions de capital social et le rachat de droits sociaux, tout en souhaitant également pouvoir favoriser les investisseurs mutuels dans les investissements transnationaux. / The social capital plays a role disputed, but always essential in a company. Behind the social capital the power is profiled : the person who holds the majority of parts or actions holds the real control of the company. Thus the operations of the social capital indicate in reality the operations of the power between the associates or shareholders during the social life. This is why the operations of the social capital arouse the interest of the jurists and the practitioners, both in France and in China.However, the regime of social capital, which was established with the same idea presents many differences between the French and Chinese legal systems. Our research will thus concentrate on the presentation of the difference between the two legal systems, by analyzing the subjacent reasons under a legal, social and cultural angle. Apart from these differences, while hoping to be able to make progress the Chinese regime of the operations of social capital, the present study will attempt to consider the question of how the Chinese company law can inspire French company law in this field. More generally, how the capital social should be present in both legal systems ?Our comparative study will be done by aiming at three essential operations on the social capital: increases of social capital, reductions of social capital, and the repurchase of social rights, while also wishing to be able to support mutual investors in the transnational investments.

This diploma thesis is focused on shadow banking and its impact on the financial markets. The first section defines shadow banking and offers an overview of its instruments and activities with focus on the advantages and risks related to securitization, repurchase agreements and money market funds. The second section begins with an overview of systemic risk emerging from shadow banking activities. Substantial part of the thesis is dedicated to measurement of the shadow banking sector size based on methods of Financial Stability Board. The thesis concludes with an overview of current regulatory progress in transforming shadow banking into resilient market-based finance.

La presente investigación se centra en la categoría de supermercados y tiene como objetivo comprobar como las dimensiones del marketing de contenido relacional influyen en el compromiso del cliente (customer engagement) y este, en la intención de recompra de usuarios de supermercados. Metodológicamente se realizaron 246 encuestas de manera virtual a personas que compraban en supermercados y seguían contenidos en redes sociales de dichos establecimientos. Para responder a las hipótesis planteadas los datos fueron procesados con el programa estadístico Smart-PLS. Los resultados arrojaron que la variable marketing de contenido relacional influye con el compromiso del cliente (CC) y este último, con la intención de recompra en los usuarios de supermercados. Los resultados son relevantes en el ámbito académico, ya que se amplió el número de dimensiones usadas para analizar el marketing de contenido relacional y se usó la técnica de segundo orden para analizar las variables multidimensionales. Desde el punto de vista práctico, los hallazgos permiten a los supermercados comprobar que el CC es un antecedente de la intención de recompra, por lo que deberían centrar sus estrategias de marketing en potenciar las acciones del contenido relacional con la finalidad de lograr el compromiso de los usuarios. / This research focuses on the supermarket category and aims to test how the dimensions of relational content marketing influence customer engagement and this, in the repurchase intention of supermarket users. Methodologically, 246 surveys were conducted virtually, to people who shopped in supermarkets and followed content in social networks of these establishments. In order to respond to the hypotheses, the data were processed with the statistical program Smart-PLS. The results showed that the relational content marketing variable influences customer engagement (CC) and the latter, with the intention to repurchase in supermarket users. The results are relevant in the academic field, since the number of dimensions used to analyze relational content marketing was expanded and the second-order technique was used to analyze multidimensional variables. From a practical point of view, the findings allow supermarkets to prove that CC is an antecedent of repurchase intention, so they should focus their marketing strategies on enhancing relational content actions in order to achieve costumer engagement (CC). / Tesis / PE

La presente investigación tiene por objetivo identificar qué acciones de Social Media Marketing (SMM) influyen en la satisfacción experimentada después de la compra y en la intención de recompra. Las dimensiones de SMM que se incluirán en el estudio son el contenido, la personalización, la información, la interacción y las recomendaciones. Esta investigación busca entender la relación entre estas variables en el contexto de los nuevos emprendimientos surgidos durante la pandemia en la red social Instagram y relacionados con las categorías de pastelería, repostería y comida rápida. El objetivo es poder determinar qué acciones son más influyentes para generar satisfacción y recompra en el caso de los nuevos negocios El desarrollo de la investigación se delimitará a la zona de Lima Metropolitana y la ciudad de Huaraz, región del departamento de Ancash. La muestra estará compuesta por 400 personas que hayan comprado en este tipo de emprendimientos al menos una vez en los últimos seis meses. El estudio que se realizará tendrá un enfoque cuantitativo, de tipo explicativo y transversal y utilizará el modelado de ecuaciones estructurales (SEM) para el análisis de los resultados. / The present research aims to identify which Social Media Marketing (SMM) actions influence post-purchase satisfaction and repurchase intention. The SMM dimensions to be included in the study are content, personalization, information, interaction and recommendations. This research seeks to understand the relationship between these variables in the context of new ventures emerged during the pandemic on the social network Instagram and related to the categories of pastry, confectionery and fast food. The objective is to determine which actions are more influential in generating satisfaction and repurchase in the case of new businesses. The development of the research will be delimited to the area of Metropolitan Lima and the city of Huaraz, region of the department of Ancash. The sample will be composed of 400 people who have purchased in this type of business at least once in the last six months. The study will have a quantitative, explanatory and cross-sectional approach and will use structural equation modeling (SEM) to analyze the results. / Trabajo de investigación

El trabajo presente consiste en un análisis de una gran variable denominada Brand experience y como esta se relaciona al purchase intention y brand loyalty. Además se busca identificar la correlación entre la gran variable y las variables independientes como el nivel de experiencia afectiva con una marca, la experiencia intelectual con respecto al consumo, la experiencia sensorial con la oportunidad de compra y, finalmente, la lealtad como resultado de una buena experiencia. Se propone realizar un estudio cuantitativo no probabilístico a una muestra de 400 consumidores de cerveza artesanal mediante enfoques bivariados y multivariados en SPSS y Smart Less. / The present work consists of an analysis of the variable Brand experience and how it is related to other variables such as Purchase Intention and Brand Loyalty. In addition, it seeks to identify the correlation between the large variable and the independent variables such as the level of affective experience with a brand, the intellectual experience with respect to consumption, the sensory experience and the opportunity to purchase and finally, loyalty as a result of a good experience. It is proposed to carry out a non probabilistic quantitative study to a sample of 400 craft beer consumers using bivariate and multivariate approaches in SPSS and Smart Less. / Trabajo de investigación

D. Tech. (Department of Marketing Management, Faculty of Management Sciences), Vaal University of Technology. / In recent years, the concept of relationship-marketing earned eminence in academia with associated implications for marketing strategy. The aim of this study was to examine relationship intentions in the business-to-business (B2B) context from the concrete product environment within the construction industry of South Africa. Literature reviewed reveals that empirical studies for concrete product environment and the construction industry is limited, principally in South Africa, concerning the dimensions of relationship intentions. As deliberations on relationship-marketing intentions carry on maturing, there are imperative concerns yet to be clarified, one of which relates to customer’s buying behaviour in relation to the dimensions and outcomes of relationship intentions. Given the increasing prominence of customer buying patterns in modern marketplaces, the study intends to empirically analyse the dimesions and outcomes of buyer-seller relationship intentions, with reference to the civil and building concrete product users in a B2B setting within the South African construction industry. The civil and building engineering contractor segments were selected as research sites owing to their scope and size, which signify a productive market segment with prospects of influencing future behavioural intentions in the construction environment. The the study was underpinned by the relationship-marketing theory and social exchange theory, which clarified the dimensions and outcomes of relationship intentions of the civil and building constructs that underlie concrete products. As the study intended to determine the dimensions and outcomes of relationship intentions of civil and building contractors (customer) towards their concrete product manufacturer (supplier) organisations, a descriptive research method was chosen. The objective being to confirm and expand the dimensions of buyer-seller relationship intentions in the B2B industry context and to examine the explanatory power of the indetified dimensions. The current study employed a quantitative research method that is entrenched in the post-positivist paradigm, which also underpins this study. Data were collected using probability sampling in the form of systematic random sampling. A sample size of 560 respondents returned fully completed questionnaires. As the study was descriptive in nature, the reliability and validity of data were analysed, correlation analysis and structural equation modelling (SEM) were performed. The exploratory and confirmatory factor analysis were also conducted to confirm and expand the factor structure of the relationship intention dimensions. Preceding the main study’s data collection process, a pilot survey was undertaken to examine the correctness and accuracy of the questionnaire. The data collected were examined with the use of Statistical Package for the Social Sciences (SPSS) 25.0 and Analysis of Moment Structures (AMOS) version 25.0. The preliminary data analysis included the procedure of coding and examining the distribution of scores. In addition, the normality test results revealed that data were normally distributed. To confirm the consistency of the measuring instrument and its items, the reliability and validity tests were carried out. The results of the consistency of measures demonstrated that the measuring instrument was reliable. The correlation analysis disclosed a weak relationship between expectations, involvement and feedback towards relationship quality, whereas a moderate association was revealed between forgiveness and trust towards relationship quality, while a strong association was discovered between fear of relationship loss, information sharing and flexibility towards relationship quality construct. The suitability of the measurement and structural models were evaluated prior to testing the hypothesised relationships. The suggested relationships were verified by structural equation modelling (SEM). The hypotheses testing findings revealed that concrete product repurchase intentions by the study respondents were significantly and positively motivated by the supplier’s relationship quality and commitment that leads to customer satisfaction, loyalty and repurchase intentions. A framework of relationship marketing intentions for the concrete product environment of the South African construction industry was developed. It was anticipated that the proposed framework will contribute towards addressing the insufficiencies in the application of relationship marketing strategies. The empirical study results advocated that concrete product manufacturer-suppliers (CPM) must invest in methods of increasing their levels of relationship quality and commitment to maintain customer satisfaction and loyalty, which will lead to customer repurchase intentions. The study results revealed that unlike previous relationship intention studies that found five dimensions, this study proposed and found eight (involvement, expectations, forgiveness, feedback, fear of relationship loss, trust, flexibility and information sharing/exchange) dimensions of relationship intentions within the B2B concrete product environment. Furthermore, the study results revealed that customer satisfaction can be upheld by concentrating on relationship building strategies, which fuel customer loyalty and repurchase intentions by meeting or exceeding customer needs and requirements. One of the study contributions is the investigation of the order of the dimesions of relationship intentions in a B2B context for the concrete product environment within the construction industry. Therefore, the study pens down both the theoretical and practical contributions to the relationship marketing literature. Paths for additional research is offered. The outcome of this study advanced a framework of the dimensions of relationship intentions, which may possibly benefit future researchers. Future studies must consider the application of a cohesive research model, which includes supplementary variables using a larger sample size utilising a longitudinal study with the purpose of increasing generalisability of the results.

[pt] Nas últimas décadas, os programas de recompra de ações têm se tornado cada vez mais populares entre as empresas abertas ao redor do mundo. Além de constituírem uma forma de remuneração aos acionistas, as recompras de ações geram uma série de efeitos secundários e impactos distintos sobre as companhias, o que dificulta a identificação de um fator único para sua execução e para a existência das anomalias de mercado. Ao mesmo tempo que se observa uma evolução gradual dos estudos sobre recompra de ações nos mercados desenvolvidos, como no caso dos Estados Unidos, observa-se um gap de conhecimento sobre tais eventos no Brasil. O presente estudo tem por objetivo analisar as anomalias observadas nos preços das ações após os anúncios de recompra sob um ângulo diferenciado dos estudos já desenvolvidos com referência ao tema na literatura nacional. A partir de uma conceituação internacional, identifica-se que cada vez mais os insiders têm um papel importante na execução e nos retornos dos programas de recompra. Utilizando pela primeira vez uma base de dados recente e mais precisa sobre os programas de recompra de ações anunciados e realizados no país nos últimos anos, este estudo identifica características únicas do mercado brasileiro, como por exemplo o alto nível de recompras anunciadas e não executadas. Esta visível discrepância entre os anúncios e as execuções resulta na identificação de um efeito reputacional, através do qual empresas que possuem histórico de execução apresentam retornos anormais ao redor das datas de anúncio dos programas de recompra. Além deste efeito reputacional, também são obtidas evidências positivas do papel da governança corporativa e da existência de uma relação significativa entre a execução das recompras e as negociações de ações realizadas pelos insiders. / [en] In the recent decades, share repurchase programs gained increasing importance among public companies worldwide. Besides being an alternative form of distribution to shareholders, share repurchase programs have a series of secondary effects and distinct impacts within each company, which does not allow the identification of one exclusive factor to justify such behavior. While several studies regarding share repurchases have been conducted in developed markets, such as the United States, there is a large gap of knowledge between those markets and the Brazilian market. This research represents a step forward to the understanding of the share price behavior anomalies following share repurchase announcements using a different perspective than previous studies in the Brazilian literature. Following an international review, the behavior of the companies insiders is identified as an important factor that directly affects the execution and returns generated by the share repurchase programs. Using for the first time a more recent and accurate data base about the announcements and execution of share repurchase programs in Brazil covering the past years, this study identifies unique characteristics of the Brazilian market, such as a high level of repurchase program announcements without executions. This notorious difference between announcement and execution creates a reputational effect by which companies with a history of past execution present superior abnormal return nearby announcement dates. Besides this reputational effect, it s also presented evidence regarding the positive influence of corporate governance and the existence of a significant relationship between the execution of the share repurchase programs and insider trading.

孤兒保單不僅普遍存在於壽險公司，同時它對壽險公司造成的負面影響也相當大，包括：增加保單的脫退率、減弱壽險公司與保戶的關係、迫使孤兒保戶投向競爭者….等等，可見得壽險公司對於孤兒保單的議題不得不去重視並應有效的加以管理。 本研究探討台灣壽險業保險孤兒服務稀少的缺失、服務修復策略與顧客行為反應之關係，以試圖找出最有效的保險孤兒服務修復策略，並根據研究結果,提供給壽險業管理者採取適當的服務修復策略。研究方法共分兩階段：深入訪談及問卷調查。第一階段首先是進行深入訪談，主要是為了對研究主題作一探索性的研究，並將訪談結果作為問卷發展及設計的依據，第二階段問卷調查則為本研究之重點，問卷調查方式採立意抽樣，發出問卷418份，回收問卷289份，回收率為69﹪，最後共蒐集到230份由合格受訪者所填寫的問卷，其中有效問卷為225份，無效問卷有5份。 本研究之限制主要有兩點：採非隨機抽樣及問卷調查所蒐集到的樣本單位數不多。研究結果之發現說明如下。 一、 保險孤兒經驗 14.3％的受訪者其保險孤兒之狀態已獲得解決,僅4.2％的受訪者其孤兒經驗低於1年,顯示壽險公司並沒有將消除保險孤兒視為急迫性的服務缺失。服務稀少及服務接觸品質不佳的情況的確占大多數（占84.2％），並且專屬業務員的失職的確已影響到受訪孤兒的服務。 二、缺失歸因及缺失嚴重性受訪孤兒普遍將缺失歸因於業務員（占67.7％）。受訪者中認為服務稀少的缺失之嚴重性程度嚴重者占大多數（占43.0％），「新業務員不聞不問的孤兒」有高達63.4％認為這種缺失是嚴重的。 三、保險的重要性及保險知識 受訪者普遍認為保險產品是重要的。對保險商品的了解則顯示為中等（絕大多數表示普通49.3%），僅有不到五分之一的受訪孤兒對抱怨反應管道表示了解及非常了解 。 四、保險孤兒的行為反應 六成以上的受訪孤兒對壽險公司及業務員的服務修復作法感到不滿意；64.0％的受訪者呈現負面口碑，僅12.9％的受訪者呈現正面口碑；69.8％的受訪者沒有再購意願，僅16.4％的受訪者有可能再光顧。 五、孤兒保戶期望的服務修復孤兒保戶最高期望的3項服務修復作法依序分別是：「業務員將保單權利義務向我說明清楚」、「我要解約時，提供對我有利的其他選擇（如換約、展期保險…）」及「我可自由更換適合我的服務員（如熟識、業務員人格特質等考量）」。最低期望的2項依序分別是：「別家壽險公司的業務員耐心傾聽或表示關切」、「別家壽險公司的業務員樂於出面幫忙」。文獻推論而得的服務修復策略與因素命名的結果僅「即時性更正」及「更正服務」相似，其餘的服務修復策略於文獻推論而來的較以「行動」為主要區別，而因素命名普遍是與修復「服務提供對象」有關。 六、假設驗證結果之發現 （一）一旦有服務需求發生時，保戶看待服務缺失的嚴重性拉高。 （二）影響期望的服務修復的因素 缺失嚴重性越高，保戶期望的服務修復程度及項目數越高及越多；保戶認知保險的重要性程度越高，保戶期望的服務修復程度及項目數越高及越多。 （三）影響服務修復滿意度的因素 期望的與實際的服務修復之差距顯著影響服務修復滿意度；並且此差距越大服務修復滿意度越低。另外期望的與實際的服務修復之差距較缺失嚴重性的認知對服務修復滿意度的影響大；同時期望的與實際的服務修復之差距也較缺失歸因之差異對服務修復滿意度的影響大。 （四）影響保戶口碑行為的因素 服務修復滿意度顯著影響保戶口碑行為；並且服務修復滿意度越低保戶口碑行為越負面。另外服務修復滿意度較缺失歸因之差異對保戶口碑行為的影響大。 （五）影響保戶再購意圖的因素 服務修復滿意度顯著影響保戶再購意圖；並且服務滿意度越低保戶再購意圖越負面。另外服務修復滿意度較缺失歸因之差異對保戶再購意圖的影響大。 七、有效的服務修復策略 「更正服務」因素及「業務員良好的報怨處理技巧」因素皆對「服務修復滿意度」產生顯著的影響，並且「更正服務」因素較「業務員良好的報怨處理技巧」因素對「服務修復滿意度」的影響更大。因此，對於壽險公司而言，致力於更正服務的缺失及提升業務員良好的報怨處理技巧可以大大的提高保戶「服務修復滿意度」，故「更正服務」因素及「業務員良好的報怨處理技巧」因素是最有效的保險孤兒服務修復策略，尤其是「更正服務」因素。 / Life insurers need to be concerned about issues related to orphan policyholders in order to manage them well. Evidence shows that there is a widespread orphan policyholder’s in life insurance industry. They also have many negative influences on insurers, such as increasing their rate of lapse, weakening the insurer/orphan relationships, etc. This study proposes suitable service recovery strategies for orphans to managers. It examines relationships among service failures towards orphans, service recovery strategies and customers’ behaviors in Taiwan’s life insurance market. Customers’ behaviors include secondary satisfaction, word-of-mouth (W-O-M) and repurchase intentions. The research methods include in-depth interviews and surveys. The first step is an exploratory study of the theme of orphan policies by conducting in-depth interviews with both managers and orphans. The results of the in-depth interviews consider the sources for developing and designing a survey. The survey is the second step, and is the focus of this research. There were 418 questionnaires sent out and responses for received from 289 of these. Of these 289 questionnaires, 230 were completed by eligible respondents, and 225 of the 230 questionnaires were valid. The limits of this study are non-random samplings with insufficient sample sizes. The findings show below: 1. Orphans’ experiences There are 14.3﹪respondents that claim they are no longer orphans. Only 4.2% of the respondents declare that they have been orphans for less than a year. This reveals that insurers do not regard policyholders becoming orphans to be an urgent service failure. The majority of respondents rarely received services from their agents and if so, the services were of poor quality. 2. Failure attribution and severity The majority of respondents hold the agents’ responsible for service failures (67.7%) and consider failure severity to be serious（43.0﹪）. In addition, 63.4% of orphans whose assigned agents never kept contact with them after their original agents left thought that is a serious service failure. 3. Orphans’ behavior responses Over 60% of respondents show dissatisfaction with the service recovery from insurers and agents. W-O-M behaviors of respondents show a negative 64% and a positive 12.9%. Repurchase intentions of respondents show a negative 69.8% and a positive 16.4%. 4. Expected service recovery of orphan policyholders The first 3 highest expectations of orphans are that 1) The agent must make a clear description of rights and responsibilities of the policy that an orphan holds, 2) Offer options that are beneficial to orphans while willing to cancel the policy, and 3) The ability for the insured to have the right to choose an agent who is a better fit without restrictions. The first two lowest expectations of orphans are 1) Agents who work for competitors are willing to listen and show their concerns, and 2) Agents who work for competitors are willing to offer assistance in need.” To compare the names of service recovery that are reasoned by literature review to those that are given by factor analysis show that the former names tend to be distinguished by recovery action, the latter ones are related to subjects who offer service. 5. The result of hypothesis testing a. Orphans who have service needs consider service failure more serious than those who don’t have service needs. b. Factors that affect expected service recovery Orphans consider service failure more crucial, they expect a higher degree of service recovery and more actions of service recovery. c. Factors that affect the secondary satisfaction The gaps between expected and practical service recovery have significant influences on the secondary satisfaction. The bigger the gaps are, the lower an orphan’s secondary satisfaction tends to be. The gaps have more influence than failure severity on the secondary satisfaction. Besides, the gaps also have more influence than the difference of failure attribution on the secondary satisfaction. d. Factors that affect orphans’ W-O-M behaviors The secondary satisfaction has a great influence on an orphan’s W-O-M behavior. The lower secondary satisfaction, the more negative the W-O-M behavior. The gaps between expected and practical service recovery are more influential than the differences in the failure of attribution on orphans’ W-O-M behaviors. e. Factors that affect orphans’ repurchase intentions The secondary satisfaction greatly influences on an orphan’s repurchase intentions. The lower the secondary satisfaction is the greater the decrease in repurchase intentions. The gaps between expected and practical service recovery are more influential than the difference of failure attribution on orphans’ repurchase intentions. 6. Effective strategies of service recovery for orphan policyholders In order to enhance secondary satisfaction for policyholders, life insurers have to devote themselves to service correction and improvement of the agents’ complaint-handling skills. Evidence shows that the factors of service correction and agents’ excellent complaint-handling skills have significant effects on the secondary satisfaction. Thus, the factors of service correction and agents’ excellent complaint-handling skills are the most effective strategies of service recovery for orphan policyholders.

Les contrats civils appliqués aux actions ont pour finalité le transfert, souvent provisoire, des différents droits politiques et financiers inhérents à ces titres : les droits politiques convoités sont le droit de vote et la qualité d’actionnaire afin de devenir administrateur, si les statuts l’imposent ; les droits financiers permettent quant à eux de transmettre l’entreprise et d’utiliser les actions comme garantie. Pour opérer ces transferts, les praticiens utilisent des contrats classiques, souvent issus du Code civil, mais aussi des contrats d’inspiration civiliste qui emploient des techniques civilistes, leur empruntent une partie de leurs régimes juridiques et poursuivent les mêmes finalités. Toutefois, ces contrats ne donnent pas entière satisfaction : les uns ont un régime juridique souple mais n’offrent pas une sécurité juridique suffisante ; les autres sont au contraire fiables mais affligés d’un régime juridique contraignant. Le législateur, en instituant la fiducie, pouvait remédier à ces inconvénients. Mais si la fiducie offre une grande sécurité juridique, c’est toujours au détriment de la liberté contractuelle. Une nouvelle réforme de la fiducie est donc indispensable. / Civilian contracts applied to shares are intended to transfer, often temporary, different political and financial rights inherent to these shares : the coveted political rights include the right to vote and the share holder to become a director, if the corporation charter so require ; the financial rights allow to enable them to transfer the business and use the shares as guarantee. In making such transfers,practitioners use standard contracts, often from the Civil Code, but also contracts inspired by civiliantechniques who employ techniques civilians, borrow some of their legal systems and pursue the same aims. However, these contracts are not entirely satisfactory : some have a flexible legal system but do not offer sufficient legal certainty, the others are reliable but afflicted by a binding legal regime. The legislator, in establishing the trust, could overcome these drawbacks. But if the trust provides greater legal certainty, it is always at the expense of the freedom of contract. A new reform of the trust isessential.

庫藏股制度於國外已經行之有年，特別是美國，早在1960年代即有庫藏股交易。我國上市上櫃股票可合法買回自己公司股票制度始於2000年所通過的上市上櫃公司買回本公司股份辦法，除了希望藉以提振東南亞金融危機中不振的股市表現，也賦予企業多一種能向投資人傳遞訊息的管道。本研究基於股票買回的各項假說，希望探究公司股票買回宣告的動機還有事件宣告後對於公司股價的影響效果，最後並檢視公司的宣告決策是否會受到前次購回宣告的表現所影響。 在假說驗證方面，以2000至2004年上市公司832家、上櫃公司236家曾經宣告買回自家股票的公司為研究樣本，輔以選出與買回樣本同時間的相同數量「未買回樣本」，透過1-way ANOVA測試與鑑別分析探討影響公司宣告股票買回的因素符合哪些假說的推論結果。此外，依據各項假說，進ㄧ步利用1-way ANOVA測試和複迴歸分析找出與公司事件宣告後股價異常報酬率之間的關係，接著以1-way ANOVA檢視最後一部份研究主題。經由上述的實證分析，本研究獲得以下主要結論： 1.公司買回自家的股票平均而言對於股價有正面的影響效果。 2.以上市公司而言，影響公司宣告股票買回的假說包括了：自由現金流量假說、個人所得稅節稅假說與財務槓桿假說。以上櫃公司而言則包括：自由現金流量假說、個人所得稅節稅假說與資訊信號假說。 3.以上市公司而言，股票買回宣告後，股價的正向異常報酬與：自由現金流量假說、管理者的誘因假說呈現相關關係。上櫃公司則包括：自由現金流量假說。 4.本次是否再度宣告股票買回會受前次買回的正向累積異常報酬率所影響。 / Stock price reactions on stock repurchase announcements among publicly traded corporations have been widely studied over 40 years in United States. Several hypothesizes were established and provide logical reasons for why corporations buy back their own stocks. References show large proportion of positive effect on post-announcement stock price after stock repurchase announcements from empirical researches. It is since 2000 that corporations are allowed to repurchase their own stocks legally in Taiwan. Although many efforts were put in surveying the post-announcement stock price reactions, few focused on examining how corporations’ repurchase decision would be influenced by different hypothesizes. Moreover, whether or not previous repurchase outcome may affect future repurchase judgments met contradict conclusion from recent studies. This research aims on exploring the two main topics which form 7 hypothesize. Data collecting from Taiwan Economic Journal (TEJ) database, Commercial Times and Economic Daily News contains publicly traded corporations had ever made stock repurchase announcement except financial and government institutions. The period of the study was from Aug. 6, 2000 to Jul. 31, 2004 and total number of announced corporations included was 832 listed on the Taiwan Security Exchange with 236 listed on the OTC separately. Hypothesis 1 to 6 were tested both from individual model using 1-way ANOVA Analysis and integrated model using Discriminate Analysis on Hypothesis 1 to 5, Event Study Analysis on Hypothesis 6. Hypothesis 7 was also verified with 1-way ANOVA Analysis. The empirical results show supports in several hypothesize which reflect corporations did concern free cash flow amount, leverage level, stock underpriced and dividend payout level issues when making repurchase announcement. The stock price after announcement has certain degree of moving correlation toward the same direction as free cash flow level and managerial stockholding level. Finally, previous repurchase outcome was found holding opposite relation with future repurchase judgments.