Made available in DSpace on 2016-04-26T20:23:51Z (GMT). No. of bitstreams: 1 Bruna Capelari.pdf: 1708370 bytes, checksum: 411091ff7c544a49a443c2e76b17ba0a (MD5) Previous issue date: 2015-09-16 / This work aims the analysis of eventual political influence exercised in the deliberations of constitutional Courts in common and civil law systems due to the form of investiture of its members and especially the majority share of political bodies in this procedure which is assigned the function of raising to power the members who compose it, justifying such research due to the own e. Supremo Tribunal Federal - STF , the highest Court of the Brazilian Judiciary, be the subject of reflections on the theme, especially given the form of investiture of its members, in addition to treating the subject of relevant theme from an academic point of view. For the development of work towards your outcome readings were performed, research and reflections on the relevant legal provisions inserted in the Brazilian Federal Constitution and the Fundamental Laws of sovereign States here invoked and linked to the common and civil law systems, having being also performed research in the national and foreign doctrine in order to enrich the work and give a personal touch to each of the analyzed States by evocation of scholars that they are linked by bonds of nationality / O presente trabalho tem por objetivo a análise de eventual influência política exercida em as deliberações das Cortes constitucionais em sistemas do common e civil law decorrente da forma de investidura de seus membros e, principalmente, da participação majoritária de órgãos políticos em tal procedimento aos quais é atribuída a função de alçar ao poder os membros que as integram, justificando-se a referida investigação em razão de o próprio Supremo Tribunal Federal STF, a mais alta Corte do Judiciário brasileiro, estar sendo alvo de reflexões em torno do tema especialmente em razão da forma de investidura de seus membros, além de tratar-se de tema relevante do ponto de vista acadêmico. Para o desenvolvimento do trabalho em direção ao seu desfecho, foram realizadas leituras, pesquisas e reflexões em torno das pertinentes disposições normativas inseridas em a Constituição Federal brasileira e em as Leis Fundamentais dos soberanos Estados aqui invocados e vinculados aos sistemas do common e civil law, tendo sido também realizadas pesquisas em a doutrina nacional e estrangeira, a fim de enriquecer o trabalho e dar um toque pessoal a cada um dos analisados Estados mediante evocação de doutrinadores que se lhes encontram ligados por vínculos de nacionalidade

Le rôle des salariés dans le fonctionnement des entreprises trouve appui sur l’alinéa 8du Préambule de la Constitution de 1946 : « tout travailleur participe, par l’intermédiaire de ses délégués, à la détermination collective des conditions de travail ainsi qu’à la gestion des entreprises. ». La participation des salariés a pourtant été lente à s’imposer. La crise économique a révélé l’importance de leur association aux décisions sociétales. Les politiques publiques ont tenté de rééquilibrer les forces en présence afin de circonscrire les effets du capitalisme. Des lois successives ont accru les pouvoirs des salariés et des institutions représentatives du personnel dans l’entreprise pour en faire de véritables acteurs dans la gestion de celle-ci. Le paysage législatif révèle la volonté du législateur de faire de l’entreprise une démocratie dans laquelle toutes les parties doivent s’exprimer. Toutefois, que le salarié soit traité comme un associé ou un administrateur, salariés et entrepreneurs demeurent distincts. / The role of the employees in the management of the companies is based on paragraph 8 ofthe preamble of the Constitution of 1946 : « Every employee participates, through one of its delegates, to the collective determination of the working conditions as well as the company management. » The implementation of the employees’ participation has however been slow. The economic crisis has revealed the importance of the employees’ association in corporate decisions. Public politics have tried to rebalance current forces in order to circumscribe the effects of the capitalism. Successive laws have increased the powers of employees and of the representative institutions of the personnel in the company so that they could become real actors in the management of the company. The legislative landscape reveals the intention of the legislator to design the company as a democracy in which all the parties shall express themselves. However, regardless of whether the employee is a shareholder or an administrator, employees and entrepreneurs remain distinct.

Online learning algorithms have several key advantages compared to their batch learning algorithm counterparts: they are generally more memory efficient, and computationally mor efficient; they are simpler to implement; and they are able to adapt to changes where the learning model is time varying. Online algorithms because of their simplicity are very appealing to practitioners. his thesis investigates several online learning algorithms and their application. The thesis has an underlying theme of the idea of combining several simple algorithms to give better performance. In this thesis we investigate: combining weights, combining hypothesis, and (sort of) hierarchical combining.¶ Firstly, we propose a new online variant of the Bayes point machine (BPM), called the online Bayes point machine (OBPM). We study the theoretical and empirical performance of the OBPm algorithm. We show that the empirical performance of the OBPM algorithm is comparable with other large margin classifier methods such as the approximately large margin algorithm (ALMA) and methods which maximise the margin explicitly, like the support vector machine (SVM). The OBPM algorithm when used with a parallel architecture offers potential computational savings compared to ALMA. We compare the test error performance of the OBPM algorithm with other online algorithms: the Perceptron, the voted-Perceptron, and Bagging. We demonstrate that the combinationof the voted-Perceptron algorithm and the OBPM algorithm, called voted-OBPM algorithm has better test error performance than the voted-Perceptron and Bagging algorithms. We investigate the use of various online voting methods against the problem of ranking, and the problem of collaborative filtering of instances. We look at the application of online Bagging and OBPM algorithms to the telecommunications problem of channel equalization. We show that both online methods were successful at reducing the effect on the test error of label flipping and additive noise.¶ Secondly, we introduce a new mixture of experts algorithm, the fixed-share hierarchy (FSH) algorithm. The FSH algorithm is able to track the mixture of experts when the switching rate between the best experts may not be constant. We study the theoretical aspects of the FSH and the practical application of it to adaptive equalization. Using simulations we show that the FSH algorithm is able to track the best expert, or mixture of experts, in both the case where the switching rate is constant and the case where the switching rate is time varying.

由於人口轉型的影響，導致從高出生率、高死亡率，變成高出生率、低死亡率，進而變至低出生率、低死亡率的結果，預計世界各國將都面臨人口老化的危機，老年人在比例以及數量上都較以往增加，造成傳統日額型或定額型給付無法滿足長期看護的需求，加上社會大眾對於保險的需求與認知的加強，較複雜的保險商品孕育而生。 由於保險商品的多樣化，傳統的精算方法面對考驗，為同時考量利率的波動風險，本研究以隨機過程中的馬可夫鏈理論應用於保險商品的定價、盈餘計算及利潤分析。主要討論下列研究議題：長期看護保單之需求及現況; 不同類型的長期看護保單之計價分析; 利用Visual Basic程式設計長期看護評價系統。 由於長期看護保險的開發不長，因此在相關的統計數據不足。本研究對於長期看護保險看護發生的移轉力，皆參考國外失能保險的經驗加以修正以計算費率，採用隨機過程中馬可夫鏈的觀念，依據被保險人的健康狀態，並根據不同的狀態給予不同比例的看護年金金額，於不同的保險契約型態下探討四種類型的長期看護保險。 第一章 緒論………………………………………………...1 第一節 研究動機與研究目的…………………………………………………1 第二節 研究方法………………………………………………………………3 第三節 研究架構及研究內容…………………………………………………4 第二章 長期看護的需求與供給…………………………...7 第一節 人口學上的發展………………………………………………………7 第二節 醫療及公共衛生改善等因素的影響………………………………..16 第三節 社會學因素的影響…………………………………………………..19 第四節 各國長期看護保險概況……………………………………………..25 第三章 長期看護保險保單……………………………….32 第一節 看護需求的衡量----日常活動量表的探討………………………….32 第二節 長期看護保險的保單條款…………………………………………..43 第三節 各國長期看護保險的保障內容比較………………………………..47 第四章 長期看護保險的精算分析……………………….55 第一節 多階段保險型態的簡介……………………………………………..56 第二節 多階段模型的精算函數……………………………………………..66 第三節 資產額份……………………………………………………………..76 第四節 資產額份的精算分析………………………………………………..78 第五章 模擬分析…………………………………………89 第一節 長期看護綜合系統…………………………………………………..89 第二節 長期看護保險保費計算之模擬……………………………………..90 第三節 長期看護保險資產額份之模擬……………………………………106 第六章 結論與建議……………………………………...114 第一節 結論…………………………………………………………………114 第二節 建議…………………………………………………………………115 參考文獻………………………………………………….117 表目錄 表2-1-1 OECD 會員國人口統計概況表………………………………………… 表2-1-2 65歲以上人口占率與人口高齡化速度的國際比較.……………… 10 表2-1-3 臺灣地區1950年至2035年人口自然成長、三階段人口數及依賴 比……………………………………………………………………… 11 表2-1-4 各國依賴人口比例之比較…………………………………………… 16 表2-2-1 民國55年至85年十大死因死亡率………………………………… 17 表2-2-2 臺灣地區老年人口之患病情形……………………………………… 18 表2-3-1 民國六十五年至八十五年臺灣地區戶數及戶量的變化…………… 20 表2-3-2 民國六十五年至八十五年臺灣地區育齡婦女生育的子女數及胎次 別……………………………………………………………………… 21 表2-3-3 臺灣地區民國六十五年至八十五年總生育率之變化按妻之教育程 度分及大專與國中程度總生育率之比……………………………… 22 表2-3-4 臺灣地區民國五十五年至八十五年15歲以上人口與勞動力人數及 參與率按性別區分…………………………………………………… 23 表3-1-1 機能損失指標內容之比較…………………………………………… 34 表3-1-2 機能損失指標品質之比較…………………………………………… 34 表5-2-1 長期看護年金主約----不同的投保年齡之給付現值與不同的繳費 方式之應繳保費……………………………………………………… 97 表5-2-2 長期看護加強型年金----不同投保年齡之躉繳保費……………… 99 表5-2-3 長期看護年金附約----不同的投保年齡之給付現值與不同的繳費 方式之應繳保費…………………………………………………… 102 表5-2-4 長期看護加強型退休金----不同的投保年齡之給付現值與不同的 繳費方式之應繳保費……………………………………………… 105 表5-3-1 二十年期長期看護加強型年金各保單年度狀態之間移轉機率表 ……………………………………………………………………….. 107 表5-3-2 二十年期長期看護加強型年金各保單年度各狀態的預估人數表 ……………………………………………………………………….. 108 表5-3-3 二十年期長期看護加強型年金資產額份分析表………………….. 111 圖目錄 圖1-3-1 研究架構及研究流程………………...……………………………..5 圖2-1-1 臺灣地區民國40年至125年人口變動率(中推計)………………12 圖2-1-2 臺灣地區民國40年至125年四種人口依賴比(中推計)…………13 圖2-1-3 臺灣地區民國40年至125年的三種人口老化指標 …………… 14 圖4-1-1 存活模型………………………………………………..………….57 圖4-1-2 疾病—死亡或失能模型……………………………..…………….58 圖4-1-3 連生年金模型………………………..…………………………….60 圖4-1-4 CCRC模型個別住戶狀態移轉狀態圖…………………..……….62 圖4-1-5 三個看護等級之長期看護保險個人狀態移轉圖………………...63 圖4-1-6 AIDS發病過程之狀態移轉圖………….………………………...65 圖5-2-1 三個看護等級之長期看護保險狀態及給付比例圖….………….91 圖5-2-2 二階段長期看護年金給付狀態圖……………….……………….97 圖5-2-3 三階段長期看護年金附約給付狀態圖……………….………...100 圖5-2-4 二階段長期看護加強型退休金給付狀態圖…………….………103 圖5-2-5 長期看護加強型退休金給付情況圖…………………….…...….104 / The goal of this study is to investigate the pricing and valuation for the long-term care insurance policies. Three major stages in achieving our objectives are summa-rized as follows: 1. Review the trend of the long-term care insurance and recognize its development. 2. Apply the Markov chain framework and the asset shares methodology to multi-states insurance policies. 3. Construct a comprehensive valuation computer system for profit monitoring pur-pose. Different health statuses of the policyholders are characterized using a Markov chain framework over the contract period. Benefit payments are provided to the in-sured according to his health condition once he is eligible for compensation. Premi-ums for four types of long-term care policies are examined according to the given ac-tuarial assumptions. Since the long-term care policies are still under development, the corresponding experience is not completely known. Hence the experience of the Danish company’s disability insurance are employed in computing the force of transitions. The forces of transitions are then used to estimate the transition probabilities. Finally premiums and reserves can be calculated based on the specified policy. Profit monitoring is also performed through asset share methodology. A numerical illustration provides some interesting results obtained by using this approach.

民國89年6月我國立法院通過公司買回本公司股份法案，庫藏股制度正式實施，本論文之主要目的在利用市場資料，探析我國上市（櫃）公司買回庫藏股之市場反應及其資訊內涵。本研究以民國89年8月至90年2月間公告買回庫藏股之公司，及依同產業及相似買回比率配對之公司組成研究樣本，首先採事件研究法探討庫藏股法令制定與修正之相關事件日市場反應，以及宣告買回庫藏股之市場反應及其影響因素，並以關聯性研究法實證宣告買回庫藏股市場反應之資訊內涵及買回目的之影響因素。 　　在市場反應議題之主要研究發現為：（1）在庫藏股立法初期、降低操作困難度及解除指撥特別盈餘公積規定等有助於庫藏股制度之推行:投資人有正面顯著之回應；（2）宣告買回樣本之股票累積異常報酬顯著高於未宣告買回之樣本；（3）維護股東權益買回目的者之股票累積異常報酬顯著高於轉讓與員工為目的者；（4）宣告買回比率愈多市場反應愈佳；及 （5）價格回升之公司其實際執行率較低。 　　在資訊內涵議題之主要實證結果顯示，我國宣告買回庫藏股之資訊本質顯著支持企業價值低估假說，公司價值被低估程度愈高，宣告買回庫藏股之市場反應愈大。至於自由現金流量假說、資本結構調整假說及剝奪債權人假說則無法解釋我國宣告買回庫藏股之資訊內涵。在買回庫藏股目的之實證結果顯示，高淨值市價比之公司偏向以維護股東權益為買回目的，而研發活動愈密集之公司傾向以轉讓與員工為買回目的。 / The enactment of Article 28-2 of the Securities and Exchange Act on June 30, 2000 allows firms listed in Taiwan Stock Exchange (TSE) and Over-The-Counter (OTC) to repurchase their owner shares under certain conditions. Based on the use of a control sample design and firms listed in TSE and OTC over the period of August 2000 to February 2001, this research examines the market reaction to various events including: (1) the enactment of the law and amendment of regulations with regard to share buyback, (2) the announcement of repurchase ratio and purpose, and (3) the disclosure of actual buyback ratio. In addition, this study tests hypotheses underlying market reaction around the announcement of share repurchases in the open market. 　　The empirical findings indicate that (1) market reacts favorably to establishment of stock repurchases system, (2) cumulative abnormal return (CAR) for the share buyback announcement sample is found to be greater than that for the control sample, (3) CAR for firms aimed at retaining the interests of equity shareholders as buyback purpose is found to be higher than that for transfer to employees as purpose, (4) the higher the announced buyback ratio, the greater the market reaction, and (5) the actual buyback ratio is less for firms with stock price recovery. 　　This study also finds undervaluation hypothesis explains the market reaction on the announcement date. With respect to the disclosure of share buyback purposes, the analysis indicates that firms with higher book-to-market ratio are more likely to announce protecting shareholders equity as the buyback purpose, whilst firms with higher demand for research & development activities are prone to announce transfer shares to their employees as the buyback purpose.

Denna uppsats är skriven inom området finansiering och behandlar fenomenet uppköp och företagsförvärv inom läkemedelsbranschen. I uppsatsen undersöker man läkemedelsbranschen och några nyckelaffärer utförda under de senaste fem åren. Syftet är att se om hypotesen om att det inte sker någon onormal överavkastning efter ett företagsförvärv eller sammanslagning till det köpande företaget gäller inom industrin. Modellen som används är ”the Arbitrage Pricing Model”, innehållande variablerna S&P 500, ^DRG, USA’s inflation och volymen av omsatta aktier på New York-börsen. Denna används för att beräkna en förväntad avkastning på aktien 48 månader efter affären. Ytterligare så används AMEX läkemedelsindex (^DRG) och Standard & Poor’s 500 (S&P 500) som måttstock för att jämföra utvecklingen av aktien under 48 månader efter affären. Hypotesen håller i tre av sex fall när indexen ^DRG och S&P 500 används som måttstock och i samtliga fall när den beräknade avkastningen används som måttstock. De beräknade estimaten visade sig vara aningen för optimistiska givet tidpunkten för affären. Marknaden hade vuxit mycket starkt under en lång tid och var på toppen just innan den föll kraftigt i början av år 2000. Inget av företagen nådde upp till de beräknade värdena. Inte heller lyckades de återhämta sig från det kraftiga fallet I marknaden till deras ursprungliga aktievärden. / This thesis is written within the field of finance and covers the Merger & Acquisition (M&A) phenomenon within the pharmaceutical industry. The purpose with this thesis is to examine the pharmaceutical industry and, with some key acquisitions done over the last five years, see if our hypothesis about no abnormal returns after an M&A to the buying firm, holds within the industry. The model used is the Arbitrage pricing model, incorporating the variables; S&P 500, ^DRG, US inflation and stock volume traded on NYSE, to calculate expected returns for a period of 48 months after the M&A’s. Furthermore we use AMEX pharmaceutical index (^DRG) and Standard & Poor 500 (S&P 500) as our base for measuring post-M&A performance 48 months after the M&A’s. The hypothesis holds three out of six times when using the indices ^DRG and S&P 500 as a benchmark and all of the times when using the calculated expected returns as benchmark. The calculated estimates turned out to be a bit too optimistic given the time of the M&A’s where the market had grown substantially over a long period and was at its peak just before it plummeted in the early 2000’s. Neither of the companies reached their estimated returns, nor did they manage to recover from the downfall to their initial stock value at the time of the merger.

We investigate the activity and performance of 64 Swedish registered mutual equity funds available in the Swedish Premium Pension System from October 2002 to December 2011. Fund activity is measured by applying the holdings based analysis Active Share combined with Tracking Error Volatility (TEV). Active Share is a relatively new measure that compares a fund’s holdings with its benchmark index constituents (Cremers & Petajisto, 2009; Petajisto, 2013). This is used as a proxy for the fund’s stock selection strategy. As a complement, TEV is used as a proxy for the factor timing strategy. Performance are measured by using Jensen’s (1968) model, Fama and French’s (1993) model and Carhart’s (1997) model. We document that Swedish funds in the Premium Pension System are relatively passive in term of Active Share compared to US funds. We attribute this finding to the relative number of stocks held by a fund compared to the market. Swedish equity funds hold a relatively larger share of the number of stocks in the Swedish market while US funds hold a relatively smaller share of the stocks in the US market. We run a panel regression analysis to test the relation between Active Share and various variables. We find that funds with higher TER fees and fewer stocks on average have higher Active Share. There are also indications that TEV is positively related to Active Share. However, the overall explanatory power of the variables is low. We attribute this as evidence that Active Share is an independent measure of fund activity. Overall, we find neutral performance for an equally weighted portfolio of all funds in the PPS. To examine the performance differences between different levels of activity, we sort funds into five portfolios based on Active Share and TEV. The results show that, given a medium-to-low TEV, funds with high Active Share significantly outperform funds with low Active Share. Furthermore, it appears that the fee rebate in the Premium Pension System is important especially for the passive funds. Without the rebate, the passive funds underperform significantly. We run a panel regression analysis on the future fund performance to test the predictive abilities of Active Share and TEV. The results indicate that Active Share does not explain future performance differences. Conversely, TEV is negatively related to future performance which can be explained by fund managers being overconfident

La tesi ha ad oggetto l’analisi delle fattispecie statutarie di riscatto azionario nella s.p.a. dopo la riforma del 2003. Quest’ultima ha anzitutto introdotto una disciplina destinata genericamente a tutte le ipotesi statutarie in cui si preveda un potere di riscatto a vantaggio della società o di soci (art. 2437-sexies c.c.). L’esegesi di tale disciplina e l’indagine sui possibili utilizzi, in chiave funzionale, delle azioni riscattabili costituiscono il primo obiettivo del lavoro. Per quanto attiene al c.d. riscatto obbligatorio di azioni si è invece assistito alla sola emersione di alcune specifiche ipotesi legali (ad es., art. 2355-bis, comma 2°, c.c.). Si dimostra, tuttavia, che non sussistono ragioni per negare, in linea generale, la possibilità per l’autonomia privata di avvalersi di tale meccanismo di riscatto in ipotesi diverse da quelle espressamente tipizzate. La ricostruzione della disciplina delle fattispecie statutarie atipiche di riscatto obbligatorio e la loro valorizzazione quali peculiari strumenti di disinvestimento dalla società - con caratteristiche non del tutto sovrapponibili al recesso convenzionale - costituiscono il secondo indirizzo d’analisi seguito nello sviluppo della tesi. Nell’affrontare i vari profili trattati, si tiene in attenta considerazione la disciplina comunitaria in tema di riscatto azionario, nonché il dato comparatistico. / The scrutiny of the rules concerning the redemption of shares in the Italian public companies (s.p.a.) after the statutory reform of 2003 is the main focus of the thesis. On the one hand , the reform has introduced a general discipline concerning the provisions of the bylaws that provide a call for redemption of issued shares (art. 2437-sexies c.c.). Under this general aspect the first goal of the work is to analyze both the new general discipline concerning the callable redeemable shares and their functional use. On the other hand, the reform has ruled only a few typical hypothesis of the so called mandatory redemption (for example, art. 2355, par. 2 , c.c.). However, the work points out that there is no reason why to deny private autonomy to use this second form of redemption in cases other than those explicitly ruled. So, the second objective of the thesis is to reconstruct the discipline of the otherwise agreements concerning the matter of the mandatory redemption provisions. The thesis points out that the puttable redeemable shares represent a tool for divestment from public companies with autonomous characteristics in respect to the withdrawal from corporation clauses. To address the various issues considered, are taken into careful consideration both the EU rules concerning share redemption, and the comparative law perspective .

<p>Denna uppsats är skriven inom området finansiering och behandlar fenomenet uppköp och företagsförvärv inom läkemedelsbranschen. I uppsatsen undersöker man läkemedelsbranschen och några nyckelaffärer utförda under de senaste fem åren. Syftet är att se om hypotesen om att det inte sker någon onormal överavkastning efter ett företagsförvärv eller sammanslagning till det köpande företaget gäller inom industrin.</p><p>Modellen som används är ”the Arbitrage Pricing Model”, innehållande variablerna S&P 500, ^DRG, USA’s inflation och volymen av omsatta aktier på New York-börsen. Denna används för att beräkna en förväntad avkastning på aktien 48 månader efter affären. Ytterligare så används AMEX läkemedelsindex (^DRG) och Standard & Poor’s 500 (S&P 500) som måttstock för att jämföra utvecklingen av aktien under 48 månader efter affären.</p><p>Hypotesen håller i tre av sex fall när indexen ^DRG och S&P 500 används som måttstock och i samtliga fall när den beräknade avkastningen används som måttstock.</p><p>De beräknade estimaten visade sig vara aningen för optimistiska givet tidpunkten för affären. Marknaden hade vuxit mycket starkt under en lång tid och var på toppen just innan den föll kraftigt i början av år 2000. Inget av företagen nådde upp till de beräknade värdena. Inte heller lyckades de återhämta sig från det kraftiga fallet I marknaden till deras ursprungliga aktievärden.</p> / <p>This thesis is written within the field of finance and covers the Merger & Acquisition (M&A) phenomenon within the pharmaceutical industry. The purpose with this thesis is to examine the pharmaceutical industry and, with some key acquisitions done over the last five years, see if our hypothesis about no abnormal returns after an M&A to the buying firm, holds within the industry.</p><p>The model used is the Arbitrage pricing model, incorporating the variables; S&P 500, ^DRG, US inflation and stock volume traded on NYSE, to calculate expected returns for a period of 48 months after the M&A’s. Furthermore we use AMEX pharmaceutical index (^DRG) and Standard & Poor 500 (S&P 500) as our base for measuring post-M&A performance 48 months after the M&A’s.</p><p>The hypothesis holds three out of six times when using the indices ^DRG and S&P 500 as a benchmark and all of the times when using the calculated expected returns as benchmark.</p><p>The calculated estimates turned out to be a bit too optimistic given the time of the M&A’s where the market had grown substantially over a long period and was at its peak just before it plummeted in the early 2000’s. Neither of the companies reached their estimated returns, nor did they manage to recover from the downfall to their initial stock value at the time of the merger.</p>

我國庫藏股制度於民國八十九年開始實施，當上市櫃公司宣告買回庫藏股後，造成了公司資產的重分配，其股東、債權人等利害關係人會以預期心理來評估自身權益所受到的影響，並將其反應在所要求的必要報酬率上，因此公司對股東所負擔的權益資金成本及對債權人所負擔的負債資金成本都將產生變動。 當公司宣告買回庫藏股後，實證結果顯示：(1)其負債資金成本將上升，而權益資金成本將會下降。(2)預定買回股份佔資本比愈大時，其負債資金成本增加愈多。(3)買回前獲利能力之不同，並未發現其會對宣告買回公司之負債資金成本有顯著影響。(4)依目的三買回將使該公司負債資金成本增加數小於依目的一或目的二買回之負債資金成本增加數、並使權益資金成本減少數大於依目的一或目的二買回之權益資金成本減少數。(5)公司內部人持股比率於宣告前一年淨增加愈多則權益資金成本降低程度愈大。(6)資訊愈對稱的公司其權益資金成本下降的程度愈少。 / Share repurchase system was formally implemented in Taiwan in 2000 , when the TSEC & OTC listed companies announce that they will repurchase shares , it changes the composition of assets held by the firm , revising the ownership proportions of each of their shareholders and interests of each of their creditors. Thus, their cost of equity capital and debt capital may change . When companies announce to repurchase shares , results show that : (1)their cost of debt capital will increase and their cost of equity capital will decrease. (2)the more percentage of shares companies expect to repurchase , the more their cost of debt capital increase. (3)the different profitability before announcement has no significant effect to companies’ cost of debt capital. (4)repurchase in order to conserve companies’ credibility and shareholders’ equity will increase less cost of debt capital and decrease more cost of equity capital than that in order to reach other two purposes .(5) the more increase of percentage of shares companies’ insiders’ hold before announce, the more their cost of equity capital decrease. (6) the more symmetrical information companies obtain , the less their cost of equity capital decrease.