摘要
台灣庫藏股制度自民國89年8月7日開始實施以後，公司可以自公開市場買回自家公司股票，公司在進行盈餘分配時，除了股利以外，又多了一項選擇方式---股票購回。
本研究由理論模式推導中了解股票購回與股利政策變動都有傳遞公司價值資訊內涵的功能，也由文獻回顧中了解股票購回與股利政策變動之宣告效果受到相同的因素影響，因此，以股票購回與股利政策變動為研究對象，以民國88年至91年為研究期間，發展出兩個實證目的，其一為比較股票購回與股利增發宣告效果，其二為探討股票購回對股利變動宣告效果的影響。
選取條件相當的股票購回與現金股利增發樣本進行比較，研究結果發現，公司在進行股票購回宣告前股價有下跌的現象，在進行股票購回宣告後股價有上升的現象，而且此一上升現象可以維持一個月的時間。相反地，公司在進行現金股利增發宣告前股價有上升的現象，在進行現金股利增發宣告後股價有下跌的現象，而且此一下跌現象會持續四個月以上。因此，投資人對於公司的股票購回與股利增發宣告有反應不足的現象，而且，股票購回比現金股利增發更能創造股東財富。
在股票購回對股利政策變動宣告效果之影響方面，比較有無進行股票購回公司的股利變動宣告效果，以及公司在進行股票購回前後的股利變動宣告效果，研究結果發現，股票購回會增強公司股利增發的正面宣告效果，也會減弱公司股利減發的負面宣告效果，而且，股票購回對現金股利變動宣告效果的影響最為明顯。
因此，本研究認為股票購回宣告不僅對公司價值有正面影響，也對公司股利政策變動的宣告效果有正面影響。 / The Effect of Corporation Payout in Taiwan
Abstract
Taiwan’s corporations can buyback stock from open market as treasury stock beginning at 8/7,2000. Henceforward, in addition to dividend, stock repurchase became an alternative when corporation decide to payout. Stock repurchase and dividend both can signal the value of the firm. There are some factors that can affect both the result of stock repurchase and dividend announcement. This paper will study both stock repurchase and dividend in the period of 1999 to 2002 in Taiwan. There are two empirical purposes in this paper. One is to compare the announcement result of stock repurchase and dividend. The other is to explore the impact of stock repurchase on dividend announcement result.
This paper selects some samples of stock repurchase and cash dividend increased which has similar condition. There are some findings. Stock price will come down before firms announce stock repurchase. Stock price will bound up after firms announce stock repurchase and stock price will continue rise about one month. In contrary, stock price will rise before firms announce to increase cash dividend. Stock price will decay at least four months after firms announce to increase cash dividend. Therefore, investors underreact about the announcement of stock repurchase and cash dividend increased. In addition, it is stock repurchase that can create more wealth of stockholders.
This paper compare the announce result of the firms which has repurchased stock and the firms which has not repurchased stock, and compare the firms before and after stock repurchase. There are some findings. Stock repurchase will strengthen the positive result of dividend increased and reduce the negative impact of dividend of dividend decreased. In addition, the effect of stock repurchase on cash dividend announcement is larger than that on stock dividend.
Therefore, stock repurchase announcement not only has positive effect on the value of corporations, but also has positive effect on the announcement result of dividend.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0088355506 |
| Creators | 王錦瑩, Jin-Ying Wang |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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