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.
| Identifer | oai:union.ndltd.org:CHENGCHI/A2010000056 |
| Creators | 鄭桂蕙, Cheng, Kuei Hui |
| 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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