碩士 / 國立交通大學 / 管理學院碩士在職專班管理科學組 / 99 / In 2008, Financial Tsunami has attacked the whole world, this financial crisis derived from the issue of subprime mortgage in U.S. which has caused crush of global major asset value, continuous setback in real estate market, bond and stock markets, and subsequently resulted in critical economic recession in Taiwan, as well as TSEC Weighted Stock Index has substantially dropped. In August 2000, Securities and Futures Commission, Ministry of Finance, has promulgated the “Guidelines for Repurchasing Back Company Shares by TSEC-Listed and OTC-Listed Companies”, and it has become the legal basis of implementing the treasury stock system in Taiwan. Therefore, during the attack of Financial Tsunami on the stock market, numerous Taiwan’s TSEC-listed companies have announced to repurchase back their treasury stock to attempt to halt the inferiority of continuous falling for their company stock. With aiming at the benefit of repurchasing back the treasury stock by those TSEC-listed companies in Taiwan during the period of Financial Tsunami, this study is adopted the Event Study Method and Mean Difference Test to carry out the analysis, as well as to explore the influence on company stock after announced the signal of treasury stock, and the impact on company’s Price/Book Ratio (PBR) while they announced to repurchase back their treasury stock. After analyzed the empirical result, it only possessed temporary announcement benefit of repurchasing back the treasury stock by those TSEC-listed companies in Taiwan during the period of Financial Tsunami; in addition, significant announcement result of repurchasing back the treasury stock for those companies with low PBR; however, repurchased treasury stock didn’t have positive benefit for company’s PBR, and yet after companies with low PBR announced their repurchase, the fluctuation range in those companies’ PBR will be smaller than companies with high PBR.
| Identifer | oai:union.ndltd.org:TW/099NCTU5457008 |
| Date | January 2010 |
| Creators | Liu, Kai-Ming, 劉凱民 |
| Contributors | Wang, Sue-Fung, Pao, Hsiao-Tien, 王淑芬, 包曉天 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 45 |
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