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研究生:郭法雲
研究生(外文):Fa-Yun Guo
論文名稱:我國上市公司買回股票與無形資產關聯性之實證研究
指導教授:蔡柳卿蔡柳卿引用關係
指導教授(外文):Liu-Ching Tsai
學位類別:碩士
校院名稱:國立彰化師範大學
系所名稱:商業教育學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:68
中文關鍵詞:買回股票庫藏股無形資產
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由於我國甫於民國89年8月7日公告實施庫藏股制度,其背後涵意及影響等議題已廣泛受到實務界及學術界高度重視與熱烈討論;另外,無形資產在新經濟時代下的重要性日增,但是現行一般公認會計原則基於穩健原則及衡量困難等因素,大部分的無形資產均未能於財務報表上認列為會計資產,因而造成資訊不對稱,其所導致的經濟後果,目前巳引發會計實務界與學術界對財務資訊攸關性的激烈討論。基於以上議題,本研究從資訊不對稱的角度,來測試我國上市公司購回股票和無形資產的關聯性。首先,本研究的第一個目的是驗證上市公司的庫藏股購回決策-「買回與否」及「預定買回數量」,是否和無形資產成正向關係。其次,Barth and Kasznik(1999)指出庫藏股買回宣告時的股票報酬和無形資產成正相關,故本研究的第二個目的是針對國內環境,驗證具有較多無形資產的公司,其宣告買回庫藏股時的股票報酬是否較大。
本研究之實證結果分述如後。第一,公司有較多的無形資產,愈可能宣告自公開市場買回庫藏股;第二,公司無形資產愈多,管理者基於公司股價低估程度愈高,其預定買回數量會較高,第三,本研究檢視買回庫藏股的市場反應之橫斷面差異,結果發現宣告時股票報酬和無形資產成顯著正相關。本研究的證據表示庫藏股決策係公司藉以傳遞價值低估訊息的工具,同時,於宣告時市場反應和資訊不對稱程度有正向關係,顯示庫藏股制度對於價值低估程度較高的公司而言,的確存有修正股價的效果。
目錄
目錄 i
表次 ii
圖次 iii
第一章 緒論p1
第一節 研究背景與動機 p1
第二節 研究目的與研究問題 p3
第三節 研究貢獻 p3
第四節 論文架構 p4
第二章 法令規範與文獻探討p6
第一節 法令規範 p6
第二節 文獻探討 p15
第三章 假說發展p31
第四章 研究設計p33
第一節 本研究之觀念性架構 p33
第二節 資料來源與樣本選取 p34
第三節 實證模式、變數定義與統計檢定 p36
第五章 實證結果 p46
第一節 敘述統計分析 p46
第二節 各假說檢定結果 p49
第三節 敏感性分析 p54
第六章 結論、研究限制與建議p58
第一節 結論 p58
第二節 研究限制 p59
第三節 研究建議 p59
參考文獻 p61
參考文獻
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