跳到主要內容

臺灣博碩士論文加值系統

(44.211.24.175) 您好!臺灣時間:2024/11/13 05:54
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:林揚鈞
研究生(外文):Yang-chun Lin
論文名稱:我國上市公司庫藏股宣告對同業股價影響之實證研究
論文名稱(外文):Intra-industry Effect of the Stock Repurchase Announcement on the Taiwanese Listed Companies
指導教授:鎮明常鎮明常引用關係
學位類別:碩士
校院名稱:國立中正大學
系所名稱:企業管理所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2005
畢業學年度:93
語文別:中文
論文頁數:94
中文關鍵詞:庫藏股訊號效果產業效果
外文關鍵詞:Stock RepurchaseSignaling EffectIntra-industry Effect
相關次數:
  • 被引用被引用:4
  • 點閱點閱:332
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
本研究從以價值低估假說為基礎的觀點出發,採取事件研究法,針對買回目的三「為維護公司信用及股東權益所必要而買回,並辦理銷除股份者」而宣告股票購回之上市公司及其同業競爭對手的股價反應進行研究,以驗證股票購回宣告之訊號效果及產業效果,之後進一步比較不同買回目的及買回次數是否造成不同的影響結果,最後透過迴歸分析,探討影響產業效果的重要因素。實證結果發現:一、買回目的三、買回目的一及第二次買回之股票購回宣告,均對宣告公司自身股價產生顯著的訊號效果,即自身股價出現顯著的正向異常報酬率。二、買回目的三、買回目的一及第二次買回之股票購回宣告,均對同業競爭對手股價產生顯著的競爭效果,即同業競爭對手股價出現顯著的負向異常報酬率。三、迴歸分析中,「宣告傳達之訊息」愈多,則蔓延效果愈明顯,「同業競爭對手之資訊不對稱程度」愈大,則競爭效果愈明顯。其餘變數「宣告公司所屬產業之競爭程度」、「宣告公司與同業競爭對手之相對規模」、「宣告公司與同業競爭對手之現金流量及投資機會相似度」、「同業競爭對手之價值低估程度」與「同業競爭對手之財務槓桿」,此五項變數之迴歸係數均不顯著異於零,因此與產業效果之關係沒有獲得證實。
This research tested and verified the signaling effect and the intra-industry effect of the stock repurchase announcements of the purpose three on the listed companies and their rivals by event study from the basis point of the undervaluation hypothesis and then compare the results different from the previous studies by another purposes or times. Finally, this research probed into several factors of the intra-industry effect by regression. The empirical study found:(1)、All stock repurchase announcements of the purpose three, the purpose one and the second times resulted in the same signaling effect. (2)、All stock repurchase announcements of the purpose three, the purpose one and the second times resulted in the same competitive effect. (3)、Among several factors, the more “the signals of the stock repurchase announcement ”, the more evident the contagion effect, and the more “the asymmetric signals on rivals”, the more evident the competitive effect and the rest factors “the industrial competition of the announcing company”、“the relative scales of the announcing company and its rivals”、“the similarity on cash flows and investment opportunities of the announcing company and its rivals”、“the undervaluation of the announcing company’s rivals” and “the financial leverage of the announcing company’s rivals” were not evident.
第一章 緒論
第一節 研究背景與動機
第二節 研究目的
第三節 研究架構與流程
第二章 文獻回顧
第一節 股票購回動機與訊號效果
第二節 產業效果
第三節 綜合討論與研究啟示
第三章 研究設計
第一節 研究假說
第二節 樣本選擇與資料來源
第三節 實證研究方法與變數操作性定義
第四章 實證結果分析
第一節 樣本資料與特性
第二節 股票購回宣告對宣告公司股價之影響
第三節 股票購回宣告對同業競爭對手股價之影響
第四節 產業效果之迴歸分析
第五章 結論與建議
第一節 研究結論
第二節 研究特色與貢獻
第三節 後續研究建議
參考文獻
一、中文部分
沈中華與李建然(2000),事件研究法:財務與會計實證研究必備,第一版,台北:華泰。
劉羽芳(2003),「我國企業實施庫藏股買回對股價影響之實證研究」,國立中正大學企業管理研究所未出版碩士論文。
黃冠仁(2003),「我國上市公司股票購回宣告與同業股價關聯性之研究」,國立中山大學財務管理研究所未出版碩士論文。
翁鶯娟(2002),「併購宣告對產業內競爭對手公司股價影響之研究-以台灣上市公司為例」,國立成奶j學國際企業管理研究所未出版碩士論文。
游貞旋(2002),「庫藏股宣告對同業股價影響之實證研究」,國立成奶j學國際企業管理研究所未出版碩士論文。
駱姿蓓(2001),「我國庫藏股制度與股價之實證研究-以上市公司為例」,國立中正大學企業管理研究所未出版碩士論文。
二、英文部分
Akhigbe, A. & J. Madura (1999), “Intra-Industry Signals Embedded in Bank Acquisition Announcements.”, Journal of Banking & Finance, Vol.23, 1999, pp.1637-1654.
Akhigbe, A. & J. Madura (2001), “Intra-Industry Signals Resulting From Insurance Company Mergers.”, The Journalof Risk and Insurance, Vol.68, No.3, 2001, pp.489-506.
Akhigbe, A. & A.D. Martin (2000), “Information-Signaling and Competitive Effects of Foreign Acquisitions.”, Journal of Banking & Finance, Vol.24, 2000, pp.1307-1321.
Baker, H.K., G.E. Powell, & E.T. Veit (2003), “Why Company Use Open-Market Repurchase: A Managerial Perspective.”, The Quarterly Review of Economics and Finance, Vol.43, 2003, pp.483-504.
Bhagat, S. & P.A. Frost (1986), “Issuing Costs to Existing Shareholders in Competitive and Negotiated Underwritten Public Utility Equity Offerings.”, Journal of Financial Economics, Vol.15, 1986, pp.233-259.
Boehmer, E., J. Musumeci, & A.B. Poulsen (1991), “Event-Study Methodology Under Conditions of Event-Induced Variance.”, Journal of Financial Economics, Vol.30, Dec.1991, pp.253-272.
Brown, S.J. & J.B. Warner (1980), “Measuring Security Price Performance.”, Journal of Financial Economics, Vol.8, Sep. 1980, pp.205-258.
Caton, G.L., J. Goh, & N. Kohers (2003), “Dividend Omissions and Intra-industry Information Transfers.”, The Journal of Financial Research, Vol.26, No.1, Spring 2003, pp.51-64.
Comment, R. & G.A. Jarrell (1991), “The Relative Signalling Power of Dutch-action and Fixed-price Self-tender Offers and Open Market Share Repurchase.”, The Journal of Finance, Vol.46, No.4, pp.1243-1271.
Dann, L.Y., (1981) , “Common Stock Repurchases: An Analysis of Returns to Bondholders and Stockholders.”, Journal of Financial Economics, Vol.9, No.4, Jun. 1981, pp.113-138.
Dittmar, A.K. (2000), “Why Do Firms Repurchase Stock?”, Journal of Business, Vol.73, No.3, 2000, pp.331-355.
D’Mello, R. & P.K. Shroff (1998), “Equity Undervaluation and Decisions Related to Repurchase Tender Offers: An Empirical Investigation.”, The Journal of Finance, Vol.55, No.5, Oct.2000, pp.2399-2424.
Erwin, G.R. & J.M. Miller (1998), “The Intra-Industry Effects of Open Market Share Repurchases: Contagion or Competitive?”, The Journal of Financial Research, Vol.21, No.4, Winter 1998, pp.389-406.
Fama, E.F. & K.R. French (1992), “The Cross-Section of Expected Stock Returns.”, The Journal of Finance, Vol.47, No.2, Jun.1992, pp.427-465.
Ferris, S.P., N. Jayaraman, & A.K. Makhija (1997), “The Response of Competitors to Announcements of Bankruptcy: An Empirical Examination of Contagion and Competitive Effects.”, Journal of Corporate Finance, Vol.3, 1997, pp.367-395.
Firth, M. (1996), “Dividend Changes, Abnormal Returns, and Intra-Industry Firm Valuations.”, Journal of financial and Quantitative Analysis , Vol.31, No.2, Jun.1996, pp.189-221.
Hertzel, M.G. (1991), “The Effects of Stock Repurchases on Rival Firms.”, The Journal of Finance, Vol.46, No.2, Jun.1991, pp.707-716.
Howe, J.S. & Y.P. Shen (1998), “Information Associated with Dividend Initiations: Firm-Specific or Industry-Wide?”, Financial Management, Vol.27, No.3, Autumn 1998, pp.17-26.
Ikenberry, D., J. Lakonishok, & T. Vermaelen (1995), “Market Underreaction to Open Market Share Repurchases.”, Journal of Financial Economics, Vol.39, 1995, pp.181-208.
Jagannathan, M., C.P. Stephens, & M.S. Weisbach (2000), “Financial Flexibility and The Choice Between Dividends and Stock Repurchas e.”, Journal of Financial Economics, Vol.57, 2000, pp.355-384.
Lakonishok, J., A. Shleifer, & R.W. Vishny (1994), “Contrarian Investment, Extrapolation, and Risk.”,The Journal of Finance, Vol.49, No.5, Dec. 1994, pp.1541-1578.
Lang, L.H.P. & R.M. Stulz (1992), “Contagion and Competitive Intra-Industry Effects of Bankruptcy Announcements.”, Journal of Financial Economics, Vol.32, 1992, pp.45-60.
Laux, P., L.T. Starks, & P.S. Yoon (1998), “The Relative Importance of Competition and Contagion in Intra-Industry Information Transfers: An Investigation of Dividend Announcements.”, Financial Management, Vol.27, No.3, Autumn 1998, pp.5-16.
Liu, C.S. & D.A. Ziebart (1997), “Stock Returns & Open-Market Stock Repurchase Announcements.”, The Financial Review, Vol.32, No.3, Nov.1997, pp.709-728.
Madura, J., A. Akhigbe, & K.S. Bartunek (1995), “Intra-Industry Effects of Bank Layoff Announcements.”, Review of Financial Economics, Vol.4, No.2, 1995, pp.187-195.
Masulis, R.W. (1980), “Stock Repurchase by Tender Offer: An Analysis of The Causes of Common Stock Price Changes.”, The Journal of Finance, Vol.35, No.2, May. 1980, pp.305-321.
Otchere, I. & M. Ross (2002), “Do Share Buy Back Announcements Convey Firm-Specific or Industry-Wide Information?A Test of The Undervaluation Hypothesis.”, International Review of Financial Analysis , Vol.11, 2002, pp.511-531.
Patell, J.M. (1976), “Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Tests.”, Journal of Accounting Research, Vol.14, Autumn 1976, pp.246-276.
Pugh, W. & J.S. Jahera (1990), “Stock Repurchase and Excess Returns: An Empirical Examination.”, The Financial Review, Vol.25, No.1, Feb. 1990, pp.127-142.
Raad, E., & H.K. Wu (1995), “Insider Trading Effects On Stock Returns Around Open-Market Stock Repurchase Announcements: An Empirical Study.”, The Journal of Financial Research, Vol.18, No.1, Spring 1995, pp.45-57.
Slovin, M.B., M.E. Sushka, & Y.M. Benseck (1991), “The Intra-Industry Effects of Going-Private Transactions. ”, The Journal of Finance, Vol.46, No.4, Sep. 1991, pp.1537-1549.
Stephens, C.P. & M.S. Weisbach (1988), “Actual Share Reacquisitions in Open-Market Repurchase Programs.”, The Journal of Finance, Vol.53, No.1, Feb.1998, pp.313-333.
Stulz, R.M.(1990), “Managerial Discretion and Financial Polices.”, Journal of Financial Economics, Vol.26, pp.3-27.
Sun, H.L. & A.P. Tang (1998), “The Intra-Industry Information Effect of Downsizing Announcements.” American Business Review, Vol.16, Iss.2, Jun.1998, pp.68-76.
Szewczyk, S.H. (1992), “The Intra-Industry Transfer of Information Inferred From Announcements of Corporate Security Offerings.”, The Journal of Finance , Vol.47, No.5, Dec.1992, pp.1935-1945.
Tawatnuntachai, O. & R. D’Mello (2002), “Intra-Industry Reactions to Stock Split Announcements.”, The Journal of Financial Research, Vol.25, No.1, Spring 2002, pp.39-57.
Vermaelen, T. (1981), “Common Stock Repurchase and Market Signalling: An Empirical Study.”, Journal of Financial Economics, Vol.9, 1981 pp.139-183.
White, H. (1980), “A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity.”, Econometrica, Vol.48, Nov., May 1980, pp.817-838.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
1. 3. 別蓮蒂,(2003),產品契合度與品牌特質聯想對品牌延伸效果的影響,管理評論,第22卷第2期,pp.87-109。
2. 3. 別蓮蒂,(2003),產品契合度與品牌特質聯想對品牌延伸效果的影響,管理評論,第22卷第2期,pp.87-109。
3. 11. 洪清德,(2004),使命感、客戶網路和供應商網路:影響我國電子資訊產業代工和自創品牌策略決策因素的探討,管理學報,第21卷第4期,pp.451-476。
4. 11. 洪清德,(2004),使命感、客戶網路和供應商網路:影響我國電子資訊產業代工和自創品牌策略決策因素的探討,管理學報,第21卷第4期,pp.451-476。
5. 20. 陳振燧、洪順慶,(1998),顧客基礎的品牌權益建立之研究,管理學報,第15卷第4期,pp.623-642。
6. 20. 陳振燧、洪順慶,(1998),顧客基礎的品牌權益建立之研究,管理學報,第15卷第4期,pp.623-642。
7. 21. 陳振燧,(2000),產品概念策略、品牌命名策略和來源國效果影響品牌權益建立之研究,管理評論,第19卷第2期,pp.33-56。
8. 21. 陳振燧,(2000),產品概念策略、品牌命名策略和來源國效果影響品牌權益建立之研究,管理評論,第19卷第2期,pp.33-56。
9. 22. 陳振燧、洪順慶,(2000),消費品品牌權益衡量量表之建構-顧客基礎觀點,中山管理評論,第7卷第4期,pp.1175-1199。
10. 22. 陳振燧、洪順慶,(2000),消費品品牌權益衡量量表之建構-顧客基礎觀點,中山管理評論,第7卷第4期,pp.1175-1199。
11. 23. 陳振燧,(2001),從品牌權益觀點探討品牌延伸策略,輔仁管理評論,第8卷第1期,pp.33-56。
12. 23. 陳振燧,(2001),從品牌權益觀點探討品牌延伸策略,輔仁管理評論,第8卷第1期,pp.33-56。
13. 31. 曾義明,(2002),品牌聯合行銷對品牌聯想影響效果之研究,管理學報,第19卷第4期,pp.647-675。
14. 31. 曾義明,(2002),品牌聯合行銷對品牌聯想影響效果之研究,管理學報,第19卷第4期,pp.647-675。
15. 34. 鄭仁偉、杜啟華、胡惠玟,(2000),品牌資產創造影響因素之研究-我國資訊電腦自有品牌廠商實證分析,企業管理學報,第47期,pp.81-106。