臺灣博碩士論文加值系統

自民國89年以來，政府在陸續制訂相關庫藏股交易之法令規範下開放庫藏股交易後，使得公司買回庫藏股的數量與時間成為一可觀察的公開資訊。本研究旨在探討公司的管理當局是否會透過股票買回的數量與時間作為每股盈餘的管理工具。
本研究之樣本取至民國89年至95年間所有曾買回庫藏股票的上市櫃公司，來測試下列有關每股盈餘管理的假說：(1)當公司年度發行的新股愈多，愈會增加購回庫藏股票的數量；(2)當公司每股盈餘成長率未達預期目標時，愈會利用購回庫藏股票的方式來進行修正；(3)為抵銷新股發行對每股盈餘所產生的稀釋效果，管理當局會選在新股發行的前後購入庫藏股票；(4)當公司每股盈餘成長率不如預期，管理當局會提早購入庫藏股票。
實證結果支持公司會藉由購回庫藏股票之數量與時間來進行每股盈餘之管理，亦即當公司當年度發行的新股愈高或公司每股盈餘成長率偏差愈大，管理當局愈會透過股票買回計畫有效降低流通在外股數；管理當局買回股票的時點會接近新股發放的時點且當公司每股盈餘成長率無法達成預期，管理當局執行股票買回的時點將會提早。

The code of stock repurchase has been implemented in Taiwan since 2000 and allows listed firms to repurchase their own shares from stock market. Thus it makes the amount and timing of stock repurchase become open information for us to observe. The aim of this study is to investigate the relationship between the amount and timing of stock repurchase and earnings per share management.
The samples are the TSE and OTC listed companies that have repurchased their stocks during 2000 to 2006. This study establishes the following EPS Management related hypotheses：(1)The more additional issuance of common stocks during the year, the more shares the firm will repurchase.(2)If the growth rate of EPS is less than the past average growth rate, the firm will increase the amount of stocks repurchase. (3)In order to offset the dilution effect on EPS from the additional issuance of common stocks, the timing of stock repurchase will be close to the timing of the additional issuance.(4)If the growth rate of EPS is less than the past average growth rate, the firm will repurchase stocks earlier.
The empirical results of this study support all the EPS Management related hypotheses. That is to say that the more additional issuance of common stocks during the year or the growth rate of EPS is less than the past average growth rate, the more shares the firm will repurchase. Moreover, the timing of stock repurchase will be close to the timing of the additional issuance and the firm will repurchase stocks earlier when the growth rate of EPS is less than the past average growth rate.

摘要 ⅰ
謝辭 ⅳ
表目錄 ⅵ
圖目錄 ⅶ
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究流程與論文結構 4
第二章 文獻探討 6
第一節 庫藏股之相關文獻探討 6
第二節 我國相關庫藏股法規之整理 12
第三章 研究方法 15
第一節 研究架構與假說 15
第二節 樣本與資料來源 20
第三節 變數衡量與研究模式 21
第四章 實證結果與分析 33
第一節 樣本敘述統計量 33
第二節 迴歸檢定 39
第三節 敏感性測試 45
第五章 結論與建議 54
第一節 研究結論 54
第二節 研究限制 56
第三節 研究建議 57
附錄 58
參考文獻 64

參考文獻
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