跳到主要內容

臺灣博碩士論文加值系統

(3.231.230.177) 您好!臺灣時間:2021/07/28 22:20
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

: 
twitterline
研究生:王可為
研究生(外文):Ko- Wei Wang
論文名稱:企業庫藏股買回政策之從眾行為研究
論文名稱(外文):Herd Behavior of Corporate Repurchase Policy
指導教授:廖俊杰廖俊杰引用關係
指導教授(外文):Chun-Chieh Liao
學位類別:碩士
校院名稱:中國文化大學
系所名稱:國際貿易學系碩士班
學門:商業及管理學門
學類:貿易學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:57
中文關鍵詞:支付政策庫藏股訊號效果模仿假說同類假說
外文關鍵詞:payout policytreasury stocksignal effectmimicking hypothesissimilarity hypothesis
相關次數:
  • 被引用被引用:2
  • 點閱點閱:170
  • 評分評分:
  • 下載下載:11
  • 收藏至我的研究室書目清單書目收藏:0
本研究主要是以Massa, Rehman and Vermaelen(2006)提出模仿假說(mimicking hypothesis)與同類假說(similarity hypothesis)來提出企業實施庫藏股買回政策的原因為何。模仿假說的觀點是:當企業進行庫藏股買回,同產業內其它對應企業若未跟進,市場可能做出負向解讀,因此對應企業藉模仿來修正市場可能的負面效應;同類假說則主張,就一個成熟企業而言,庫藏股買回隱含的是預期投資機會的減少,對於同產業之對應公司,也會進行庫藏股買回,但原因是與競爭對手處在情境類似的產業,同樣面臨投資機會的減少。
本研究依循上述觀點,探討究竟兩種假說何者較能解釋台灣企業的庫藏股買回浪潮?資料是台灣上市公司2000年8月至2005年12月的庫藏股宣告資料,並進行多項健全性檢定。研究結果支持模仿假說,台灣企業的庫藏股買回並不是基於股價低估(市場擇時觀點),反而是從眾現象。
We argue that a stock repurchase affects positively the stock price of the repur-chasing firm and negatively the price of the other competing firms in the same indus-try.Indeed, as a firm repurchases, it induces the other firms in the industry to repurchase, not to take advantage of a significantly undervalued stock price, but simply to correct the negative market perception by mimicking the behavior of their competitors. As a result, repurchases acquire a hitherto unexplored mimicking dimension.
This hypothesis is then tested against an alternative “similarity” hypothesis. These firms announce their own repurchase programs just because they face prospects similar to those of the firms which made earlier repurchase announcements.
We carry out tests of the mimicking hypothesis against the similarity hypothesis (SH) by using a broad sample of Taiwan. firms for the period 1989 to 2006. The result provides support for the MH, and these findings are robust to controls for some ex-tended condition.
內容目錄
中文摘要 ..................... iii
英文摘要 ..................... iv
誌謝辭  ..................... v
內容目錄 ..................... vi
表目錄  ..................... Viii
圖目錄  ..................... ix
第一章 緒論................... 1
  第一節  研究背景與動機............ 1
  第二節  研究目的............... 3
第三節 研究流程............... 4
第二章 文獻探討與回顧.............. 6
第一節 從眾行為............... 6
第二節 從眾行為之模仿假說與同類假說..... 10
第三節 庫藏股買回動機與訊號效果....... 11
第四庫 庫藏股買回宣告對股價之影響...... 15
第三章  研究方法................. 20
  第一節  研究假說............... 20
  第二節  研究變數之定義與衡量......... 23
  第三節  事件研究法與統計模式......... 26
第五節 樣本選取與資料來源.......... 29
第四章  實證結果與分析.............. 31
  第一節  敘述統計分析............. 31
  第二節  庫藏股買回宣告後的市場反應...... 32
  第三節  庫藏股買回宣告對同產業對應企業的影響. 34
第四節 庫藏股買回的決策........... 36
第五節 其它變數之分析結果.......... 43
第五章  結論與建議................ 45
  第一節  研究結論............... 45
  第二節  研究限制............... 45
  第三節  研究建議............... 46
參考文獻 ..................... 48
附錄 變數一欄表................ 57
參 考 文 獻
一、中文部分

毛治文(1999),內部關係人持股比例及其變動與上市公司購回庫藏股之關連性研究,中國文化大學會計研究所碩士論文。

李忠泰(2001),庫藏股的宣告效果,朝陽科技大學財務金融研究所未出版碩士論文。

林士傑(2005),國內上市公司宣告實施庫藏股對股價之影響,朝陽科技大學財務金融研究所未出版碩士論文。

林玉成(2001),上市公司庫藏股宣告資訊內涵及操作策略之分析,高雄第一科技大學財務管理研究所未出版碩士論文。

林逸翔(2002),宣告實施庫藏股對股價之影響,東吳大學企業管理學研究所未出版碩士論文。

吳琇華 (2002),公司宣告實施庫藏股效應之再檢視,朝陽科技大學財務金融研究所未出版碩士論文。

邱鍵麟(2001),台灣上市公司實施庫藏股制度對股價影響之研究,長庚大學企管理研究所未出版碩士論文。

楊琬婷(2001),庫藏股制度對台灣股市的影響,國立台灣大學財務金融學研究所未出版碩士論文。
二、英文部分

Acharya, V. V., & Yorulmazer, T. (2004). A theory of pro-cyclical bank herding. working paper, London Business School.

Aharony, J., & Swary, I. (1983). Contagion effects of bank failures: evidence from capital markets. Journal of Business, 56(3), 305–322.

Akhigbe, A., & Madura, J. (1999). Intra-industry effects of bank stock repurchases. Journal of Financial Services Research, 15 (1), 78-92.

Akhigbe, A., Madura, J. & Whyte, A. M. (1997). Intra-industry effects of bond rating adjustments. Journal of Financial Research 20(1), 545-561.

Asquith, P., & Mullins, D.W. (1986). Signaling with dividends, stock repurchases and equity issues. Financial Management, 15(3), 27-44.

Bagwell, L. S., & Shoven, J. B (1989). Cash distribution to sharehold-ers. Journal of Economic Perspectives, 3(1), 129-140.

Bajaj, M., & Vijh, A. (1990). Dividend clienteles and the information content of dividend changes. Journal of Financial Economics, 26(2), 193-219.
Banerjee, A. (1992). A simple model of herd behavior. Quarterly Journal of Economics, 197(3), 724-748.

Barth, E., & Kasznik, R. (1999). Share repurchase and intangible as-sets. Journal of Accounting and Economic, 28(2), 211-241.

Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership andcontrol in East Asian corporations. Journal of Financial Economics, 58(1), 81-112.

Clinch, G., & Sinclair, N. (1987). Intra-industry information releases: A recursive systems approach. Journal of Accounting & Eco-nomics, 9(1), 89-107.

Commnet, R., & Jarrell, G. A. (1991). The relative signaling power of dutch and fixed-price self tender offers and open-market share repurchases. Journal of Finance, 46(4), 1243-1271.

Dann, L (1981). Common stock repurchases: An analysis of returns to bondholders and shareholders. Journal of Financial Economics, 9(2), 115-138.

Dechow, P. M., Hutton, A. P., & Sloan, R. G.(1999). An empirical as-sessment of the residual income valuation model. Journal of Accounting and Economics 26(3), 1-34.


Denis, D., Denis, D., & Sarin, A. (1994). Information content of divi-dend changes: Cash flow, signaling, overinvestment and divi-dend clienteles. Journal of Financial and Quantitative Analy-sis,29(4), 567-587.

Devenow, A., & Welch, I. (1996). Rational herding in financial eco-nomics. European Economic Review, 40(3-5), 603-615.

Dittmar, A. K. (2000) Why do firms repurchase stock? Journal of Business, 73(3), 36-55.

Eckbo, B. E. (1983) Horizontal mergers, collusion, and stockholder wealth. Journal of Financial Economics, 11(4), 241-273.

Erwin, G. R., & J. M. Miller., (1998). The intra-industry sffect of open-maket share repurchases: Contagion or competive? The Journa of Financial Research, 21(4), 125-153

Fenn, G. W., & Liang, N. (2001). Corporate payout policy and mana-gerial stock incentives. Journal of Financial Economics, 60(1), 79-101.

Firth, M. (1996). Dividend changes, abnormal returns, and in-tra-industry firm valuations. Journal of Financial and Quantita-tive Analysis, 31(4), 189-211


Foster, G. (1981). Intra-industry information transfers associated with earnings releases. Journal of Accounting and Economics, 3(3), 201-233.

Froot, K. A., Scharfstein, D. S., & Stein, J. C. (1992). Herd on the street:Informational inefficiencies in a market with short term speculation. The Journal of Finance, 47(4), 1461-1484.

Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118(1), 107-155.

Grullon, G., & Michaely, R. (2004). The information content of share repurchase programs. The Journal of Finance, 59 (2),211-236.

Hertzel, M. G. (1991). The effects of stock repurchases on rival firms. Journal of Finance, 46(2), 707-716

Hirshleifer, D., Subrahmanyam, A., & Titman, S. (1994). Security analysis and trading patterns when some investors receive in-formation before ohers. Journal of Finance, 49(5), 1665-1698.

Ho, L. J., Liu, C., & Ramanan, R. (1997). Open-market stock repur-chase announcements and revaluation of prior accounting in-formation. The Accounting Review, 72(3), 475-489.

Hwang, S. & Salmon, M. (2004). Market stress and herding. Journal of Empirical Finance, 11(4), 585-616

Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995). Market under-reaction to open market share repurchases. Journal of Financial Economics, 39(4), 181-208.

Kahle, K. (2002). When a buyback isn’t a buyback: Open market re-purchases and employee stock options. Journal of Financial Economics , 63(2), 235-261.

Kaplan, S., & Reishus, D. (1990). Outside directorships and corporate performance. Journal of Financial Economics, 27(2), 389-410.

Keynes, J. M. (1936). The general theory of employment, interest and money, London: Macmillan

Lakonishok, J., Shleifer, A., & Vishny, R. W. (1992). The Impact of Institutional trading on stock prices, Journal of Financial Eco-nomics, 32(1), 23-43.

Lakonishok, J. & Vermaelen, T. (1990). Anomalous price behavior around repurchase tender offers, Journal of Finance,45(2), 455-477.



Lang, L., & Stulz, R. (1992). Contagion and competitive intra-industry effects of bankruptcy announcements. Journal of Financial Economics, 32(2), 45–60.

Laux, P., Starks, L.T., & Yoon, P. S. (1998). The relative importance of competition and contagion in intra-industry information trans-fers: An investigation of dividend announcements. Financial Management, 27(1), 5-16.

Massa, M., Rehman, Z., & Vermaelen, T. (2006). Mimicking repur-chases. Journal of Financial Economics, 79(2), 223-255

Maug, E., & Naik, N. (1996). Herding and delegated portfolio man-agement, mimeo, London Business School.

Morck, R., Shleifer, A. & Vishny, R. (1989). Alternative mechanisms for corporate control. American Economic Review, 79(3), 842-852.

Nofsinger, J. R. & Sias, R. W. (1999). Herding and feedback trading by institutional and individual investors. Journal of Finance, 54(6), 2263-2295.

Opler, T., & Titman, S. (1996) The debt-equity choice: An analysis of issuing firms.Working paper. Columbus, Ohio State University.


Otchere, I., & Rose, M. (2002). Do share buy back announcements convey firm-specific or industry-wide information? A test of the undervaluation hypothesis. International Review of Financial Analysis, 11(4), 511-32.

Patel, P. (1991). Large firms in the production of world’s technology: an important case of non-globalization. Journal of International Business Studies, 22 (1), 1-22.

Raad, E., & Wu, H. K. (1995). Insider trading effects on stock re-turns around open-market stock repurchase announcements: An empirical study. The Journal of Financial Research, 18(1), 45-57.

Raajn, R. (1994). Why bank credit poliscies fluctuate: A theory and some evidence quarterly. Journal of Economics, 109(4),399-411

Scharfstein, D. & Stein, J. (1990). Herding behavior and investment. American Economic Review , 80(2), 465-479.

Servaes, H., & Tamayo, A. (2004). The response of industry rivals to control chreats. Working Paper, London Business School.

Shiller, R. J., & Pound, J. (1989). Survey evidence on diffusion of in-terest and inforration among investors, Journal of Economic Behavior and Organization, 12(1), 47-66.

Tsetsekos, G. P. (1993). Valuation effects of open market stock repur-chases for financially weak firms. Review of Financial Eco-nomics, 2(2), 29-42.

Tsetsekos, G. P., Kaufman, D. J., & Gitman, L. J. (1991). A survey of stock repurchase motivation and practices of major U. S. cor-porations. Journal of Applied Business Research, 8(1),15-21.

Vermaelen, T (1981). Common stock repurchases and market signal-ing: An empirical study. Journal of Financial Economics, 19(2), 139-184.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
1. 吳明清(1997)。我國師資培育制度現代化的展望。教育資料集刊,22,255-267。
2. 呂素芳(2000)。大專生生涯發展主要課題-生涯定項諮商的新趨向。諮商與輔導,170,7-10。
3. 吳武典(2005)。我國師資培育的困境與突破。研習資訊,22(6),37-46。
4. 李意文(1995)。教師生涯的成長-也談如何規劃教師生涯。高市鐸聲,6(1),15-19。
5. 林幸台(1997)。教師角色與生涯發展。教育實習輔導,3(2),15-18。
6. 林慈玥(2000)。大學生生涯發展與輔導。空大學訊,246,108-115。
7. 林曉瑩(2001)。淺談教師生涯發展。國教天地,144,52-57。
8. 邱金松(2001)。我國體育專業人力政策之坦討。國家政策論壇,1(5),50-54。邱金松(1999)。我國體育專業人力資源策略性規劃研究專案報告書。行政院體育
9. 張振成(1997)。生涯規劃與生涯發展。諮商與輔導,144,24-26。
10. 張瑞峰(2001)。從生涯發展的角度來看教師生涯的規劃。國教之友,53(1),67-70。
11. 張德銳(1996)。如何從師資培育提昇教師專業素質。教師天地,83,27-31。
12. 陳金進(2004)。教育實習制度應改弦更張。師說,183,4。
13. 陳昭宇(2004)。多元思維的體育師資培育。學校體育,14(5),118-122。
14. 陳淑菁(1994)。教師專業的生涯規劃。諮商與輔導,107,16-20。
15. 劉明秋(1991)。教師生涯發展及其影響因素分析。諮商與輔導,70,43-45。