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研究生:詹菀喻
研究生(外文):Chan Wan-Yu
論文名稱:上市上櫃公司庫藏股宣告與經營績效之相關性研究
論文名稱(外文):THE RELATIONSHIP BETWEEN THE OPER MARKET SHARE REPURCHASE AND OPERATING PERFORMANCE
指導教授:李建然李建然引用關係
指導教授(外文):JAN-Z. LEE
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:中文
論文頁數:65
中文關鍵詞:庫藏股宣告經營績效實際買回比率
外文關鍵詞:repurchaseoperating performanceactual repurchase
相關次數:
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本研究主要利用較具時效性之季資料,以樣本配對方式控制住事前績效之影響後,探討庫藏股宣告前後公司經營績效之變化為何,並且進一步檢視實際買回與否是否會傳遞出不同之訊息。其實證結果如下:
1.庫藏股宣告後公司經營績效的確有所提升,但須於宣告後第8季才能有明顯之改善。
2.於宣告後有實際且大量買回之公司,其經營積效改善程度較為顯著,且於宣告後第5季即能有明顯提升。
The purpose of this research is to investigate the operating performance following open market share repurchase announcements. I examine changes in operating performance around open market repurchase program announcements using quarterly data and matching sample firms. In addition to reporting performance changes for firms that announce repurchase programs and performance changes net of corresponding changes for pre-event performance, I report performance changes net of change for firms with similar pre-event.
In sum, the evidence shows that firms that announce open market share repurchases and actual repurchase tend to exhibit performance improvements from the announcement quarters to future quarters relative to proper benchmarks.
第一章 緒論 1
第一節 研究動機與目的 1
第二節 預期貢獻 2
第三節 研究架構與流程 3
第二章 文獻探討 5
第一節 我國庫藏股制度的發展沿革 5
第二節 我國庫藏股相關準則規定 8
第三節 實施庫藏股買回動機之彙整 12
第四節 影響庫藏股買回動機之實證研究 15
第五節 影響庫藏股宣告效果之探討 20
第六節 公司營運績效變化之相關探討 22
第七節 庫藏股宣告與買回比率相關之探討 29
第三章 研究方法 32
第一節 研究假說 32
第二節 影響績效變化因素 33
第三節 研究設計 34
第四節 分析方法 36
第五節 資料來源 38
第四章 實證結果分析 40
第一節 敘述性彙整 40
第二節 樣本分佈 45
第三節 檢定結果與分析 47
第四節 敏感性分析 58
第五章 結論與建議 63
第一節 研究結論 63
第二節 研究限制 64
第三節 研究建議 64
參考文獻 66
參考文獻
中文部份:
1.吳明政、謝依婷,2007,庫藏股買回效果之再探討—以細分所有上市上櫃公司各分類購面之實證研究,臺灣銀行季刊,58(3):268-291
2.李宗祥,2001,上市公司買回本公司股份之研究,國立臺灣大學財務金融學研究所碩士論文
3.林霈綾,2006,股票買回與經營績效,中國文化大學會計研究所碩士論文
4.花嘉怡,2005,股票買回價格反應及對經營績效的影響,國立中山大學企業管理研究所碩士論文
5.唐瑋澤,2002,臺灣上市櫃公司實施庫藏股動機與實施績效之探討,國立中興大學企業管理學系碩士論文
6.許崇源,2000,我國庫藏股票制度之檢討與應用(下),會計研究月刊,第182期:120-125
7.許崇源,2000,我國庫藏股票制度之檢討與應用(上),會計研究月刊,第181期:136-144
8.陳振遠及吳香蘭,2002,台灣上市公司庫藏股買回宣告資訊內涵之研究,中山管理評論,10(1):127-154
9.楊孟錫,2005,Post operating performance of the repurchase program for different tecniques,元智大學財務金融學系碩士論文。
10.蔡柳卿、郭法雲(2004),我國庫藏股制度之實證研究:資訊效果與資訊傳遞動機,會計評論,38:81-112
11.蔡曉琪,2001,我國上市上櫃公司買回庫藏股票之研究,國立台北大學會計學研究所碩士論文。
12.鄭桂蕙,2005,庫藏股買回對股利發放之影響,會計評論,41:77-101
13.鄭桂蕙、林宛瑩、許崇源,2006,董監事持股高低對庫藏股買回誘因之影響,東吳經濟商學學報,54:1-26
14.鄭桂蕙、彭火樹,2005,庫藏股買回頻率與股市反應-台灣股票市場之實證研究,東吳經商學學報,51:pp.71-100

英文部份

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9.Dittmar, A. K.(2000).Why do firms repurchases stock? Journal of usiness.73:pp.331-355
10.Fama, E. F., and K.R. French, 2000, Forcasting Profitability and Earnings, Journal of Business, 73:161-175
11.Fama, Eugene F. and Kenneth French, 1995, Size and book-to-market factors in earnings and returns, Journal of Finance, 50:131-155.
12.Fenn, George.W. and Nellie Liang. (1999).”Corporate Payout Policy and Managerial Stock Incentives”. Federal Reserve Board of Governors Finance and Economics Discussion Series paper 1999-2023.
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26.Miller, M.H. and K. Rock, 1985. Dividend policy under asymmetric information, Journal of Finance 40, 1031-1051.
27.Myers, S.C. and N.S. Majluf, 1984. Corporate financing and investment decisions when the firm has information that investors do not have, Journal of Financial Economics 13, 187-221.
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