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
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