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研究生:李宜玲
研究生(外文):Lee, I-Ling
論文名稱:市場流動性與股票購回之關聯性研究:以台灣為例
論文名稱(外文):The Relationship Between Market Liquidity and Stock Repurchase:Investigation of Taiwan
指導教授:陳達新陳達新引用關係
指導教授(外文):Chen, Dar-Hsin
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:企業管理學系
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:2009
畢業學年度:97
語文別:中文
論文頁數:67
中文關鍵詞:市場流動性股票購回現金股利替代效果
外文關鍵詞:market liquidityshare repurchasescash dividendssubstitution effect
相關次數:
  • 被引用被引用:3
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  • 下載下載:136
  • 收藏至我的研究室書目清單書目收藏:1
過去的文獻指出,股票購回與股利間的金額比值已由1980年的13.1%上升到2000年的113.1%,顯示出公司支付政策逐漸由股票購回取代股利之發放。然而過去的研究多數是探討公司宣告股票購回後的事件研究,鮮少探討市場流動性對於公司制定股票購回或股利發放之決策。本研究的目的主要探討市場流動性如何影響股票購回與現金股利發放政策之間的替代效果,有鑑於公司較不易因市場與經營情況而更改現金股利發放政策,因此本文將著重於市場流動性與股票購回之間的關聯性。本研究以台灣非金融保險業之上市上櫃公司為研究樣本,研究期間為2001年1月1日至2007年12月31日,分別使用羅吉斯迴歸模型、普通最小平方迴歸模型及Tobit迴歸模型,來探討市場流動性對於公司支付政策的影響。

實證結果發現市場流動性在公司管理階層制定支付政策時,扮演著相當重要的決定因素,而對於制定股票購回政策的影響力大於制定現金股利政策的影響力。當市場流動性越高時,公司管理階層會偏好採用股票購回來替代股利發放政策。因市場流動性高時,股票購回對市場所產生的價格衝擊較小,且股票購回具有租稅利益及較佳的財務彈性,故經理人會較偏向採行股票購回政策。但當市場流動性不足以吸收價格衝擊時,經理人就會放棄股票購回所帶來的租稅利益及較佳的財務彈性,進而採取發放股利的政策。
A past research found that the ratio of the amount of stock repurchase to the amount of dividend has risen from 13.1% in 1980 to 113.1% in 2000. That means stock repurchase has substituted for dividend step by step. However, most past researches discussed the announcement of stock repurchase of firms and few researches discussed the effect of market liquidity to payout policy. This paper discussed that how market liquidity affect the substation between stock repurchase and dividend. Because a firm is not easy to change dividend policy for its operating situation, this paper would largely discussed the relationship between market liquidity and stock repurchase. Our samples are OTC and listed companies in Taiwan announced from 2001/01/01 to 2007/12/31, except for financial and insurances sectors. We use logistic regression model, OLS regression model, and tobit regression to investigate the effect of market liquidity to payout policy.

We found that market liquidity plays an important role for corporate manager when making payout policy and the effect of using stock repurchase is larger than using dividend. Corporate manager prefer stock repurchase to dividend when market liquidity is higher. Manager prefers stock repurchase because of the impact on price is lower which caused by stock repurchase under the condition of high market liquidity. Stock repurchase also has higher financial flexibility and tax deduct, so manager would prefer stock repurchase. If the market liquidity is not high enough to absorb the impact of price, manager will pay dividend instead of stock repurchase.
謝辭 I
中文論文提要 II
英文論文提要 III
目錄 V
表次 VII
圖次 VIII
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 2
第三節 論文架構及研究流程 3
第二章 台灣股票購回規定、相關假說與文獻探討 6
第一節 台灣地區股票購回相關規定與現況 6
第二節 宣告股票購回動機 10
第三節 流動性對股票購回的影響 18
第三章 樣本與研究方法 19
第一節 樣本選取及資料來源 19
第二節 變數定義 19
第三節 實證模型 26
第四章 實證結果與分析 32
第一節 公司支付政策之決定因素 32
第二節 支付政策執行量之決定因素 43
第五章 結論與建議 52
第一節 研究結論 52
第二節 研究建議 53
參考文獻 55
參考文獻
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