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研究生:程蓮兒
研究生(外文):Lien- Erh Cheng
論文名稱:股票購回動機之再探討
論文名稱(外文):Incentive of stock repurchase:Re-exam
指導教授:李春安李春安引用關係
指導教授(外文):Chun-An Li
學位類別:碩士
校院名稱:國立雲林科技大學
系所名稱:財務金融系碩士班
學門:商業及管理學門
學類:財務金融學類
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:38
中文關鍵詞:產業景氣循環訊號理論股票購回
外文關鍵詞:industrial business cyclestock repurchasesignaling theory
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公司採取股票購回的原因和目的,包括資訊訊號假說、自由現金流量假說和股利替代假說等等。本文研究的目的是以訊號理論為出發點,利用Logistic及Tobit模型,將產業景氣循環、負債比率、股價淨值比、現金持有量和公司規模等變數納入模型中,推論公司股票購回實施可能性將與產業景氣存在負相關,意即當產業景氣差,實施股票購回的機率會增加,以股價淨值比作為衡量公司價值是否被低估,以負債比率作為調整公司財務槓桿結構的變數,以現金持有量來衡量公司是否為降低閒置資金所引發的種種問題,及以公司規模當作資訊不對稱的替代變數。

實證結果發現,當產業景氣較差時,公司有較高的機率會採取股票購回,
與理論模型結果一致。此外,當公司股價淨值比較低及財務槓桿程度較低時,都有較高的機率會採取股票購回,符合所建立的假說。在現金持有比率方面,在Logistic迴歸模型中並無發現與公司股票購回間有關聯性,但在Tobit迴歸模型中,則符合所建立的假說。而在公司規模變數上,發現公司規模越大,有較大的機率會採取股票購回,與所建立的假說相違背。
The literatures have mentioned several reasons to explain why firms adopt the strategy of stock repurchase, including information or signalling hypothesis and free cash flow hypothesis... Using the logistic and tobit model , we investigate the relationship between business cycle、price-book ratio、leverage ration、cash flow、 firm’s size and the probability of adopting stock repurchase.

We also verify few hypotheses empirically, in which both of the price-book ratio and leverage ratio are negatively related with the probability of adopting stock repur-chase. We also like to point out an observation that is not agreed with the main strain of literatures. Our empirical study shows that the larger of firm’s size is, the higher probability of adopting share repurchase is.
目 錄
中文摘要…………………………………………………………………………i
英文摘要…………………………………………………………………………ii
誌謝………………………………………………………………………………iii
目錄………………………………………………………………………………iv
表目錄…………………………………………………………………………vi
圖目錄……………………………………………………………………………vi
第壹章 緒論……………………………………………………………………1
第一節 研究背景及動機…………………………………………………1
第二節 研究目的…………………………………………………………3
第三節 研究架構與流程…………………………………………………4
第貳章 文獻探討……………………………………………………………6
第一節 庫藏股法規之探討………………………………………………6
第二節 庫藏股之假說探討………………………………………………11
第參章 研究假說與實證模型……………………………………………15
第一節 研究假說…………………………………………………………15
第二節 變數衡量…………………………………………………………17
第三節 實證模型…………………………………………………………19
第肆章 實證結果……………………………………………………………23
第一節 研究期間與資料來源……………………………………………24
第二節 各變數之敘述性統計量…………………………………………26
第三節 自變數的共線性分析………………………………………28
第四節 二元Logistic模型分析結果……………………………………29
第五節 Tobit模型分析結果…………………………………………31
第伍章 研究結論及建議……………………………………………………32
參考文獻…………………………………………………………………………34






























表 目 錄
表 1 各產業別實施庫藏股統計件數…………………………………………24
表2 各變數之敘述統計量………………………………………………27
表3 Pearson積差相關係數……………………………………………28
表4 二元Logistic模型分析結果……………………………………………29
表 5 Tobit模型分析結果 …………………………………………………… 31
表 6 研究假說及其實證結果彙總……………………………………………32

圖 目 錄
圖 1-1 研究架構流程…………………………………………………………6
國內文獻
1. 王錦瑩、陳隆麒和劉玉珍(2006),「股票購回對股利政策變動宣告效果之影響」,管理評論,25:3,93-117。
2. 何宗浩(2006),「訊息、股票真實購回與股價行為」,東海大學企業管理研究所碩士論文。
3. 蔡柳卿與郭法雲(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。
4. 徐清俊與林惠敏(2004),「台灣上市櫃公司庫藏股宣告異常報酬之研究」,遠東學報,21:2,233-244。
5. 蕭文姃與林懋民(2004),「多次實施庫藏股買回宣告效果之研究」,2004管理思維與實務學術研討會論文集。
6. 李宗祥(2001),「上市公司買回本公司股份之研究」,國立台灣大學財務金融所研究所碩士論文。
7. 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。
8. 曾欽冠(2007),「台灣上市公司庫藏股購回效應之研究」,南華大學財 務管理研究所碩士論文。
9. 鄭偉煜(2009),「庫藏股制度之探討_以產業景氣循環為例」,國立暨 南國際大學財務金融研究所碩士論文。


國外文獻
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3. Baker, H. K., G. E. Powell, and E. T. Veit(2003),“Why Companies Use Open- Market Repurchase: A Managerial Perspective,”The Quarterly Review of Economics andFinance, 43, pp. 483- 504.
4. Brown, D. T. and M. D. Ryngaert (1991), “The Determinants of Tendering Rates inInterfirm and Self- Tender Offers,” Journal of Business, 65:4, pp.529-556.
5. Dann, L. Y.(1981),“Common Stock Repurchases: An Analysis of Returns to Bondholders and Stockholders,”Journal of Financial Economics, 9, pp. 113- 138.
6. Davidson, W. N., I. Chhachhi and J. L. Glascock(1996),“A Test for Price Pressure Effects in Tender Offer Stock Repur-chases,”Financial Review, 31: 1, pp. 25- 49.
7. Denis, D. J. ( 1990 ) ,“Defensive Changes in Corporate Payout Policy: Share Repurchases and Special Dividends,” Journal of Finance, 45: 5, pp. 1433- 1456.
8. Dittmar, A. K.(2000),“Why Do Firms Repurchase Stock? ,”Journal of Business, 73: 3,pp. 331- 355.
9. Easterbrook, F. (1984), “Two Agency-Cost Explanations of Divi-dends,” American Economic Review, 74:4, pp.650-659.
10. Erik, L.(2005),“Financial Flexibility, Performance, and the Corporate Payout Choice,”Journal of Business, 73: 6, pp. 331- 355.
11. Erik, L and Heidi, J.L (1999), “The Role of Personal Taxes in Corporate Decisions: An Empirical Analysis of Share Repur-chases and Dividends,” Journal of Financial and Quantitative Analysis,34:4, pp.533-552.
12. Fenn, G. and N. Liang(1997),“Good News and Bad News about Share Repurchases,”Working Paper, Philadelphia: The Wharton School of the University of Pennsylvania.
13. Grullon, G. and R. Michaely(2002),“Dividends, Share Re-purchases and the Substitution Hypothesis,”Journal of Finance, 57, pp. 1649-1684.
14. Guay, W. and J. Harford(2000),“The Cash-Flow Permanence and Information Content of Dividend Increases Versus Re-purchases,”Journal of Financial Economics, 57, pp.385-415.
15. Hausch, D. B., and J. K. Seward(1993),“Signaling with Divi-dends and Share Repurchases: A Choice between Determi-nistic and Stochastic Cash Disbursements,”The Review of Fi-nancial Studies, 6: 1, pp. 121- 154.
16. Hertzel, M. and Prem C. Jain (1991), “Earnings and Risk Changes around Stock Repurchase Tender Offers,” Journal of Account-ing and Econmics, 14,pp.253-274.
17. Hirtle, B.(2001),“How Do Stock Repurchase Affect Bank Holding Company Performance?,” Working paper.
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20. Jagannathan, M., C. P. Stephens and M. S. Weisbach(2000),“Financial Flexibility and the Choice between Divi dends and Stock Repurchases,”Journal of Financial Economics, 57, pp. 355-384.
21. Jagannathan, M., and C. P. Stephens(2001),“Motives for Multiple Open-Market Repurchase Programs,”Working paper.
22. Medury, P. V., L. E. Bowyer, and V. Srinivasan(1992),“Stock Repurchase: A Multivariate Analysis of Repurchasing Firms,”Quarterly Journal of Business & Economics, 31: 1, pp. 21- 44.
23. Nohel, T. and V. Tarhan(1998),“Share Repurchases and Firm Performance: New Evidence on the Agency Costs of Free Cash Flow,”Journal of Financial Economics,49, pp. 187- 222.
24. Ofer, A. R. and A. V. Thakor(1987),“A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends ,”Journal of Fi-nancial, 62: 2, pp. 365- 394.
25. Tsetsekos, G., D. Kaufman, and L. Gitman (1991 ),“A Survey of Stock Repurchase Motivations and Practices of Major U.S. Corporations,”Journal of Applied Business Research, 7, pp. 15- 21.
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27. Wansley, J., W. Lane, and S. Sarkar (1989), “Managements’ View on Share Repurchase and Tender Offer Premiums,” Fi-nancial Management, 18:3, pp.97-110.
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