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研究生:吳愛鳳
研究生(外文):AI-FENG WU
論文名稱:所有權結構、董事會組成與買回庫藏股宣告之市場反應
論文名稱(外文):Ownership Structure, Board Composition and the Market Reaction to the Repurchase Announcement
指導教授:柯承恩柯承恩引用關係
指導教授(外文):Chen-en Ko
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
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:2010
畢業學年度:98
語文別:中文
論文頁數:72
中文關鍵詞:公司治&公司治&公司治&公司治&公司治&
外文關鍵詞:Corporate governanceOwnership structureBoard compositionOpen market stock repurchase
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本研究旨在探討所有權結構及董事會組成對於買回庫藏股宣告之市場反應的影響。本文是以2000年8月至2009年底宣告買回庫藏股之台灣上市公司為研究對象,僅選取每間公司每年第一次買回庫藏股為樣本,並剔除因目的二(作為股權轉換之用)而買回。篩選後的樣本總計有1133個事件,其中包含420家上市公司。
本研究探討之所有權結構,包括控制股東之現金流量權、控制股東之股份控制權與現金流量權偏離程度、內部人持股比例、外國機構投資人持股比率。董事會組成部分,則包含董事會規模、獨立董事、控制股東占董事席次比例,來探討公司治理之良窳是否影響宣告買回庫藏股之市場反應。
本文之實證結果發現,內部人持股比例、外資機構投資人持股比率均與累積平均異常報酬呈顯著正相關。另外,董事會規模、獨立董事均與累積平均異常報酬呈顯著正相關。而控制股東占董事席次比例與累積平均異常報酬則呈顯著負相關。而關於控制股東之現金流量權、股份控制權與現金流量權間之偏離程度所作之檢定顯示,其與累積平均異常報酬無顯著關係。推究其原因,可能因樣本公司獨立董事及外國機構投資人適時扮演監督角色,使控制股東與少數股東間之代理問題獲得改善,因而降低控制股東因素對庫藏股宣告之市場反應所造成之影響。整體而言,本文的結論支持當公司內部人持股比例較多、外資機構投資人持股比率較高、董事會規模較大、獨立董事較多、控制股東占董事席次比例越低,其宣告買回庫藏股時,可獲得投資人更正面之評價,其買回庫藏股宣告之正向市場反應也較大。


This study investigates the impact of ownership structure and board composition on the market reaction surrounding share repurchase announcement.
This thesis examines various ownership structure such as cash flow rights of controlling shareholders, the deviation between cash flow right and control right, shareholdings of insiders, and shareholdings of foreign institutional investors. Moreover, I also use the different measures of board composition, including board size, independent directors, and the percentage of seats held by the controlling shareholders. In sum, this research aims to investigate whether different corporate governance mechanism affects the market reaction surrounding the share repurchase announcement.
Empirical results show that firms with higher shareholdings of insiders or higher shareholdings of foreign institutional investors experience a significant positive abnormal return when share repurchase is announced. From board composition perspective, board size and independent directors have positive significant impact on the market return surrounding share repurchase announcement. In addition, the higher percentage of seats held by the controlling shareholders, the less abnormal return surrounding the share repurchase announcement. However, I find the negative market reaction of control—cash flow right deviation is offset by independent directors and foreign institutional investors.


目 錄
口試委員會審定書………………………………………………………Ⅱ
誌謝………………………………………………………………………Ⅲ
中文摘要…………………………………………………………………Ⅳ
英文摘要…………………………………………………………………Ⅴ
目錄 .....................................................Ⅶ
圖目錄....................................................Ⅸ
表目錄....................................................Ⅹ
第一章 緒論…………………………………………………………… 1
第一節 研究背景與動機……………………………………………1
第二節 研究目的……………………………………………………2
第三節 論文架構與研究流程………………………………………3
第二章 文獻探討與假說發展……………………………………………5
第一節 買回庫藏股…………………………………………………5
第二節 公司治理與庫藏股買回…………………………………16
第三章 研究方法………………………………………………………28
第一節 研究變數之定義…………………………………………28
第二節 樣本選取與資料來源……………………………………35
第三節 實證研究方法……………………………………………35
第四章 實證結果分析…………………………………………………43
第一節 敘述性統計分析…………………………………………43
第二節 庫藏股宣告效果…………………………………………47
第三節 複迴歸分析………………………………………………50第五章 結論與研究限制………………………………………………61
第一節 結論………………………………………………………61
第二節 研究限制…………………………………………………62
參考文獻…………………………………………………………………63

圖目錄
圖1-1 本文研究流程……………………………………………………3
圖2-1控制權(投票權)與現金流量權之計算…………………………16
圖4-1 公司宣告買回庫藏股全體樣本AR 與CAR 之趨勢圖…………47

表目錄
表 3-1 變數定義………………………………………………………38
表4-1 庫藏股事件之敘述性統計……………………………………43
表 4-2 樣本公司之敘述性統計………………………………………45
表 4-3 公司宣告買回庫藏股全體樣本之AR及CAR…………………46
表4-3 相關係數矩陣…………………………………………………50
表4-4 宣告買回庫藏股的市場反應之迴歸分析……………………53


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