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研究生:梁家欣
研究生(外文):Jia-Shin Liang
論文名稱:股權結構對股票購回成本之影響
論文名稱(外文):The Impact of Ownership on the Cost of Repurchases
指導教授:盧正壽盧正壽引用關係
指導教授(外文):Cheng-Shou Lu
口試委員:盧正壽陳安琳高蘭芬
口試委員(外文):Cheng-Shou LuAnlin ChenLanfeng Kao
口試日期:2013-06-14
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:財富與稅務管理系
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:2013
畢業學年度:101
語文別:中文
論文頁數:66
中文關鍵詞:庫藏股股權結構董事會
外文關鍵詞:Share RepurchasesOwnershipBoard of Dirctors
相關次數:
  • 被引用被引用:0
  • 點閱點閱:247
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  • 下載下載:7
  • 收藏至我的研究室書目清單書目收藏:0
本研究以2001年1月1日至2011年12月31日於國內實施庫藏股購回之2,693家上市櫃公司為研究樣本,旨在探討董事會、股權結構能否對公司庫藏股購回成本造成影響。
本研究發現,董事會治理功能愈佳的公司,其庫藏股購回成本相對較低,另外庫藏股購回成本也受到公司股權結構影響。而公司治理整合指標則與購回成本呈現顯著負向關係。研究結果說明董事會監督功能以及股權結構能夠降低代理問題,進而庫藏股購回政策有利於繼續持股之股東。

This research aims to determine whether costs of repurchase are influence by board of directors, ownership structure, and investor sentiment. Also, the sample is domestic 2,693 companies which are listed and OTC-listed have repurchased programs during from January 1, 2001 to December 31, 2012.
The empirical result demonstrate that firm with better governance by board of directors have lower repurchase costs. Moreover, repurchase costs was also influenced by ownership structure. In addition, repurchased costs have negative significant with the measure of combing corporate government. In the result, supervising by board of director and ownership structure could efficiently decrease agency problems. Also, share repurchases program is good for shareholders who keep holding.

摘要 i
ABSTRACT ii
誌謝 iii
目錄 iv
表目錄 v
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第二章 文獻探討 5
第一節 庫藏股購回相關文獻 5
第二節 研究假說與發展 17
第三章 研究方法 21
第一節 研究樣本資料來源 21
第二節 變數定義 25
第四章 實證分析 30
第一節 敘述性統計分析 30
第二節 公司治理與庫藏股購回成本 41
第五章 結論與建議 51
第一節 研究結果 51
第二節 研究限制與建議 52
參考文獻 53
一、中文部分
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