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研究生:賴瑋琪
研究生(外文):Wei-Chi Lai
論文名稱:股票購回宣告可信度驗證
論文名稱(外文):An Examination on the Credibility of Share Repurchase Announcements
指導教授:楊淑玲楊淑玲引用關係
指導教授(外文):Shu-Ling Yang
學位類別:碩士
校院名稱:國立臺中科技大學
系所名稱:流通管理系碩士班
學門:商業及管理學門
學類:行銷與流通學類
論文種類:學術論文
論文出版年:2015
畢業學年度:103
語文別:中文
論文頁數:43
中文關鍵詞:盈餘管理股價壓力股價績效內部交易
外文關鍵詞:Abnormal AccrualStock PressureStock Price PerformanceInsider Transactions
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本研究旨在透過股票購回宣告前盈餘管理與宣告後執行目的一致性的觀察,探討2001年10月至2014年9月間,我國上市櫃公司宣告股票購回企業之內部人是否存有自利之行為。在不考慮宣告前後購回目的是否具有一致性的狀況下,宣告前公司盈餘管理的高低,對宣告後股價長短期績效的表現,與宣告期間內部人持股變動均無顯著影響,內部人並未存有自利行為。然在考量事前宣告與事後實際執行目的的不一致後發現,多數企業事前宣告「轉讓員工」目的,事後卻行「買回註銷」之實,此目的不具可信度的宣告事件,不僅宣告前有顯著較高的股價壓力與盈餘操弄,且內部人顯著增加持股,而在宣告後則有顯著較高的執行率與較差的股價長期績效。此結果似乎說明了,內部人可能藉由事後實際執行買回註銷之行為,以達短期提高每股盈餘之自利目的。

This study examined whether the self-interest behavior of insiders exist as firms announce false share repurchase. I observed earning management prior to announcement and the credibility of share repurchase purpose from October 2010 through September 2014. For any ex ante announced purpose events, this study found abnormal accrual did not has a substantial effect on the performance of stock prices following the announcement or change in insiders’ ownership. There are not self-interest behaviors for insiders. However, when I observed actual share repurchases following announcements further and found that a lot of firms ex post executed “buying back and canceled” behavior instead of ex ante “transfer employees” announcement. Those incredible events not only bore higher ex ante stock price pressure and earning management and insiders’ ownership increasing prior to the announcement but also have higher execute ratio and poor long-term stock performance following announcement. These results seemed to indicate that insider probably benefited by ex post actually “buying back and canceled” action to raise earning per share.

目錄
摘要 i
ABSTRACT ii
誌謝 iii
目錄 iv
圖目錄 v
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
第三節 研究架構 4
第二章 文獻探討 5
第一節 股票購回與股價報酬 5
第二節 股票購回與盈餘管理 7
第三節 股票購回與內部交易 9
第三章 實證樣本與研究方法 11
第一節 研究樣本 11
第二節 研究變數說明及方法 13
第四章 實證結果分析 20
第一節 股票購回目的、盈餘管理、股價壓力與執行率 20
第二節 股價績效與內部關係人持股變動 24
第三節 股票購回宣告目的之可信度 30
第四節 多元迴歸之分析 35
第五章 結論 38
參考文獻 41

參考文獻

一、 中文部份
王朝仕、陳振遠(民99)。確實執行對後續股票購回計畫宣告效果之影響。管理學報,27,503-526。
王朝仕、李麗蘋、余智生(民101)。價值低估與股票購回宣告後長期績效-資料包絡分析法之應用。企業管理學報,95,101-126。
王朝仕、余智生、李麗蘋(民101)。股票購回動機與執行成果之研究。管理研究學報,12,93-122。
葉亦湘(民102)。股票購回目的與實際執行率。國立國立臺中科技大學流通管理研究所碩士論文。

二、 英文部分
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