臺灣博碩士論文加值系統

本研究旨在探討庫藏股宣告後對於投資變數的影響，以及庫藏股之動機究竟為何。研究發現以往在英國市場與美國市場皆認為投資變數與庫藏股政策之間存在負相關，在台灣市場此關係則不存在；增加實施庫藏股之動機為公司預測的每股盈餘小於券商預估的每股盈餘。此能呼應到由於公司預測的每股盈餘小於券商預測的每股盈餘，會導致股價有一向下的壓力，因而過去文獻皆證實在庫藏股政策宣告前，會有累積負的異常報酬結果，管理者為消弭此結果會增加實施庫藏股之動機，進而使每股盈餘達至券商所預期。另一方面，由於實施庫藏股政策給予外部投資人股價被低估之訊息，因而進場投資，而造成股價重回至原來水品甚至更高，導致過去文獻皆證實在股票購回宣告後，會有長期正的累積異常報酬現象產生。

The purpose of this paper is to examine the impact investment variables after announcing treasury stock policies and the motivation for Treasury stocks. We find weak correlation between investment variables and treasury stock in Taiwan instead of the obvious negative correlation in the UK and USA. The incentive for treasury stocks increase when the earnings per share predicted by companies is less than the numbers predicted by brokers. Downward pressure on stock prices occurs when the earnings per share predicted by companies is less than the numbers predicted by brokers’. This result is consistent with previous findings that the cumulative negative abnormal return exists before stock repurchase announcement. In order to eliminate the downward pressure, managers will tend to repurchase treasury stock and to meet the expectation EPS estimated by brokers. Besides, treasury stocks policies signal that the stock prices are underestimated by external investors. External investors may tend to invest in stocks and lead the prices back to normal or even higher level. This phenomenon was proved in previous literature that cumulative positive abnormal return exist in long-term after stock repurchase announcement.

第一章緒論…………………………………………..…………………1
第一節研究背景與動機………………………………………...…1
第二節研究目的………………………………………………....…..5
第三節 研究架構與流程…….……………………………………6
第二章法規文獻探討………………………………….……….8
第一節 庫藏股制度相關法規探討……………...……8
第二節 庫藏股購回相關研究…………………..…...13
第三章研究方法………………………………………………………24
第一節 建立假說…………..………………....……………………24
第二節定義研究變數與模型………….…….……………………25
第三節樣本選取與資料來源……………….…..………………30
第四章實證結果………………………………………………………32
第一節敘述統計分析…………..….…….….….…………………32
第二節投資變數與庫藏股政策之分析………………………38
第三節庫藏股政策之動機…………………….……..……………40
第五章實證結果………………………………………………………44
第一節研究結論………………..….……….….………...…………44
第二節樣本限制………………..….……….….………………...…47
第三節研究建議………………..….……….….………………...…48
參考文獻……………….………………………………………….……49

英文部分
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中文部分
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3.陳育良(2016), 庫藏股買回與股價淨值比對企業股價影響之研究, 國立交通大學管理學院財務金融學程
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