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研究生:莊晴涵
研究生(外文):CHUANG, CHING-HAN
論文名稱:盈餘管理行為與庫藏股宣告真假訊號之研究
論文名稱(外文):The Relationship between Earnings Management and Open Market Shares Repurchases True or False Signal
指導教授:李春安李春安引用關係
指導教授(外文):LI, CHUN-AN
口試委員:周淑卿詹家昌李春安
口試委員(外文):CHOU,SHU-CHINGCHAN, CHIA-CHUNGLI, CHUN-AN
口試日期:2017-06-20
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
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:2017
畢業學年度:105
語文別:中文
論文頁數:69
中文關鍵詞:庫藏股異常報酬盈餘管理裁決性應計數
外文關鍵詞:RepurchaseAbnormal returnsEarnings managementDiscretionary accruals
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本篇想要探討公司宣布庫藏股後,市場的反應與管理者實際執行比率和盈餘管理高低之間的影響,並結合訊號假說,探討公司宣告股票購回時,傳達真訊號之累積異常報酬是否會大於散播假訊號之累積異常報酬。本研究選取2008Q3至2016Q2的上市公司為樣本,並以裁決性應計數來衡量公司的盈餘管理。實證結果發現,全體與刪除前後1%極端值之樣本皆一致,驗證傳達真訊號之異常報酬會大於散播假訊號之異常報酬。在其他額外測試的樣本分類下,科技產業、買回目的3以護盤為目的及空頭時期的樣本皆可觀察得到異常報酬呈顯著性之相同結果。
This study explores the effect between the market response, the actual repurchase and the level of earnings management after the company announcement of treasury shares, and we combine with the signal hypothesis to examine whether the real signal sending of the cumulative abnormal return will be greater than the false signal sending when company announces the stock repurchase. We use the listed companies from the third quarter of 2008 to the second quarter of 2016 as samples and measure the earnings management of the company with discretionary accruals. The empirical evidence shows that whole samples are consistent with the samples of 1% extreme value before and after the deletion, it represents that the real signal sending of the cumulative abnormal return will be greater than the false signal sending when company announces the stock repurchase. Under additional tests with sample classification, we find the same and significant results from the sample of technology industry, buy purpose 3 to protect the stock market from crashing and short period.
摘要 i
ABSTRACT ii
目錄 iii
圖目錄 v
表目錄 vi
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題與目的 4
第三節 研究流程與章節架構 6
第貳章 文獻探討 8
第一節 我國庫藏股制度簡介 8
第二節 公司宣告公開市場股票購回之假說 13
第三節 宣布股票購回之市場反應 16
第四節 實際執行率高低與宣告後之股價反應 18
第五節 宣告庫藏股所建立的投資訊號 19
第六節 盈餘管理之相關文獻 20
第參章 研究方法 22
第一節 研究假說 22
第二節 實證迴歸模型 24
第三節 研究變數 25
第四節 事件研究法 28
第五節 研究樣本與資料來源 32
第六節 敘述性統計 34
第肆章 實證結果 35
第一節 盈餘管理之敘述統計及樣本分配 35
第二節 股票購回之宣告效果 37
第三節 迴歸分析 42
第伍章 結論 57
參考文獻 58

中文文獻
1.李亮君,李顯儀,吳幸姬及李欣微. (2010). 上市公司買回庫藏股資訊傳遞效果之探討. 東吳經濟商學學報(68), 61-89.
2.汪瑞芝. (2008). 庫藏股買回對公司績效之影響. 中華管理評論, 第十一卷一期, 11(1).
3.沈中華與李建然. (2000). 事件研究法:財務與會計實證研究必備. 華泰文化.
4.邱垂昌. (2006). 宣告及實際買回庫藏股與異常報酬-管理者之策略性應用. Journal of Accounting and Corporate Governance, 3(21), 17-36.
5.邱鍵麟. (2001). 台灣上市公司實施庫藏股制度對股價影響之研究. 長庚大學企業管理研究所碩士論文.
6.莊雅如. (2015). 庫藏股與證券報酬. 國立中正大學財務金融研究所碩士論文.
7.黃俊源. (2001). 我國上市公司實施庫藏股之資訊內涵與執行買回因素之實證研究. 東吳大學會計學研究所碩士論文.
8.楊婉婷. (2001). 庫藏股制度對台灣股市之影響. 國立台灣大學財務金融研究所碩士論文.

英文文獻
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3.Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. (1998). The effect of audit quality on earnings management. Contemporary Accounting Research, 15(1), 1-24.
4.Bhattacharya, S. (1979). Imperfect information, dividend policy, and the bird in the hand fallacy. Bell Journal of Economics, 10(1), 259-270.
5.Chou, D.-W., & Lin, J.-R. P. (2003). False signals from stock repurchase announcements: evidence from earnings management and analysts' forecast revisions.
6.Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1), 81-112.
7.Dann, L. Y. (1981). Common stock repurchases: An analysis of returns to bondholders and stockholders. Journal of Financial Economics, 9(2), 113-138.
8.Dechow, P. M., & Sloan, R. G. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1), 51-89.
9.DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics, 17(1), 145-176.
10.Dittmar, A. K. (2000). Why do firms repurchase stock. The Journal of Business, 73(3), 331-355.
11.Fenn, G. W., Liang, N., & Prowse, S. (1997). The private equity market: An overveiw. Financial Markets, Institutions & Instruments, 6(4), 1-106.
12.Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance? Journal of Accounting Research, 37(2), 319-352.
13.Gong, G., Louis, H., & Sun, A. X. (2008). Earnings management and firm performance following open‐market repurchases. The Journal of Finance, 63(2), 947-986.
14.Grullon, G., & Ikenberry, D. L. (2000). What do we know about stock repurchases? Journal of Applied Corporate Finance, 13(1), 31-51.
15.Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.
16.Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995). Market underreaction to open market share repurchases. Journal of Financial Economics, 39(2), 181-208.
17.Ikenberry, D., Lakonishok, J., & Vermaelen, T. (2000). Stock repurchases in Canada: Performance and strategic trading. The Journal of Finance, 55(5), 2373-2397.
18.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
19.Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
20.Jolls, C. (1996). The role of incentive compensation in explaining the stock-repurchase puzzle.
21.Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 193-228.
22.Kahle, K. M. (2002). When a buyback isn’ta buyback: Open market repurchases and employee options. Journal of Financial Economics, 63(2), 235-261.
23.Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163-197.
24.Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. The Journal of Finance, 40(4), 1031-1051.
25.Netter, J. M., & Mitchell, M. L. (1989). Stock-repurchase announcements and insider transactions after the October 1987 stock market crash. Financial Management, 84-96.
26.Raad, E., & Wu, H. (1995). Insider trading effects on stock returns around open-market stock repurchase announcements: an empirical study. Journal of Financial Research, 18(1), 45-57.
27.Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91-102.
28.Scott, T. W., & Wier, H. A. (2000). On constructing an EPS measure: An assessment of the properties of dilution. Contemporary Accounting Research, 17(2), 303-326.
29.Stephens, C. P., & Weisbach, M. S. (1998). Actual share reacquisitions in open‐market repurchase programs. The Journal of Finance, 53(1), 313-333.
30.Subramanyam, K. (1996). The pricing of discretionary accruals. Journal of Accounting and Economics, 22(1), 249-281.
31.Vermaelen, T. (1981). Common stock repurchases and market signalling: an empirical study. Journal of Financial Economics, 9(2), 139-183.
32.Vermaelen, T. (1984). Repurchase tender offers, signaling, and managerial incentives. Journal of Financial and Quantitative Analysis, 19(02), 163-181.
33.Ziebart, D. A. (1985). Control of beta reliability in studies of abnormal return magnitudes: a methodological note. Journal of Accounting Research, 920-926.

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