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研究生:邱竣彥
研究生(外文):QIU,JUN-YAN
論文名稱:金融海嘯下股票購回之實證研究
論文名稱(外文):The Effect of Share Repurchase during the Financial Tsunami:Cross Industries Evidence from Taiwan
指導教授:鎮明常鎮明常引用關係
口試委員:黃瓊慧沈仰斌張琬喻張紹基
口試日期:2020-07-04
學位類別:碩士
校院名稱:國立中正大學
系所名稱:企業管理系研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2020
畢業學年度:108
語文別:中文
論文頁數:42
中文關鍵詞:庫藏股股票購回金融海嘯事件研究法
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本次研究主要為探討台灣股票市場在經歷2008年全球金融海嘯後,公司進行購回庫藏股行為之異常報酬有何改變,分析期間將從2000年至20017年共18年,選擇2000年為研究起始年份是為了瞭解台灣股票市場在2000年台灣政府對於上市櫃公司購回自家庫藏股相關法案陸續開放後,直到2017年之間這18年來,台灣股票市場中執行庫藏股購回行為是否因為2008年的全球金融海嘯影響後發生了何種變化,觀察金融海嘯前期與後期市場上操作庫藏股購回之異常報酬的情況與模式是否一致或者因金融海嘯而有了轉變,並且分別依照全產業、金融產業、電子產業、傳統產業四個不同面向去加以分析比對。
透過上述實證結果分析,了解整個台灣股票市場中上市櫃公司中哪一種產業最擅長操作庫藏股購回行為,以及這四種產業之間是否有所互相關聯。統計結果顯示,在台灣股票市場中,2008年金融海嘯後確實改變了市場執行庫藏股購回習慣,而其所產生的異常報酬與累積異常報酬也有了相關規律性產生。庫藏股購回之宣告行為會為其公司股價帶來正向報酬,對於台灣上市上櫃公司而言是一項有效刺激股價的策略性工具。
在2008年金融海嘯過後,當台灣股票市場再度受到全球性的金融事件影響時,市場上的上市櫃公司都有慣性執行庫藏股購回行為產生,但受其影響當年度之累積異常報酬表現卻不是特別亮眼。台灣上市上櫃公司在發生全球性的金融事件後隔年,執行庫藏股購回之宣告是較有效的策略性工具。
本研究收集、整理後的報告結果將提供給相關產業對於未來規畫執行庫藏股購回行為作為參考,也提供台灣股票市場中的投資人相關分析的參考資料。

目錄
摘要 III
目錄 VI
圖目錄 VII
表目錄 VII
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究範圍 1
第三節 研究步驟與流程 1
第二章 文獻回顧 5
第一節 庫藏股購回因素 5
第三節 研究假說 8
第三章 資料與研究方法 11
第一節 資料 11
第二節 事件研究法 11
第四章 實證結果與分析 17
第一節 全產業 17
第二節 金融業 21
第三節 電子業 24
第四節 傳統產業 26
第五章 結論與未來建議 29
第一節 結論 29
第二節 未來建議 30
參考文獻 31
英文部分 31
中文部分 34


參考文獻
英文部分
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Bonaimé, AA, Őztekin, Ő & Warr, RS 2014, ‘Capital structure, equity mispricing, and stock repurchases’, Journal of Corporate Finance, vol. 26, no. c, pp. 182-200.
Case, B, Hardin III, WG & Wu, Z 2012, ‘REIT dividend policies and dividend announcement effects during the 2008-2009 liquidity crisis’, Real Estate Economics, vol. 40, no. 3, pp. 387-421.
Caton, GL, Goh, J & Kohers, N 2003, ‘Dividend omissions and intra-industry information transfers’, Journal of Financial Research, vol. 26, no. 1, pp. 51-64.
Chang, SC, Lai, JH & Yu, CH 2005, ‘The intra-industry effect of share repurchase deregulation: evidence from Taiwan’, Review of Pacific Basin Financial Markets & Policies, vol. 8, no. 2, pp. 251-277.
Cheng, SY & Hou, H 2013, ‘The information content of open-market repurchase announcements in Taiwan’, Journal of International Financial Markets, vol. 27, no. 1, pp. 59-75.
Comment, R & Jarrell, GA 1991, ‘The relative signalling power of Dutch-auction and fixed-price self-tender offers and open-market share repurchases’, Journal of Finance, vol. 46, no. 4, pp. 1243-1271.
Dann, LY 1980, ‘Common stock repurchases’, Journal of Financial Economics, vol. 9 no. 2, pp. 113-138.
Erwin, GR & Miller, JM 1998, ‘The intra-industry effects of open market share repurchases: contagion or competitive?’, Journal of Financial Research, vol. 21, no. 4, pp. 389-406.
Ferris, SP, Jayaraman, N & Makhija, AK 1997, ‘The response of competitors to announcements of bankruptcy: an empirical examination of contagion and competitive effects’, Journal of Corporate Finance, vol. 3, no. 4, pp. 367-95.
Firth, M 1996, ‘Dividend changes, abnormal returns, and intra-industry firm valuations’, Journal of Financial & Quantitative Analysis, vol. 31, no. 2, pp. 189-211.
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Hertzel, MG 1991, ‘The effects of Stock repurchases on rival firms’, Journal of Finance, vol. 46, no. 2, pp. 707-716.
Howe, JS & Shen, YP 1998, ‘Information associated with dividend initiations: firm specific of industry-wide?’, The Journal of the Financial Management Association, vol. 27, no. 3, pp. 17.
Ikenberry, D, Lakonishok, J & Vermaelen, T 1995, ‘Market underreaction to open market share repurchases, ‘Journal of Financial Economics’, vol. 39, no. 2-3, pp. 181-208.
Laux, P, Starks, LT & Yoon PS 1998, ‘The relative importance of competition and contagion in intra-industry information transfers: an investigation of dividend announcements’, The Journal of the Financial Management Association, vol. 27, no. 3, pp. 5.
Madura, J, Akbigbe, A & Bartunek, KS 1995, ‘Intra-industry effects of bank layoff announcements’, Review of Financial Economics, vol. 4, no. 2, pp. 187-95. Masulis, RW 1980, ‘Stock repurchase by tender offer: an analysis of the causes of common stock price changes’, Journal of Finance, vol. 35, no. 2, pp. 305-319.
Minardi, AMAF, Ferrari, GL & AraújoTavares, PC 2013, ‘ Performances of Brazilian IPOs backed by private equity’, Journal of Business Research, vol. 66, no. 3, pp. 448-455.
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Otchere, I & Ross, M 2002, ‘Do share buy back announcements convey firm-specific or industry-wide information? a test of the undervaluation hypothesis’, International Review of Financial Analysis, vol. 11, no. 4, pp. 511-31.
Pugh, WN & Jahera Jr., JS 1990, ‘Stock repurchases and excess returns: an empirical examination’, Financial Review, vol. 25, no. 1, pp. 127-142.
Pugh, WN, Jahera Jr., JS & Oswald, SL 2005, ’ESOP adoption and corporate performance: does motive really matter?’, Journal of Business & Economic Studies, vol. 11, no. 1, pp. 76-92.
Raad, E & Wu, HK 1995, ‘Insider trading effects on stock returns around open-market stock repurchase announcements: an empirical study’, Journal of Financial Research, vol. 18, no. 1, pp. 45.
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Shen, CH & Lee, JZ 2000, The event study, 1nd edn, Hwa Tai Publishing, Taipei.
Shen, YP & Huang, CJ 1998, ‘Subsidiary trading in parent stocks: trading behavior of major Taiwan corporations’, Journal of Financial Studies, vo1. 9, no. 3, pp. 53-70.
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中文部分
毛治文 1999,「內部關係人持股比例及其變動與上市公司購回庫藏股之關聯性研究」,中國文化大學會計研究所碩士倫文。
游祥泰 2002,「股票購回資料內涵之研究:以台灣股票市場為例」,逢甲大學企業管理所碩士論文。
陳瓊怜 2003,「庫藏股實施的宣告對股票報酬的影響-以臺灣股票市場為例」,逢甲大學經濟研究所碩士論文。
羅容恆 2003,「我國上市公司股票購回宣告與同業股價關聯性之研究」,國立中山大學財務管理研究所碩士論文。
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