臺灣博碩士論文加值系統

本研究的目的在於探討新上市、櫃短期內即進行股票購回之公司的真實動機及其績效表現。首先，透過事件研究法，我們發現到台灣新上市、櫃公司進行初次股票購回之宣告日前後股價會有正的異常報酬，公司可以藉由此種舉動，向市場發射有利訊號，意即公司可以透過進行股票購回，達到使股價上升之目的。此外，實證結果亦顯示，公司並沒有在合乎公司成長周期的時點進行股票購回，且有內部關係人持股比率較高的特性，這些現象，隱含著新上市、櫃公司3年內進行股票購回之公司之動機可能較符合誤導動機。
最後，實證結果亦顯示，新上市、櫃公司3年內進行初次股票購回之公司與其他公司相比，有較差的績效表現，且兩者的差距在兩年內有翻倍的成長。另外，我們亦發現到，上市、櫃3年內即進行股票購回之公司，有極高比例的公司的內部關係人有出脫持股的情形且內部關係人持股比率變動顯著為負。綜合上述，我們認為新上市、櫃公司3年內進行初次股票購回之公司，會有長期績效不佳的結果，是因為其進行股票購回的動機是為了支撐股價、避免獲利能力下降，而產生刻意在市場上執行股票購回，藉以誤導市場，支持誤導假說。

目錄
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 本文架構 6
第二章 文獻探討 8
第一節 新上市股票績效表現 8
第二節 股票購回政策 13
第三章 研究設計 25
第一節 研究假說 26
第二節 樣本選取與資料來源 30
第三節 研究方法 32
第四章 實證結果與分析 42
第一節 樣本資料敘述統計 43
第二節 研究假說之實證結果 46
第五章 結論 58
第一節 研究結論 58
第二節 研究建議 60
參考文獻 64

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