政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/114700

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113311/144292 (79%)
Visitors : 50915462 Online Users : 832

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Scope

please add "double quotation mark" for query phrases to get precise results

please goto advance search for comprehansive author search

Adv. Search

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

Goto mobile version

政大機構典藏 > 學術期刊 > 會計評論 > 期刊論文 > Item 140.119/114700

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/114700

Title:	我國庫藏股制度之實證研究：資訊效果與資訊傳遞動機 An Empirical Study on Stock Repurchases in Taiwan: The Information Effect and Signaling Motivation
Authors:	蔡柳卿郭法雲 Tsai, Liu-Ching Guo, Fa-Yun
Keywords:	股票買回;庫藏股;訊號理論;資訊效果 Stock repurchase;Signaling;Information effect
Date:	2004-01
Issue Date:	2017-11-15 14:52:26 (UTC+8)
Abstract:	本研究旨在檢視我國上市公司實施庫藏股計畫之資訊效果與資訊傳遞動機。首先，本研究有三項在資訊效果方面之發現。(一)當公司宣告買回庫藏股時，市場反應顯著為正，顯示公司的庫藏股決策具有正面的資訊效果。在本文的研究期間內，由於非金融保險業仍可透過子公司買回母公司股票來護盤，而金融保險業則否，故對於僅能買回庫藏股票維護股價的金融保險業而言，其資訊效果較強。(二)以宣告期間前後各30天的股價績效進行比較，發現宣告後的累積異常報酬顯著高於宣告前的。在敏感性分析中亦發現排除母子公司交叉持股及庫藏股再次宣告之觀察值後，這類樣本執行截止日後的股價仍持續維持甚而上升。(三)測試宣告期間市場反應之影響因素時，發現若公司過去股價績效愈差與淨值市價比率愈高，則公司宣告時市場反應愈大。其次，在庫藏股決策影響因素上，本研究發現：控制相關變數後，庫藏股預定買回數量和公司未來盈餘成長及淨值市價比率成正相關，並和宣告前的股價績效成負相關。綜合上述兩方面的證據，本研究發現股價低估係公司宣告買回公司股票的重要動機，而市場投資人亦將此決策視為有利資訊。 This paper examines the information effect of stock repurchase announcements and whether signaling is the primary motivation for stock repurchase. As predicted, we find significantly positive market reactions to stock repurchase announcements, and this positive information effect is stronger for the banking and insurance industries. Also, we find the stock price performance over the post-announcement period is higher than that over the pre-announcement period. Further, the results show that the announcement return is associated positively with book-to-market ratio, but negatively with the prior stock return, indicating that repurchase announcements are treated as signals conveying undervaluation-related information by the market. Finally, we test the factors affecting a firm’s decision to repurchase stocks. Consistent with our prediction, the projected purchase size is related positively to current earnings change and book-to-market ratio, but negatively to the prior stock return. In sum, this paper provides evidence that signaling a firm’s positive information is the main motivation for stock repurchase.
Relation:	會計評論, 38, 81-112
Data Type:	article
DOI 連結:	http://dx.doi.org/10.6552%2fJOAR.2004.38.4
DOI:	10.6552/JOAR.2004.38.4
Appears in Collections:	[會計評論] 期刊論文

Files in This Item:

File	Description	Size	Format
index.html		0Kb	HTML2	348	View/Open

All items in 政大典藏 are protected by copyright, with all rights reserved.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

DSpace Software Copyright © 2002-2004 MIT & Hewlett-Packard / Enhanced by NTU Library IR team Copyright © - Feedback