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    題名: 庫藏股減資與現金減資之宣告效果比較－以臺灣上市上櫃公司為例
    Comparison Of The Announcement Effect Of Stock Repurchase And Capital Reduction - Evidence From Listed Companies In Taiwan
    作者: 陳彥婷
    Chen, Yen-Ting
    貢獻者: 鄭宇庭
    Cheng, Yu-Ting
    陳彥婷
    Chen, Yen-Ting
    關鍵詞: 庫藏股減資
    現金減資
    事件研究法
    多元迴歸分析
    Stock repurchase
    Capital reduction by cash
    Event study
    Multiple Regression Analysis
    日期: 2022
    上傳時間: 2022-09-02 15:47:51 (UTC+8)
    摘要: 從2020年2月起受新型冠狀肺炎（COVID-19）的疫情影響，許多台灣上市櫃公司宣布將實施庫藏股購回，以強化投資人對公司的信心；在現金減資上，自2013年1月1日起二代健保補充保費開始實施後，近年來實施現金減資之公司相較過去增加許多，在樣本數大幅提升的情況下，本研究以2015年1月1日至2020年4月30日間執行庫藏股減資及現金減資的上市上櫃公司為樣本，利用事件研究法及多元迴歸分析探討庫藏股減資及現金減資之宣告效果及影響因素。實證結果顯示：1.公司宣告庫藏股減資及現金減資在事件日當天具有顯著的正向宣告效果2.公司宣告庫藏股減資與現金減資之間累積異常報酬率無顯著差異3.以多元迴歸分析哪些因素影響宣告減資的累積異常報酬率，結果發現股價淨值比、負債比率、預定減資比率、庫藏股減資顯著地影響累積異常報酬率。
    Since February 2020, affected by the novel coronavirus pandemic (COVID-19), Taiwan-listed cabinet companies announced that they will implement a treasury stock repurchase to strengthen investors` confidence. In terms of cash reduction, since 2013 after the second-generation National Health Insurance (NHI) program on January 1st, the number of companies that initially implemented cash reduction has increased compared to the past. In the case of a significant increase in the number of samples, this study takes January 1st, 2015 to April 30, 2020, the listed OTC companies that implemented stock repurchase and capital reduction by cash were used as a sample. This study uses the event study method and multiple regression analysis to discuss the announcement effects and influencing factors by stock repurchase and capital reduction by cash. The empirical results : 1. The announcement on the stock repurchase and capital reduction by cash has positive abnormal return rate and accumulated abnormal returns rate in the short term. 2. The company announced that there was no significant difference in the cumulative abnormal rate of return between stock repurchase and capital reduction by cash. 3. Using multiple regression analysis to find out which factors affect the cumulative abnormal return rate of the announced capital reduction. The results is the net stock price ratio, debt ratio, predetermined capital reduction rate, and treasury stock capital reduction significantly affect the cumulative abnormal return rate.
    參考文獻: 一、中文文獻
    1. 沈中華、李建然，2000， 「事件研究法－財務與會計實證研究必備」，台北市：華泰文化出版社。
    2. 吳明政、謝依婷，2007，「庫藏股買回效果之再探討-以細分所有上市上櫃公司各分類構面之實證研究」，台灣銀行季刊，第五十八卷第三期，268-291頁。
    3. 林士鋒，2010，「台灣上市上櫃企業現金減資研究」，國立中正大學財務金融研究所碩士論文。
    4. 林雅萍，2010，「庫藏股減資和現金減資宣告效果之比較」，國立政治大學財務管理研究所碩士論文。
    5. 洪有駿，2012，「臺灣上櫃公司庫藏股買回宣告對股票報酬效應之探討」，國立雲林科技大學財務金融系碩士班碩士論文。
    6. 許純華，2010，「台灣上市櫃公司減資後績效與減資類型之關聯性」，國立交通大學科技管理研究所碩士論文。
    7. 薛德興，2016，「台灣上市櫃公司辦理現金減資對股價異常報酬之影響」，國立成功大學財務金融研究所碩士在職專班。
    8. 廖建翔，2015，「實質減資對股價之影響比較現金減資與庫藏股減資」，僑光科技大學財務金融研究所碩士論文。
    9. 劉家銘，2015，「台灣上市櫃企業現金減資對股東報酬率影響之研究」，國立交通大學管理學院財務金融學程碩士班碩士論文。
    二、英文文獻
    1.Billett M.T., and Xue Hui, 2007, “The Takeover Deterrent Effect of Open Market Share Repurchases”, Journal of finance 62, 1827-1850
    2.Dittmar, A.K., 2000, “Why Do Firms Repurchase Stock” Journal of Business 73, 331-355
    3.Grullon, G. and D.L. Ikenberry,2000, “What Do We Know About Stock Repurchases”, Journal of Applied Corporate Finance 13.1, 31-51.
    4.Ikenberry, David, Josef Lakonishok, and Theo Vermaelen, 1995,“Market Underreaction to open Market Share Repurchases,” Journal of Financial Economics 39, 181-208.
    5.Ikenberry, David, Josef Lakonishok, and Theo Vermaelen, 2000,“Stock Repurchases in Canada : Performance and Strategic Trading,” Journal of Finance 55, 2373-2397.
    6.Jensen, M.C., 1986, “Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review 76, 323-329.
    7.Miller, J.M. and G. Shanker, 2005,“The Effects of Open-Market Stock Repurchases by Insurance Companies” Journal of Insurance Issues 28, 167-182.
    8.Nohel, T. and V. Tarhan, 1998, “Share Repurchases and Firm Performance: New Evidence on the Agency Costs of Free Cash Flow” , Journal of Financial Economics 49, 187-222.
    9.Vermaelen, T., 1981, “Common Stock Repurchases and Market Signaling-an Empirical Study”, Journal of Financial Economics 9, 139-183.
    10.Zhang, Hua,2005, “Share Price Performance Following Actual Share Repurchases,” Journal of Banking and Finance 29, 1887-1901.
    描述: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    107363108
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0107363108
    資料類型: thesis
    DOI: 10.6814/NCCU202201479
    顯示於類別:[企業管理研究所（MBA學位學程）] 學位論文

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