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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95144


    Title: 庫藏股實際執行率之研究
    Determinants of actual completion
    Authors: 陳進民
    Contributors: 徐燕山
    陳進民
    Keywords: 庫藏股
    實際執行率
    買回目的
    Date: 2009
    Issue Date: 2016-05-09 15:16:17 (UTC+8)
    Abstract: 由於公司之庫藏股宣告並非為具有強制性執行的一個承諾,即在宣告過後並無規定企業一定要實際進行買回之行為。在台灣由於法令規定庫藏股之執行必須自宣告之日起兩個月內完成,且在完畢之後還需要針對執行情形向主管機關申報與公告,因此我們擬利用台灣庫藏股制度所特別要求揭露之資訊,試圖透過對公司庫藏股買回行為之觀察,找出影響其實際執行率之決定因素。
    本文之研究期間為2000年8月至2009年6月,並以在這段時間國內曾宣告庫藏股之上市上櫃公司為樣本來進行研究,實證結果顯示,公司庫藏股買回之實際執行率與其宣告買回價格區間、平均交易量比率、公司規模、及執行期間報酬率呈現顯著負向相關,符合模型預期結果,而個股報酬率之標準差亦與實際執行率呈現顯著負相關,雖與原本預期之結果相反,但仍可找出合理之解釋。除此之外,公司所宣告之買回目的,不論是在全體樣本或者是依目的將樣本分組之後進行分析,兩者結果並無差異。
    Reference: 中文部分
    池祥萱 (2003), 公開市場股票再買回之研究。 國立中央大學財務金融研究所未出版博士論文。
    李宗祥 (2001), 上市公司買回本公司股份之研究。 國立臺灣大學財務金融學研究所未出版碩士論文。
    林樹源 (2001), 我國上市上櫃公司實施庫藏股之策略研究。 淡江大學商管學院高階主管管理碩士學程未出版碩士論文。
    陳世新 (2002), 我國上市公司購回庫藏股資訊內涵之實證研究。 國立政治大學財務管理研究所未出版碩士論文。
    陳曉穎 (2007), 我國上市上櫃公司庫藏股買回實際執行比率決定因素之研究。 國立台北大學會計學研究所未出版碩士論文。
    鄭桂蕙 (2002), 公司買回庫藏股之資訊內涵: 投資人觀點。 國立政治大學會計學研究所未出版博士論文。

    英文部份
    Adams, G. L., Brau, J. C. & Holmes, A. (2007), REIT Stock Repurchases: Completion Rates, Long-Run Returns, and the Straddle Hypothesis. Journal of Real Estate Research, 29, 2, pp. 115-135.
    Asquith, P. & Mullins Jr, D. W. (1986), Signalling with Dividends, Stock Repurchases, and Equity Issues. Financial Management (1972), 15, 3, pp. 27-44.
    Bajaj, M. & Vijh, A. (1990), Dividend clienteles and the information content of dividend changes. Journal of Financial Economics, 26, pp. 193-219.
    Brennan, M. J. & Thakor, A. V. (1990), Shareholder preferences and dividend policy. Journal of Finance, 45, pp. 992-1017.
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    Ikenberry, D., Lakonishok, J. & Vermaelen, T. (1995), Market Underreaction to Open Market Share Repurchases. Journal of Financial Economics, 39, 2-3, pp. 181-208.
    Ikenberry, D., Lakonishok, J. & Vermaelen, T. (2000) Stock Repurchases in Canada: Performance and Strategic Trading. Journal of Finance, 55, 5, PP. 2373-2397
    Ikenberry, D. L. & Vermaelen, T. (1996), The Option to Repurchase Stock. Financial Management, 25, 4, pp. 9-24.
    Jensen, M. (1986), Agency costs of free cash flow. American Economic Review, 76, pp. 323-329.
    Jolls, C. (1998), Stock Repurchases and Incentive Compensation. Harvard Law School, National Bureau of Economic Research Working Paper No.6467.
    Opler, T. & Titman, S. (1996), The debt-equity choice:An analysis of issuing firms. Working paper, University of Texas at Austin.
    Stephens, C. P. & Weisbach, M. S. (1998), Actual Share Reacquisitions in Open-Market Repurchase Programs. Journal of Finance, 53, 1, pp. 313-333.
    Vermaelen, T. (1981), Common Stock Repruchases and Programs and Market Signaling. Journal of Financial Economics, 9, pp. 139-183.
    Wallace N. Davidson III, Indudeep Chhachhi & Glascock, J. L. (1996), A Test for Price Pressure Effects in Tender Offer Stock Repurchases. The Financial Review, 31, No.1, pp. 25-49.
    Zhang, H. (2005), Share Price Performance Following Actual Share Repurchases. Journal of Banking and Finance, 29, 7, pp. 1887-1901.
    Description: 碩士
    國立政治大學
    財務管理研究所
    96357018
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096357018
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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