题名

庫藏股購回宣告後長期績效與影響因素之研究

并列篇名

Long-Run Performance Following Stock Repurchase Announcement and Influence Factors

DOI

10.29698/FJMR.200909.0002

作者

陳振遠(Roger C. Y. Chen)；張眾卓(Chong-Chuo Chang)；王朝仕(Chao-Shi Wang)；莊博勝(Po-Sheng Chuang)

关键词

庫藏股 ； 長期報酬 ； 內部人交易 ； 會計資訊 ； stock repurchases ； long-run return ； insider trading ； accounting information ； corporate governance

期刊名称

輔仁管理評論

卷期/出版年月

16卷3期（2009 / 09 / 01）

页次

23 - 57

内容语文

繁體中文
中文摘要

本研究以公司特徵變數、庫藏股購回資訊變數、內部人交易變數、會計資訊變數及公司治理變數等，探討其與庫藏股購回宣告後長期報酬間之關聯性。實證結果發現，庫藏股購回宣告後存在顯著的長期異常報酬，市場對庫藏股購回宣告的訊號確實存在反應不足的情形，股價在短期內並無法完全回復至真實價值。在迴歸分析中，淨值市價比、庫藏股購回目的、內部人淨買入、營收成長率、資本支出比率與股份控制權與現金流量權偏離程度，皆對庫藏股購回宣告後之長期報酬具有顯著的影響。此外，高淨值市價比與小規模公司之庫藏股購回傳遞股價低估的訊號較強烈。
英文摘要

This study examines long-run firm performance following open market stock repurchases from the perspectives of characteristics, information on stock repurchases, insider trading, accounting information and corporate governance. The empirical results demonstrate that the long-run abnormal return after initial announcement is significantly positive, implying that the market underreacts to incorporate the valuation effect of stock repurchase announcement in the short period. This study documents that the long-run return of stock repurchases has significant relation to the book-to-market ratio, repurchase purpose, insider net buying, sale growth rate, capital expenditure ratio and deviation between voting rights and cash-flow rights. Furthermore, firms with high book-to-market ratio and small firm size convey a substantial undervaluation signal through repurchase announcements.
主题分类 社會科學 > 管理學
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被引用次数
  1. 趙音茹(2016)。低庫藏股執行比率公司之股價長短期績效評估。淡江大學財務金融學系碩士在職專班學位論文。2016。1-55。 
  2. 陳暉(2016)。庫藏股購回對公司員工之影響-以 W 公 司為例。。中原大學會計學系學位論文。2016。1-38。 
  3. 黃心怡(2016)。股票購回宣告效果之研究－BCG模型觀點。臺中科技大學企業管理系碩士班學位論文。2016。1-59。
  4. 曾妙齡(2017)。公司治理對庫藏股宣告效果之影響。臺中科技大學企業管理系碩士班學位論文。2017。1-75。
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