股票購回動機與執行成果之研究

The Motivates of Share Repurchase and the Outcome of Implementation

10.6626/MR.2012.12(1).04

王朝仕(Chao-Shi Wang)；余智生(Chih-Shen Yu)；李麗蘋(Li-Ping Lee)

投資人偏好 ； 股票購回動機 ； 執行成果 ； Investor preference ； Share repurchase motives ； The outcome of implementtation

管理研究學報

12卷1期（2012 / 06 / 01）

93 - 122

繁體中文

公司提出股票購回計畫會傳遞出正面價值訊號。然而，若公司在向市場宣告購回政策後，並未遵循計畫購回股份，則該政策就可能有誤導投資人交易方向的嫌疑。有鑑於此，本研究嘗試從公司購回動機為出發點，進行市場反應與執行成果等兩個方面的檢測，期望確認購回政策價值訊號的合理性。在實證結果方面，首先歸納出投資人偏好的股票購回動機特徵，包括自我評價高度樂觀、自由現金流量少、負債多或追隨購回熱季等。其次，考量到公司購回動機可能並非由單獨一項即可確立，故本研究嘗試建立「購回動機綜效分數」，以衡量具備多元化投資人偏好購回動機的特徵；檢測發現購回動機綜效分數愈高，宣告後績效愈益強勢。基於投資人對於購回計畫會產生正向反應，故追究公司是否遵照計畫執行購回更富有意義。然而，本研究發現購回動機與實際購回行為是分割的。進一步的證據顯示，公司實際購回行為端視投資人反應而定，宣告後初期績效愈佳則公司愈會放棄購回。

A company delivers positive value signals when it proposes a share repurchase plan. However, if the company does not implement the repurchase plan after its announcement, its policy may be suspected of investors trade direction manipulation. For this reason, this study explored the motives of company repurchase and examined the responses from market and the outcome of implementation in hopes to verify the rationale for the repurchase strategy value signal. First, for empirical results, the study categorized the repurchase motive characteristics preferred by the investors, including highly optimistic self-evaluation, small free cash flow, high liabilities, and hot-repurchase. Second, we considered the fact that company repurchases may not be motivated by just one single factor and attempted to establish “repurchase motivation synergy scores” to measure the characteristics of diversified investor preference for repurchase motivation. The study found that the higher the repurchase motivation synergy score, the stronger the performance after announcement. Because investors tend to respond positively to repurchase plans, this study also investigated whether a company would adhere to the repurchase plan and implement the repurchase. The results indicate that repurchase motivation and actual repurchase behavior are severed issues. Further evidence indicates that the actual repurchase behaviors of the company depended on the responses of investors. The better the initial performance after the announcement, the more likely the company would abandon the repurchase.

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