宣告及實際買回庫藏股與異常報酬－管理者之策略性應用

Announced and Actual Share Repurchases and Abnormal Returns: Managers' Strategic Application

10.30139/JACG.200612.0002

邱垂昌(Chei-Chang Chiou)

庫藏股 ； 異常報酬 ； 現金流量 ； Treasury Stock ； Abnormal Returns ； Cash Flows

會計與公司治理

3卷2期（2006 / 12 / 01）

17 - 35

繁體中文

本研究旨在探討公司宣告買回庫藏股佔其流通在外股數比例大小與市場反應（股價績效）大小之關係，以及公司實際購回佔其宣告買回之比例與其股價被低估程度及公司現金流量水準之關係。實證結果顯示公司宣告買回庫藏股比例與宣告期間平均異常報酬有顯著正向相關，但實際購回比例卻與宣告期間平均異常報酬無顯著相關；此結果顯示台灣市場反應庫藏股實施之資訊內涵係來自宣告買回而非實際買回。實證結果亦顯示庫藏股宣告購回比例及前次宣告之實際購回比例皆與當次宣告之實際購回比例呈顯著正向相關，但宣告前一個月之平均異常報酬、宣告期間之平均異常報酬（亦即股價被低估之程度）及宣告前一季之現金流量水準皆對實際購回比例無顯著影響。

This paper examines the relation between abnormal returns at the announcement period and the fraction of shares stated in the announcement of the repurchase program, and the effect of undervaluation and cash flows on actual repurchases. The empirical results show that larger announced repurchase targets are associated with higher abnormal returns, but there is insignificant association between abnormal returns and the firm's actual share repurchases at the announcement period. These results indicate that the information content of the repurchase announcement in Taiwan comes from announced targets but is unrelated to actual repurchases. The results also show that there are significantly positive effects of announced repurchase targets of this time and actual repurchases of prior time on actual repurchases of this time, but there are insignificant effects of preannouncement performance, announcement period performance and preannouncement cash flows on actual share repurchases.

1. Asquith, P.,D. W. Mullins(1986).Equity issues and offering dilution.Journal of Financial Economics,15(1/2),61-89.
2. Bajaj, M.,A. Vijh.(1990).Dividend clienteles and the information content of dividend changes.Journal of Financial Economics,26,193-219.
3. Comment, R.,G. A. Jarrell.(1991).The relative signaling power of dutch-auction and fixed-price self-tender offers and open-market share repurchases.The Journal of Finance,46(2),1243-1272.
4. Dann, L. Y.(1981).The effects of common stock repurchase on security holders' returns.Journal of Financial Economics,9,101-138.
5. Denis, D.,D. Denis,A. Sarin.(1994).Information content of dividend changes: Cash flow, signaling, overinvestment and dividend clienteles.Journal of Financial and Quantitative Analysis,29,567-587.
6. Gujarati, D. N.(1995).Basic Econometrics.New York:McGraw-Hill, Inc..
7. Ikenberry, D.,J. Lakonishok,T. Vermaelen.(1995).Market underreaction to open market share repurchases.Journal of Financial Economics,39(2),181-209.
8. Ikenberry, D.,J. Lakonishok,T. Vermaelen.(2000).Stock repurchase in Canada: Performance and strategic trading.The Journal of Finance,LV(5),2373-2397.
9. Ikenberry, D.,T. Vermaelen.(1996).The option to repurchase stock.Financial Management,25(4),9-24.
10. Kaplan, S.,D. Reishus.(1990).Outside directorships and corporate performance.Journal of Financial Economics,27,389-410.
11. Kleibaum, D. G.,L. L. Kupper,K. E. Muller.(1988).Applied Regression Analysis and Other Multivariate Methods.Boston, Mass:PWS-Kent.
12. Lakonishok, J.,T. Vermaelen.(1990).Anomalous price behavior around repurchase tender offers.Journal of Finance,45(2),455-477.
13. Oyon, D.,C. C. Markides,C. D. Ittner.(1994).The information content of common stock repurchases: An empirical study.British Journal of Management,5,65-75.
14. Stephens, C. P.,M. S. Weisbach.(1998).Actual share reacquisitions in open-market repurchase programs.The Journal of Finance,LIII(1),313-333.
15. Vermaelen, T.(1981).Common stock repurchases and market signaling-An empirical study.Journal of Financial Economics,9(2),139-182.
16. 王一方(2001)。國立台北大學企業管理學系碩士在職專班。
17. 朱隆宗(2001)。國立政治大學經營管理學程。
18. 李忠泰(2001)。朝陽科技大學財務金融系。
19. 林良憲(2001)。國立政治大學企業管理學系。
20. 邱鍵麟(2001)。長庚大學企業管理研究所。
21. 張志銘、詹允豪(2002)。庫藏股制度說明與母子公司交叉持股問題之探討（上）。證券櫃臺，72，27-82。
22. 陳振遠、吳香蘭(2002)。台灣上市公司庫藏股購回宣告資訊內涵之研究。中山管理評論，10(1)，127-154。
23. 蔡柳卿、郭法雲(2001)。我國庫藏股制度之實證研究：資訊效果與資訊傳遞動機。東吳大學2001會計理論與實務研討會，台北:
24. 駱姿蓓(2001)。國立中正大學企業管理研究所。
25. 魏秀香(2001)。中華大學經營管理研究所。

1. 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。
2. 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。