股票購回對盈餘管理之影響—以台灣上市（櫃）公司為例

The earning Impacts of Stock Repurchase: A Case Study of Taiwan Listing Companies

徐真真(Chen-Chen Hsu)

指導教授 ： 陳振宇

長榮大學/管理學院/經營管理研究所/碩士(2017年)

摘要

股票購回係為盈餘管理機制之一種方式，故公司可能透過此操作方式影響其盈餘之變化。惟上述方式需用到大量之現金方可施行，故將與公司現金流量之結構相關，亦即公司融限限制之程度將會係影響股票購回之重要因素。過去研究曾以資訊不對稱的觀點探討企業的融資行為，觀察企業在現有資產和投資機會間的信息不對稱，將因企業選擇融資方式過度投資和投資不足問題而有所不同。而本研究則係在融資限制之觀點下，透過股票購回之觀點，來探討其對盈餘管理之影響。在融資限制的衡量方面，本研究係以公司規模、年限、HP指數進行衡量。此外，由於台灣上市(櫃)公司普遍存在家族企業之現象，故本研究亦進一步以家族企業為分群之樣本，探討上述之現象。
實證結果發現當公司規模愈大時，進行增值股票回購之跡象愈明顯，兩者間呈現顯著正相關。另外，當公司年限愈長時，公司進行增值股票回購之跡象愈明顯。除此之外，本研究亦觀察公司融資限制之程度是否會影響其增值股票購回之影響，即係考量HP指標，其中可以發現公司之增值股票購回並不會因公司融資限制之程度而有所差異。另外，在家族企業方面，本研究發現融資限度程度較高時，其進行股票購回之意願度相對偏高。而在非家族企業方面，在當融資限度程度較高時，其進行股票購回之意願度相對較低，且傾向透過實質盈餘管理之方式進行操作。

關鍵字

股票購回 ； 融資限制 ； 盈餘管理 ； 家族企業

並列摘要

Stock repurchases are a method for the mechanism of earnings management; therefore, companies may affect changes of its earnings through this method. However, it takes a large amount of cash to apply the above-mentioned method, which will be related to the structure of cash flow for the company. In other words, the degree of financial constraints for the company will be an important factor for stock repurchases. Previous studies have examined the financing behavior of enterprises from the perspective of information asymmetry, which showed that information asymmetry in enterprises between assets in place and growth opportunities will be different depending on overinvestment and underinvestment problems resulted from the financing method chosen by enterprises. Rather, this study explored the effect of financial constraints on earnings management with the perspective from stock repurchases. This study used firm size, service life and HP index to measure financial constraints. In addition, since the phenomenon of family-owned business generally lies in listed company in Taiwan, this study also further examined the above-mentioned phenomenon by using family-owned business as clustering sample.
The empirical results show that when the firm size is bigger, the sign of repurchasing increment stock would be more evident, showing a positive correlation between them. Besides, when service life of the company is longer, the sign of repurchasing increment stock would be more evident. Moreover, this study observed whether the degree of financial constraints for the company would affect its increment stock repurchases, that is, taking HP index into consideration. As shown by the results, there is no effect in increment stock from the degree of financial constraints for the company. Also, as for family-owned businesses, it was found that when the degree of financial constraints is higher, it would be more willing to repurchase its own stock. Rather, as for non-family-owned businesses, when the degree of financial constraints is higher, it would be less willing to repurchase its own stock, and tend to use real earnings management.

並列關鍵字

Stock Repurchases ； Financial Constraints ； Earnings Management ； Family-owned Business

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