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  • 學位論文

股票購回後公司長期績效之探討

Stock Repurchase and The Long-term Performance

指導教授 : 王朝仕

摘要


本研究利用迴歸的方式,探討股票購回後對於績效的影響,以及金融海嘯對股票購回造成哪些影響等相關議題,在迴歸式中我們所選擇的自變數包含購回股數占流通在外股數百分比、宣告次數、產業別、宣告年度…等,應變數則分別為代表營運績效的ROA及代表股票績效的累積異常報酬。 在經營績效的部分,無論產業別或宣告年度是否有納入迴歸式中,當購回股數占流通在外股數百分比及宣告次數降低時,則ROA會有顯著地上升;至於在股票績效的部分,自變數都要從宣告後第二年起才逐漸具有顯著的解釋力,當購回股數占流通在外股數百分比增加及宣告次數降低時,則累積異常報酬會有顯著地提高,同樣地無論產業別或宣告年度是否有納入迴歸式中,所有結果都相去不遠,顯示出本研究之迴歸式與結果相當穩健。 由於金融海嘯影響到大部分的公司,導致彼此的營運皆會受到影響且股價大幅下跌,因此我們可以很明顯地看出在金融海嘯後ROA顯著地下降,但累積異常報酬在前兩年卻有顯著地增加。 公司宣告股票購回後一至三年之ROA低於宣告前一年的,反映出當公司宣告股票購回時,其營運績效已發生了一些問題,而在累積異常報酬上,大約至宣告後第二年就已反應完畢,且的確存在正向的異常報酬。整體而言,公司宣告股票購回,對於經營績效的改善並沒有顯著幫助,但對於維持股價的確是一個良好的手段。

並列摘要


In this thesis, we discuss the effect of stock performance after stock repurchasing and the effect of stock repurchasing after the financial tsunami by using the results of regression analysis. We used the ratio of repurchased outstanding stocks, times of announcement, type of industry, and years of announcement as independent variables in regression analysis. The dependent variables included ROA, which represented the operating performance, and accumulated abnormal returns, which represented stock performance. Regardless of the type of industry and the years of announcement that were included in regression analysis, when the ratio of repurchased outstanding stocks and the times of announcement decreased, the ROA increased significantly based on operating performance. Regarding stock performance, the independent variables had significant explanatory power after the second year it was announced. When the ratio of repurchased outstanding stocks and the times of announcement decreased, the accumulated abnormal returns increased significantly. Similarly, regardless of whether the type of industry and the years of announcement were included in regression analysis, the results were similar. This indicated that the regression analysis and results were consistently robust. The financial tsunami affected most companies by influencing the operations conducted among them, and their stock prices decreased sharply. We observed that the ROA clearly decreased after the financial tsunami, but the accumulated abnormal returns increased significantly in the first 2 years. The ROA in the first 3 years after the company announced that it was repurchasing stocks was lower than that in the year before the announcement. This indicated that, when the company announced that it was repurchasing stocks, its operating performance was beginning to decline. The accumulated abnormal returns reflected finish in the first 2 years after the announcement, and positive abnormal returns were obtained. In general, announcing the repurchasing of stocks does not significantly improve operating performance, but it is an effective method for maintaining the stock price.

參考文獻


1.王朝仕、余智生、李麗蘋,2012,股票購回動機與執行成果之研究,管理
2.王朝仕、湯惠雯,2010,股票購回計畫長期績效之再檢測-研發活動觀
4.陳振遠、張眾卓、王朝仕、莊博勝,2009,股票購回宣告後長期績效與影
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被引用紀錄


陳沛悌、張少棋、李婷文、莊芸兒、陳甫鼎(2018)。遊客知覺價值、滿意度、重遊意願之研究—以新竹市立動物園為例管理資訊計算7(2),258-271。https://doi.org/10.6285%2fMIC.201809_7(2).0020

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