- 學位論文
於非常時期宣告實施庫藏股之研究-以台股上市公司為例
The Special Time Announcing Buyback For Listed Companies On Taiwan Stock Market
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摘要
自民國97年3月台灣政黨輪替以來，台股於5月適處於高峰而後一路下跌，期間經歷貝爾斯登財務危機，9月15美國第四大投資銀行雷曼兄弟倒閉事件，受此影響，3月底從高點9310點滑落，至11月底低點3995點為止，共暴跌五千多點，全年總共下跌46.2%。我國庫藏股之實施追溯自民國89年 5 月新政府執政，國內政局不穩，股市大跌，在財政部與立法院的共識下，於 6月30日立法通過庫藏股票制度，期望透過庫藏股票的實施，避免股價持續下滑，達到穩定股市的效果。本研究即在探討公司實施庫藏股票後其股價變動情形，研究目的歸納有(1)於非常時期的下跌與上漲趨勢庫藏股實施前後的股價效應，(2)於上漲趨勢與下跌趨勢環境中股價表現分析是否有不同股價效應及探討庫藏股買回目的的效應，(3)不同產業實施庫藏股的效應，(4)實際買回庫藏股數量大小的效應，期望本研究結論，瞭解於非常時期實施庫藏股的效果，並對股市穩定有正面的助益。 我國庫藏股票制度的主要法源依據為證券交易法第二十八條之二，目的在激勵員工留住優秀人才，將買回之公司股份轉給員工，其次在給予公司更多籌集資金之管道及方便性，另為維護公司信用及股東權益，避免公司因非經濟因素，致使股價不合理的下跌，並可達到節稅、提升盈餘、改善公司資本結構及穩定合理股利政策等功能。 民國97年國內除了政黨輪替及面臨次級房貸引發的全球金融大海嘯導致全球股市崩跌,國內實施庫藏股票為歷年之最。本研究以上市公司截至民國97年12月31日為止，執行完畢且執行一次之公司為選取條件，共篩選出72家公司為樣本，採用變異數分析、T檢定及及簡單迴歸分析等統計方法並利用SAS統計軟體，探討實施庫藏股票對公司股價造成的影響。實證結果分析如下： 一、不論於多頭與空頭，公司宣告買回庫藏股執行期間與執行期滿後一個月，股價皆有正面的效應；亦即，公司實施庫藏股，確實可以激勵公司股價及穩定市場之效果。 二、宣告營業日之股價報酬率與執行期滿之股價報酬率兩者間於統計上並不顯著。亦即，統計上無法確定宣告營業日之股價報酬率將大於執行期滿之股價報酬率。 三、公司買回庫藏股票非電子股價報酬率高於電子類股價報酬率，非電子類之平均報酬率無論是在執行期及執行期後一月皆高於電子類之平均報酬率，且非電子類對股價正面效應大於電子類。 四、實證結果發現買回股本比率愈大，宣告買回執行期之股價報酬率亦愈大。買回股本比率愈大，宣告營業日至執行期滿之股價報酬率亦愈大。因此，公司買回庫藏股票的數量相對成交日均量的比例，實施有正報酬之公司其比例高於負報酬之公司，無論執行期及執行期後一月，執行有正報酬公司之平均買回比例皆高於負報酬之公司。
並列摘要
The new reigning party took over the power in May 2008, the decadent stock market finally turned into crash caused by the political instability. The consensus reached by the Treasury Department and Legislative Yuan on June 30 was the enactment of treasury stock to stabilize the continuous slide of stock market. This research is to find out the variation of stock prices before and after the application of treasury stock measures on eiher bearish market or bullish market respectively. The purpose of this paper includes as follows: (1) to verify if there are different stock price effects on the enactment of the law, (2) purposes of buyback on eiher bearish market or bullish market, (3) over various industries, (4) to examine if there are different stock price effects on the amount of purchase. I expect this research will shed some light to further understand the effect of stock buy-back program and hopefully provides some help to the future development of our stock market system. The purposes of treasury stock system are as follows: to transfer the buy-back stock to employees to promote their loyalty and keep talents, to provide a convenient channel for fund infusion , The underlying legal stipulation of the treasury stock system is the Securities and Exchange Law §28-II., to protect corporate credit from degrading and maintain shareholder’s equity, to avoid unreasonable plummeting of company stock price caused by unaccountable factors, also to provide tax saving, earning increase, improvement of corporate capital structure, and maintain consistent dividend policy. The materials of this paper are chosen from exchange-listed companies who had practiced the treasury stock buyback at least once before December 31, 2008, seventy two companies are selected altogether. The statistical methodologies applied including analysis of variance (ANOVA), t-test,and simple linear regression in SAS .The empirical are as follows: 1. The study discovers the price performance of one-month-after is better than that of one-month-before And the company’s stock price performs better than the weighted market index.. 2. It can’t be sure if there are different stock price after announcement and after announcement to the end of day performed on either bearish marktor bullish market respectively. 3. Both one-month-before and one-month-after situation Among various industries, non-electronic company performs far better than high-tech electronic company in. 4. With positive return in share price buybacks more than those with negative return in terms of percentage of share buyback vs. average daily volume in both one-month-before and one-month-after case.
參考文獻
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