董監事持股高低對庫藏股買回誘因之影響

The Effect of Ownership by Board Members on Share Repurchase Motivations

鄭桂蕙(Kuei-Hui Cheng) ； 林宛瑩(Wan-Ying Lin) ； 許崇源(Chun-Yuan Hsu)

《東吳經濟商學學報》 54期 (2006/09) Pp. 1-26

https://doi.org/10.29735/SJEB.200609.0001

摘要

本研究之主要目的在利用市場資料，將2000年8月至2003年6月間所有上市櫃公司篩選符合買回資格者（區分為宣告與未宣告買回兩組樣本），根據相關文獻，依據我國之制度規範與環境、專家實務之看法，探討宣告買回庫藏股之誘因，並進一步實證探討公司董監事持股高低對宣告買回庫藏股誘因之影響。
本文主要實證結果發現企業價值低估、股價效應、自由現金流量、資本結構、內部人自利誘因及公司規模為企業宣告買回庫藏股之重要影響因素。其中股價跌幅較深、每股股價較低、自由現金流量較大、負債比率低、董監質押比率高、規模較大之公司，有較強之動機宣告買回庫藏股。在檢測股價效應及資本結構假說之發現，符合實務專家對每股股價較低與負債比率低者宜買回庫藏股之看法。至於公司董監事持股高低對買回庫藏股決策之影響，我們發現公司董監事持股高低影響宣告買回庫藏股之決策行為。董監事持股較多的公司因股價低估、股價效應、自由現金流量與調整資本結構等正面經濟誘因而買回者顯著高於董監事持股較少的公司。本研究有關庫藏股買回動機及董監事持股高低對買回正負面動機影響之實證發現，一方面可以幫助瞭解董監持股對董事會決策與股東權益保障的可能影響，協助投資人判斷公司決議支出重大現金流量，執行庫藏股買回之決策適當性，以進一步作成相關投資決策，另方面亦可供主管機關從事或評估庫藏股相關政策之參考。

關鍵字

庫藏股買回宣告 ； 董監事持股 ； 股價效應 ； 內部人自利假說

並列摘要

Buttressed on both the share repurchase and the ownership structure literatures, Taiwan Security Exchange Act 28-2, and perspectives from practitioner communities, and via a sample of firm qualified for share repurchase over the period between August 2000 and June 2003, this paper empirically explores the motivations for repurchase announcements and the effect of shareholding ratio by board of directors on such motivations.
Consistent with our research hypotheses, the findings indicate that motivations such as undervaluation, share price, free cash flow, capital structure, insiders' self-interest and size explain why firms buy back their own shares. Firms with higher price decline, lower price per share, higher free cash flow, lower debt ratio, higher insiders share pledged ratio and larger in size are more inclined to announce share repurchases. With respect to the effect of shareholding ratio of the board of directors on repurchase motivations, we find that firms with lower shareholding ratios by board members are less influenced by undervaluation, price effect, free cash flow and capital structure motivations, as contrasted to firms with higher shareholding ratios by board members. Given the empirical evidence provided in this paper, we contribute to the line of research by showing the critical role of the ownership structure in share repurchase decisions. The results not only help investors assess the appropriateness of a share repurchase announcement by the board of directors but also assist the regulatory bodies evaluate the performance of its policies on share repurchases.

並列關鍵字

repurchase announcement ； ownership by board members ； price effect ； insiders' self-interest

參考文獻

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