股票購回計畫長期績效之再檢測－研發活動觀點

A Reexamination of the Long-term Performance of Share Repurchase Program-the R&D Activity Perspective

王朝仕(Chao-Shi Wang) ； 湯惠雯(Hui-Wen Tang)

《台灣管理學刊》 10卷1期 (2010/02) Pp. 1-18

https://doi.org/10.6295/TAMJ.2010.1001.01

摘要

許多研究支持市場對公司執行股票購回計畫有正向之反應，但一般投資人受限於資訊劣勢，其難以確認該計畫是否誠然與價值低估內涵有闕，而可能被誤導交易方向。因此，本研究提出研發活動觀點，據以表達價值資訊，進而檢視公司決議股票購回計畫的後續績效。除了以研發支出為公司價值的判斷基礎之外，亦強調研發效益之發揮。實證結果顯示，若公司於決議股票購回前較重視研發投入，特別係具有較佳的研發效益，則其可獲得較優越的長期績效。相對的，針對研發效益不住者，其績效約在決議後一年半期間開始有明顯下滑反應。上述結果在Fama-French三因子模型下，仍可以成立。

關鍵字

股票購回計畫 ； 價值低估 ； 研發效益 ； 長期績效

並列摘要

A number of studies have suggested the announcement of share repurchase programs earned positive returns. Unfortunately, general investors are limited in inferior position of information, so they are difficult to ascertain whether share repurchase program is relative to undervalued. In this instance, investors' trading direction may be misled. For this reason, we pose a R&D activity perspective to express the value information, and try to examine the role of R&D activity on following performance in share repurchase programs. In addition, in order to estimate the value with R&D expenditure, we also emphasized the importance of R&D benefit The results show the following performance of repurchase programs was significantly associated with the R&D activity, especially in R&D benefit. Relatively, long-term performance of the firms' repurchased share with worse R&D benefit decreased slightly significantly in one and half years. The experiment with Fama-French three factors model also supports above effect.

並列關鍵字

share repurchase program ； undervalued ； R&D benefit ； long-term performance

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