- 期刊
股票買回交易與每股盈餘管理之研究
Stock Repurchases and Concurrently EPS Management
摘要
Brav et al. (2003)與Badrinath & Varaiya (2001)的研究指出：管理者常提到股票買回交易之一個重要動機係改善公司每股盈餘的績效，然而，以我國資本市場資料探討公司的管理當局是否有動機透過股票買回交易以作為每股盈餘管理的工具之研究相對稀少。我國公開市場的股票買回交易有一特殊的規範，即必須於買回計劃截止日後公告實際的股票買回計劃執行情形，此機制提供投資者及管制機構觀察與驗證公司管理當局動機暨執行股票買回計畫成效的機會。本研究實證結果顯示：新發行股票數與公司的股票買回數多寡確實存在顯著正相關。如觀察每股盈餘偏離程度變數，亦發現公司的盈餘偏離程度與公司的股票買回數多寡存在顯著相關性：在負向偏離的次樣本中，顯示公司在當年度的股票買回前每股盈餘低於前一年度的每股盈餘且偏離程度小的情況下，其實際股票買回數額顯著高於偏離程度小的情境；然而在公司當年度的每股盈餘高於前一年度的每股盈餘且偏離程度越大時，雖會相對地會買回較多的股票數額，惟未達統計顯著水準。本研究進行若干敏感性測試，顯示實證結果具有穩固性。
並列摘要
The studies of Brav et al. (2003) and Badrinath and Varaiya (2001) indicate that the most frequently mentioned reason to repurchase stocks is ”improving EPS numbers”. Given the popularity of stock repurchases in the open market after year 2000 in Taiwan, it is relatively so little academic attention has been devoted to examine the use of stock repurchases as an earnings management device. One unique feature of stock repurchase regulation in Taiwan is that the listed firms which repurchase stocks are required to file a formal execution report following the expiration date. Owing to this distinctive stipulation, the present study has detailed authorized versus actual repurchase data to observe both the incremental stock new issues and the deviation of current EPS from prior year's reported EPS associated with stock repurchase programs execution. The empirical results document that a disproportionately large number of TSE-listed firms have EPS increasing stock repurchases when they would have large new stock issues in the concurrently year. Also, the present study evidences that a disproportionately large number of firms have EPS increasing stock repurchases when they would have marginally missed the EPS benchmark which proxied by the prior reported EPS. This study implements some diagnostic checks and demonstrates that the empirical results are robust to the various specifications.