我國上市企業買回庫藏股之宣告效果

The Announcement Effect of Share Repurchase in Taiwan Stock Market

王若愚(Jo-Yu Wang)

《修平學報》 26期 (2013/03) Pp. 143-160

摘要

本研究以日資料討論台灣上市公司的庫藏股宣告反應，並從企業支付股利形式、營運績效、代理成本與股本大小等角度來探討庫藏股宣告效果，雖無法得到完整強烈且一致性的結論，但部分的假說卻得到證實。整體而言我國上市公司庫藏股宣告對於股價有短期的正面效果。雖然研究中公司規模對於庫藏股宣告效果並無實質顯著的影響，但其他如代理成本、股利形式與購買庫藏股的資金來源等假說都得到明確的證據以說明庫藏股宣告會受到這些因素的影響。

關鍵字

庫藏股 ； 資訊不對稱 ； 代理成本

並列摘要

This article tests the firms' announcement effect of sharerepurchase program based on the dividend types, operation performance, agency cost and the firm size. The evidence suggests that we could not obtain conclusive answers that the announcement effect of share repurchaseare significant, however, part of the hypothesis are significant. Overall, the effects of share repurchase announcement are positively significant although the hypothesis of firm size is not supported by the results of our empirical tests. From other aspects such as agency cost, the types of dividend paid out and the funding source of share repurchase, the effects of treasure stock announcement are truly affected by those factors.

並列關鍵字

share repurchase ； stock buyback ； information asymmetry ； agency cost

參考文獻

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