上市櫃公司宣告買回庫藏股財務特性之研究

Financial Characteristics of Firms Announcing Share Repurchases

曹常鴻(Charng-Horng Tsao) ； 許莉苹(Li-Ping Hsu)

《明道學術論壇》 2卷2期 (2006/09) Pp. 1-10

https://doi.org/10.6953/MJ.200609.0001

摘要

本研究主要探討四個假說以說明購回庫藏股行爲進而透過財務比率透視從民國八十九到九十三年間上市公司進行庫藏股之動機。我們發現進行庫藏股之公司規模較大、報酬率較高、淨銷貨額較大及股票市場價值較高。最後我們亦發現公司進行庫藏股之動機是基於公司股價被低估之因素。故從公司治理策略意涵來看，庫藏股制度確實能拉抬股價，並且降低資訊不對稱。

關鍵字

庫藏股 ； 財務比率

並列摘要

we investigate four hypotheses that may explain share repurchases behavior by examining financial characteristics of Taiwan inns engaging in share buyback activity from 2000 to 2004 compared with those not engaging in such activity. We find differences based on size, profitability, sales volume and stock market value. The most important explanation comes from variables associated with the stock undervalued hypothesis. From the Corporate Governance Perspectives, Share repurchases behavior mitigate undervalued stock and In-formation Asymmetry.

並列關鍵字

share repurchases ； financial characteristics