庫藏股買回決策與資金成本相關變數之研究

2008年金融海嘯後，Blundell-Wignall & Rouletz發現包括美國聯准、歐洲央行（ECB）以及英國銀行均實施低利率證策以低利政策引導企業從事於較長期之投資計畫，可惜部分公司卻將此取得之資金用於金融商品市場,甚至大量借入低利資金，再以發放現金股利或買回股票之方式，退還現金給股東。Blundell等人乃據此以MSCI將近5,000家上市公司為樣本，對上市櫃公司之負債資金成本、權益資金成本之漲跌，是否會對公司股票買回決策造成影響進行研究。筆者則以臺灣地區上市公司為例，探討金融海嘯前後權益資金與負債資金成本等因數對股票買回決策之影響，以便與美國與歐洲樣本得到之股票買回結論作為對照。本研究並提出有關金融海嘯增額測試假說，以與前述研究假說相互呼應，接續進入本研究實證驗證分析，實證結論確實以臺灣上市公司樣本得到之檢定結果與Blundel-Wignall & Roulet（2013）的研究發現在負債成本產生的影響確有所不同。

關鍵字

股票買回；權益資金成本；自由現金流量

並列摘要

Referred to the article of Blundell-Wignall & Roulet published in OECD Journal 2013, their empirical evidence proved the variety of cost of equity and debt will have influence on the strategy of capital expenditure and stock repurchase when take nearly 5000 companies as example among MSCI & USA etc. According to their empirical evidence shown the growth rate of GDP did not rise as the money supply increased. This study try to focus on the stock buyback issue, and the motivation in this essay followed the infrastructure of Blundell's, and take the stock -listed companies in Taiwan as the samples to search the relation and influence caused by cost of equity and cost of debt etc. to stock buyback. It's the Research's innovation and contribution as well. Empirical samples comprised of all stock-listed companies from 2001 to 2014, we gathered all necessary data from the data base to check its completeness, then go to proceed to do the verification. Owing to the phenomena of increasing enlarge of residual variance, we revised and use yearly dummy variables to control the testing. From the literitures and essay, there has many bias incurred when inferring the statistic results and conclusion, therefore, panel data regression model was used in research the cross-sectional and time series data in the statistic model, to reveal estimation more efficiently. This study is based on the relevant articles and reviews finally then implement a empirical test by data collecting and data mining, to gather the results and discussion.