在學術以及實證的研究上,庫藏股制度已經被視為相對獨立的事件,當公司買回自己的股票時,已經被視為一個特殊的情況了。而近年來,公司實施庫藏股制度的情形已經日趨普遍.對於庫藏股制度,很多學者也提出了一些解釋來闡述該事件。然而再針對庫藏股制度的研究時,大部分的學者都著重在股價的波動情形.即使過去的文獻試著觀察營運績效的變化,大多數也只研究一種買回方式。有鑑於此,我們嘗試著研究在不同的買回方式下,公司營運績效的變化情形。
In both the academic and practice literature, share repurchases are viewed as relatively isolated events. It is considered to be a relatively rare set of circumstances that result in a firm repurchasing its own equity. In recent years it has become common for a firm to repurchase its shares. Many scholars report several explanations for the event of repurchase. But most of they focus on fluctuation of stock price with firms that buy back their shares. Past literatures nearly examine a kind of repurchasing technique even though they try to observe operating performance. Consequently, we attempt to examine the operating performance for firm which apply different repurchasing situations to buy back.