公司宣告買回庫藏股的訊息內涵-公司基本財務資訊的分析

Stock Market Reaction on Share Repurchase---Fundamental Analysis

邱啟睿(Chi-Ruei Chiou)

指導教授 ： 鍾彩焱 ； 王衍智

元智大學/管理學院/會計學系/碩士(2008年)

摘要

本篇文章檢視宣告購回庫藏股公司的財務資訊，試圖找出一個可以辨認宣告購公司品質的因素及衡量公司藉由宣告庫藏股時是否有資訊內涵。公司經營者通常都表示宣告庫藏股是因為公司股價被低估。過去的文獻已經指出宣告庫藏股是對市場釋放出一些公司潛在的資訊。然而，本篇研究發現在有較差基本財務資訊公司宣告購回後的短期報酬比有較好基本財務資訊的公司高。這代表較差基本資訊的公司股價可能被低估。當投資者很難分辨其公司好壞時，藉由公司宣告購回庫藏股可以視為一個股價被低估的訊號。除此之外，此現象可能受到公司規模的影響。小規模公司因為資訊不對稱所以藉由宣告購回庫藏股來傳達資訊給投資者，而小規模的公司可能有較差基本資訊，本研究的結果與訊號發射假說一致。

關鍵字

庫藏股 ； 宣告購回 ； 訊號發射假說

並列摘要

This study examines firms’ financial condition when they announce repurchase their share outstanding by fundamental analysis. I try to find an indicator that can distinguish accounting equality of firms and measure the reliability of information conveyed by repurchase programs. When announcing repurchase, manager frequently indicates that they are doing so in response to mispricing, or their stock price is on undervaluation. Several theoretical papers have investigated the notion that repurchases are a potential signaling to the market. However, this study finds that the announcement return of repurchase firms with poor fundamentals is higher than that of repurchase firms with good fundamental. To be explained by this point, repurchase firms with poor fundamentals are more likely to be undervalued. Accordingly, investors who have difficulty to distinguish the quality of the firm could value the stock by using the signaling of the repurchase program. In addition, my result might be influenced by firm size. Smaller firms communicate to investors for information that could be regarded as a factor of information asymmetry, and smaller firms might have poor fundamental. These results will be consistent with the signaling hypothesis in explaining the motive of the share repurchase.

並列關鍵字

repurchase announcement ； fundamental ； information asymmetry

參考文獻

Lie, E., 2005, Operating performance following open market share repurchase announcements, Journal of Accounting and Economics 39, 411-436.

Bagwell, Laurie S., 1991, Share repurchase and takeover deterrence, Rand Journal of Economics 22, 72-88.

Bens, D.A., Nagar, V., Skinner, D.J., Wong, M.H.F., 2003. Employee stock options, EPS dilution, and stock repurchases. Journal of Accounting and Economics 36, 51-90.

Chan, K., D. Ikenberry, I. Lee and Y. Wang, Share Repurchase as a Tool to Mislead Investors: Evidence from Earnings Quality and Stock Performance, 2006a, working paper, University of Illinois at Urbana- Champaign.

Chao C, MM Wen, 2004, The Credibility of Stock Repurchase Signals, Financial Management Association Annual Conference