- 學位論文
總要素生產力與股票購回之動機
Total Factor Productivity and the Motivations of Share Repurchase
摘要
公司股票購回背後的動機，可藉由檢視公司的營運績效來探討之。本研究提及兩篇結論相左的學術論文。Grillon與Michaely (2004)發現，公司在宣告股票購回後，其營運績效並不會增進。這篇論文的研究結果，支持自由現金流量假說。而Lie (2005)主張，在公司宣告股票購回並於同季實際購回後，營運績效會有所增進。此篇論文的結果與信號發射假說一致。雖然本研究仍檢視建立在會計基礎下的公司績效，但是我們和先前研究不同，並不使用ROA來衡量營運績效，而是使用總要素生產力(TFP)來檢測股票購回之動機。本研究的結果指出，宣告股票購回的公司，其總要素生產力在宣告日之後會增進，特別是有實際公開市場購回的公司。因此，本研究的結果與信號發射假說較為一致，也就是股票購回揭示了公司未來遠景並增進了公司的營運績效。
並列摘要
The motivations of the share repurchase have been investigated by examining the operating performance of the firm. Two of the papers in this study conclude contrary findings. Grllon and Michaely (2004) find that the operating performance of the firm does not improve after the announcement of share repurchase. Their result supports the free cash-flow hypothesis. Lie (2005) argues that the operating performance improves after the announcement of the repurchase bonded with actual shares buyback in the same quarter. His result is consistent with signaling hypothesis. Although still looking at the accounting-based performance of the firm, unlike previous studies use ROA to measure operating performance, this paper uses total factor productivity to test the repurchase motivations. Our result indicates that the repurchase announcing firm’s total factor productivity improves after the announcement date, especially for open market share repurchase firms bonded with actual repurchase. Consequently, our result is more consistent with signal hypothesis that share repurchase program conveys the information about future prospects.