董事會結構與公開市場購回之可信度

Board Structure and Credibility of Open Market Share Repurchase

謝子嫣(Tzu-Yen Hsieh)

指導教授 ： 黃嘉威

元智大學/管理學院/商學碩士班(財務金融學程)/碩士(2012年)

摘要

本文針對宣告股票購回計畫之公司，探討其董事會結構與宣告股票購回計畫之可信度。董事會為公司理財重要工具，宣告股票購回計畫必須透過董事會之授權所決定，因此董事會結構對於公司宣告股票購回計畫的影響力很大。因此本文檢視宣告股票購回計畫之可信度是否會因其董事會功能較強(獨立董事較多、非忙碌董事、較小之董事會、董事非兼任經理、認證之內部董事)而增加？本文實證結果發現較小之董事會為衡量宣告股票購回計畫可信度之因子。較小之董事會於實際購回、長期持有異常報酬與經營績效都有一致並且顯著的正向結果。

關鍵字

董事會結構 ； 公開市場購回 ； 可信度

並列摘要

This paper examines whether the credibility of open market share repurchase increases with the strong board structures (high percent independent directors, small board size, separate CEO-chair, low percent busy directors, and high percent certi旻d inside directors). I present evidence consistent with theories that the firm with the small board of directors is more efficient to monitor and have the better credibility of open market share repurchase. Ranking the board structures to two subsamples, I find the mean (median) differences of board size dummy are positive. The result is robust to numerous controls for insider purchases, actual repurchases, assets, book-to-market, stock price runup, and cash. I find that there is positive relationship between small board size and post-repurchase actual repurchases. Furthermore, I show that companies with small board size also exhibit more favorable values for post-repurchase long-term return and operating performance.

並列關鍵字

Board Structure ； Open Market Share Repurchase ； Credibility

參考文獻

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