鑒於金融風暴過後,國內外許多公司將面臨合併與併購之問題,其中最嚴重的就是惡性的接管。面臨接管,公司可能會做出抵抗決定,庫藏股買回就是防止惡性接管的手段之一。 本研究在探討影響庫藏股買回的因素,根據Billett與Xue(2007)的建議,使用接管機率(Takeover Probability)當作潛在變數衡量公司面臨被接管危機時,是否會影響公司買回庫藏股票的決定,並且使用 Probit 模型, Tobit 模型 以及受限制分量迴歸模型 (Censored Quantile Regression Model, CQR)驗證之。目的在於針對庫藏股買回的行為提出符合假說研究的實證研究。 本研究結果顯示,使用CQR模型進行實證研究時,選用不同的分量,不僅會影響係數差異,更影響顯著程度。是故使用CQR模型時,分量的選擇相當重要。 本研究發現,我國公司在面臨潛在的被接管危機時,會影響其實施庫藏股買回的政策,此點和Billett與Xue(2007)的美國資料結論相同;也發現因為內部人私利因素而買回庫藏股票,並且公司經理人個性也會影響其股票購回的數量。除此之外,我國公司對股價被低估的反應更為顯著。
Following a financial crisis, a lots of companies face M&A problems before economic recovery, one of the most serious M&A problems is hostile takeover. When face with the takeover, some companies choose to take a deterrent action. Stock repurchase is one of the methods to deter hostile takeover. This research discusses the factors that affect stock repurchase. We use the ex-ante takeover probability as a latent variable and examine whether the factor affects the decision behavior of stock repurchases. We use Probit model, Tobit model and Censored Quantile Regression model as testing methods. The purpose of this research is to make empricial results to explain the past hypotheses of stock repurchase. We found out in this research that when we use the CQR model for empirical research, different choices of quantiles may affect not noly the coefficient, but affect the significance level as well. Therefore, the choice of quantiles is crucial when we use the CQR model. Our research also found that potential takeover crises will effect domestic corporations’ policies regarding stock repurchase. It is a same conclusion with Billett and Xue (2007) in USA. Furthermore, we also found that the companies buyback stocks for the personal benefits and qualities of corporation mangers. In addition, the resulting activities of Taiwanese corporation is more significant in case of undervaluation of stock prices.