本研究蒐集台灣庫藏股制度開始實施的2000年8月9日至2009年9月30日九年間473家上市公司1989次的宣告買回庫藏股資料,使用Tobit模型分析買回庫藏股與這些公司財務變數之間的關係。並根據文獻,以代理變數測試自由現金流量、現金股利替代、企業價值低估、及資本結構調整等假說,期能發現台灣上市公司宣告買回庫藏股的動機。我們也在模型中加入衡量公司能力的其他財務變數,同時針對了六個產業進行測試與比較。結果顯示,以全部資料為樣本時,符合自由現金流量、企業價值低估與資本結構調整等假說,每股盈餘、現金流量比率、負債淨值比和加權股價指數係顯著的變數;電子業符合自由現金流量與企業價值低估假說,每股盈餘與現金流量比率顯著;金融業符合企業價值低估與資本結構調整假說,營業收入淨額和加權股價指數亦會顯著影響公司宣告買回庫藏股;紡織纖維業滿足企業價值低估假說,且營業收入淨額對公司買回庫藏股有正向影響;電機機械業符合企業價值低估與自由現金流量假說,每股盈餘和加權股價指數係顯著的;鋼鐵業符合企業價值低估假說,本益比對公司買回庫藏股有負向影響;建材營建業則滿足企業價值低估假說,流動比率對其買回庫藏股亦具有高度影響力。
This thesis collects a total sample of 1989 share-repurchasing announcements during the period of August 9, 2000 to September 30, 2009 from 473 listed companies in the Taiwan stock market, and use Tobit models to investigate the relationship between companies’ share repurchasing activities and their financial statuses. Moreover, using proxy variables suggested by the literature, this study tests free-cash-flow, substituting-for-cash-dividend, undervaluation, and capital-structure-adjustment hypotheses, in order to uncover the motives behind companies’ share-repurchasing activities. We also consider other financial variables, as well as test six industries and compare their results. The major findings are as follows. We discover that free-cash-flow, undervaluation, and capital-structure-adjustment hypotheses hold using the whole sample; free-cash-flow and capital-structure-adjustment hypotheses hold for the Electron industry; undervaluation and capital-structure-adjustment hypotheses sustain in the Financial and Insurance industry; the undervaluation hypothesis sustains in the Textiles industry; free-cash- flow and undervaluation hypotheses maintain in the Electric Machinery industry; the undervaluation hypothesis maintains in the Iron and Steel industry; and the undervaluation hypothesis holds in the Building Material and Construction industry. Furthermore, different financial variables show their significance in explaining motivation of companies’ share- repurchasing activities for distinct industries.