金融風暴時期公開市場宣告買回庫藏股之股價反應

The Impact of Financial Crisis on the Market Reaction to Share Repurchase Announcements

王顥(Hao Wang)

指導教授 ： 陳妮雲 ； 劉啟群

國立東華大學/管理學院/會計與財務碩士學位學程/碩士(2012年)

摘要

本文旨在驗證金融風暴時期宣告買回庫藏股對股價影響以及金融風暴時期不同產業間宣告買回庫藏股對股價影響是否有所不同。本研究將研究期間分為兩時段─非金融風暴時期和金融風暴時期。實證結果顯示，金融風暴時期宣告買回庫藏股對股價影響大於非金融風暴時期宣告買回庫藏股對股價影響。實證結果亦顯示，非金融產業宣告買回庫藏股對股價反應在金融風暴時期與金融產業宣告買回庫藏股對股價反應並不具顯著差異。

關鍵字

金融風暴 ； 市場反應 ； 宣告買回庫藏股

並列摘要

This paper is aimed at examining the impact of financial crisis on the market reaction to share repurchase announcements and how the impact varies by industries. This paper divides the research period into two sub-periods, non-financial crisis and financial crisis, and the results indicate that the market reaction to the repurchase during the financial crisis period is greater than the non-financial crisis period. The results also indicate that the market reaction to the announcement in the non-financial industry and the financial industry during the financial crisis period have no significant differences.

並列關鍵字

Financial Crisis ； Market Reaction ； Share Repurchase Announcements

參考文獻

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