- 學位論文
股票購回宣告效果與執行率之研究－以銀行業為例
The Study of Stock Repurchase Annoncement Effect and Execution Rate － Eviendence from the Banking Industry
摘要
銀行為依銀行法組織登記及受公司法規範之資合法人，為信用中介機構屬於特許行業，有別於依公司法設立登記之股份有限公司。銀行業之財務結構不同於其他行業，諸多有關股票購回研究常將金融業排除在外，本研究以台灣上市（櫃）銀行為對象，利用銀行業營運績效評核指標項目作為研究變數，檢測其與股票購回時實際執行率間之關係。本研究並於銀行業宣告股票購回時，檢測股價是否存在有異常報酬，期與了解股票購回之宣告效果。目前法令規定股票購回必須自宣告日起兩個月內執行完畢，卻未對購回股票執行率作強制性規定，實際執行比率的高低，是否也影響到宣告的效果，本研究試圖將執行率區分為高低組別，據與比較組別間股票購回宣告效果的差異。 本研究資料來源為台灣經濟新報資料庫，採樣期間自2000年8月9日起至2012年6月30日止，針對辦理第一次股票購回之銀行，利用事件研究法的市場模式及單因子市場模式(CAPM)衡量異常報酬。 對於宣告效果實證顯示，銀行業的經營能力及宣告後正向異常報酬與股票購回執行率有顯著的相關，銀行業在宣告股票購回時，會產生正向股價反應；再則就執行率高低作比較，首次宣告股票購回高度執行率銀行具有較佳的正向效果。
並列摘要
Bank is a legal entity of capital combination organized and registered in accordance with banking law and regulated by company. It is a credit intermediary agency belonging to the franchising industry but differing from a limited company set up against company law. The financial structure of the banking industry differs from other industries. The financial industry is seldom included in plenty of studies of stock repurchase. This study takes stocks-published (over-the-counter) banks as objects. The assessment test items of operational performance of the banking industry are taken as the variables of study in order to check the relationship with the actual execution rate upon stock repurchase. Any abnormal return existing in the stock price is checked upon stock repurchase announced by the banking industry in order to understand the announcement effect of stock repurchase. The current law regulates the stock repurchase must be completed within two months from the announcement date. However, the execution rate of stock repurchase is not regulated strictly. This study also tries to compare if the level of execution rate will influence the announcement effect. The data source of this study is based on Taiwan Economic Journal Database and the sampling period was from August 9, 2000 to June 30, 2012. For the banks that first handle the stock repurchase, the abnormal return is measured based on the market model of event study methods and capital asset pricing model(CAPM). The empirical evidence of announcement effect shows, the operating capacity of the banking industry and positive abnormal return after announcement are significantly related to the execution rate of stock repurchase. The positive stock price reaction will be caused upon stock repurchase announced by the banking industry. As for the comparison of the level of execution rate, the bank with execution rate of high level upon their first announcement of stock repurchase owns a better positive effect.