庫藏股之「宣告效果」與「執行效果」：台灣地區2004~2009年上市掛牌電子類股之實證分析

Announcement and Execution Effects of Share Repurchase Programs: Empirical Findings from Listed Electronic Companies in Taiwan (2004-2009)

黃柏淇(Po-chi Huang)

指導教授 ： 李宗政

朝陽科技大學/管理學院/企業管理系/碩士(2011年)

摘要

政府實施上市上櫃公司買回本公司股份辦法，主要是允許公司於特定情況下，可買回自家公司的股票，賦予公司穩定股票價格之機制。本文乃是觀察「股票買回宣告效果」是否在台灣地區上市掛牌之電子類股存有類似的效果。採用事件研究法，探討自2004年8月初至2009年8月底，實施股票買回計畫的台灣地區上市掛牌之電子類股其股價之變化情形，並根據雷曼兄弟倒閉之時間點與初次執行與否進行樣本分類。獲致如下之實證結果：一、全體宣告樣本、非初次執行組與金融海嘯後，透過公司管理當局宣告股票買回計畫，可以傳遞股價遭低估之訊息予市場，但僅限於短期為正的累積異常報酬，帶動股價短期小幅上揚。二、全體宣告、初次與非初次、金融海嘯前後之樣本長期事件窗口(11～20、21～30、…、41～50以及0～40與0～50天)之累積異常報酬則皆為負值。透露出台灣地區上市掛牌之電子類股公司管理當局計畫採用股票買回為「護盤」策略時，必須審慎考量市場投資人對於手中握有可觀現金部位的上市電子業採取「股票買回」機制之觀感，是可以順利傳遞出股價被低估之訊息呢？抑或只是在缺乏市場前瞻性下，僅是處置閒置資金之消極性作法？可否達成穩定股票價格之預期功能，在長短期不同的事件窗口觀點下，可是有截然不同的解讀效果。

關鍵字

宣告效果 ； 事件研究法 ； 股票買回

並列摘要

Taiwan government legislated for the listed companies that can repurchase their own stocks under some special situations to stabilize the undervalued stock for protecting the shareholders’ wealth. This study observed whether the stock repurchases announcement effects around 2008 financial tsunami would have similar effects on Taiwan’s listed electronics firms with the other research results. We adopted the event study approach to examine the announcement effects of the electronic stock price under the implementing the stock repurchase programs from August, 2004 to August 2009. Considering these two criteria to classify the sample into 4 groups: (1) the time before/after of Lehman Brothers went to bankruptcy (as the time before/after 2008 financial tsunami), and (2) the first time announcement to implement the stock repurchase program or not. The first empirical results showed that the announcement of stock repurchase could release the messages of the undervalued stock price for most of our sample groups with the short-term of positive abnormal returns, except the sample group of the first time announcement to implement the stock repurchase program. Second, after starting the stock repurchase program, the first and non-first implemented and before/after the financial tsunami, all the sample groups of long-term event got the negative abnormal returns (11~20, 21~30, … , 41~50, 0~40 and 0~50). The listed company managers should consider whether the investor’s attitude toward the stock repurchases can release the messages of under-valued stock price when government implement the “Stock Market Stabilization” strategies? Was it a passive way to deal the redundant money under lack of latest technique and market’s prospect? Whether it could achieve the expected stabilize the stock price under the short-term or long-term viewpoints, we would have different explanations from the viewpoint about the firm’s manager maybe with the selfish intentions.

並列關鍵字

Share Repurchase ； Event Study ； Announcement Effects

參考文獻

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