本篇論文以內部人交易與公司研究發展支出這兩者角度探討公司宣告購回庫藏股後長期股票績效表現是否具有顯著現象。此外,本研究分別以公司研究發展支出、高度研究發展支出增加之虛擬變數、技術效率、規模效率、內部人交易變數、內部人淨買入、淨值市價比、公司市值大小、宣告購回比率、負債比率、購回庫藏股比率、公司現金比率、購回庫藏股次數變數作為主要的探究對象。實證結果發現當公司宣告購回庫藏股後,淨值市價比對股東權益報酬率、每股盈與總資產報酬率不論在長期與短期間之內皆具有顯著性的影響。再者,本篇論文亦探討買進持有報酬在長期與短期之下,內部人交易與內部人淨買入分別對買進持有報酬具有顯著性的影響。最後,從累積異常報酬探討公司宣告購回庫藏股後在長短期之內,內部人淨買入、淨值市價比、公司市值大小與現金比率亦分別對累積異常報酬具有顯著性的影響。
This study integrates the viewpoint of research and development and insider trading to examine long-run firm performance following open market stock repurchases. The variables include research and development expenditures, unexpected research and development expenditures, technical efficiency, scale efficiency, insider trading, insider net buys, book-to-market ratio, size, debt ratio, repurchase purpose, repurchase ratio, cash ratio and repurchase times. The empirical results indicate that the book-to-market ratio has positive influence on return on equity, earnings per share and return on asset. Moreover, the insider trading and insider net buys have significant relation to the buy-and-hold abnormal return of stock repurchases. Finally, this study documents that the insider net buys, book-to-market ratio, size and cash ratio significantly impact cumulative abnormal return of stock repurchases.