公司會計資訊是一般大眾投資者所參考的依據,若公司管理者因為某些原因讓財務報表美化,採用各種財務技巧來操縱營收、淨利,透過發佈窗飾後的盈餘資訊企圖影響股價,可能誤導投資者的投資決策。此外公司另一項可能影響股價的決策為庫藏股宣告,然而對投資者而言公司實施庫藏股制度可以視為公司護盤的一項利器之一。以上兩種決策都可以影響公司股價,那麼他們之間是否會產生相互掩護的效果呢?也就是公司宣告實施庫藏股訊息時,其背後卻是在做其他公司決策,就如我們研究中所提的“盈餘管理”。Chan et al.(2007)利用盈餘管理品質與美國市場有進行庫藏股宣告的公司做關聯分析,實證結果發現市場存在誤導現象。故本研究想探討盈餘管理與庫藏股宣告行為之間的關聯性,以2008年台灣證券市場有進行庫藏股宣告的上市櫃公司做實證分析,結果發現台灣市場也是存有誤導的現象。
Financial statement is a vehicle to help investors understand how companies perform financially. Share repurchase is also a signal of supporting stock price. ”How will these two activities affect investors?”, which is the most interesting topics to be explored. Chan et al. (2007) used discretionary accruals of earnings management to study the information of open-market repurchases announcements of U.S. stock market. The reason of choosing earning management was that firms might use accounting data to influence stock prices. The research found that some open market buybacks might be announced with the intent of manipulating investor opinion. Our study, therefore, tries to examine whether or not Taiwan's stock market also exists the intent of manipulating investor's opinion. The result shows that Taiwan's market performs with the intent of manipulating investor's opinion.