台灣上市公司購回庫藏股目的決定因素－多元名義分對數模型之應用

The Determinants of the Purposes of Stock Repurchases in Taiwan's Listed Companies: An Application of the Multinomial Logit Model

林卓民(Cho-Min Lin) ； 王凱立(Kai-Li Wang) ； 吳宗保(Tsung-Pao Wu)

《台灣管理學刊》 5卷2期 (2005/08) Pp. 339-360

https://doi.org/10.6295/TAMJ.2005.0502.08

摘要

本研究首次採用多元名義分對數模型(Multinomial Logit Model, MNLM)實證分析2000年至2003年我國上市公司購回庫藏股目的的影響因子。實証結果發現，不論就間距改變或差異比率分析皆顯示影響台灣地區上市公司購回庫藏股目的的關鍵因素為市價與淨值比率、負債比率及產業別。而無論是金融業或電子業其購回庫藏股的目的主要為轉讓股份予員工而非護盤。

關鍵字

庫藏股 ； 多元名義分對數模型MNLM ； 間距改變 ； 差異比率

並列摘要

This study adopts the Multinomial Logit Model (MNLM) to analyze the influencing factors of the purposes of stock repurchases in Taiwan's listed companies from 2000 to 2003. There is strong evidence that the key factors to affect the purposes of stock repurchases are the price-book value ratio (P/B ration), debt ratio and industry type from our empirical results, regardless of the discrete change analysis or odds ratio analysis. For both of the financial and electronic industries, the purpose of stock repurchases is to transfer shares to their own employees instead of maintaining company value.

並列關鍵字

Stock repurchase ； Multinomial logit model MNLM ； Discrete change ； Odds ratios

參考文獻

Amemiya, T(1981).Qualitative response models: a survey.Journal of Economic.19,483-536.

Bagwell, Laurie S.,S.B.John(1988).Share repurchased and acquisitions: an analysis of which firms participate.Journal of Economic Perspectives.3,129-140.

Barth, E.,R. Kasznik(1999).Share repurchase and intangible assets.Journal of Accounting and Economic.28,211-241.

Choi, D.,S. Chen(1997).The differential information conveyed by share repurchase tender offers and dividend increases.Journal of Financial Research.20,529-543.

Dittmar, A. K(2000).Why do firms repurchase stock?.Journal of Business.73,331-355.