台灣上市櫃公司買回庫藏股與股價、經營績效關條之研究

Stock Repurchases in Taiwan: Stock Prices and Performance

杜文禮(Wen-Li Tu) ； 張純明(Chwen-Ming Chang) ； 廖敏齡(Grace M. Liao)

《全球管理與經濟》 4卷1期 (2008/06) Pp. 31-48

https://doi.org/10.6565/JGME.2008.4(1).2

摘要

本文係以訊號發射假說及自由現金流量假說探討台灣土市櫃公司買回庫藏股對股價及經營績效之實證研究。研究結果發現，公司買回庫藏股可以使股價擺脫低迷的走勢並且存在有正的異常報酬。在經營績效上，有現金流量問題之公司在買回庫藏之後其營運表現會下降，而資本支出亦有下降的現象，並且資產報酬率與毛利率也有下降的趨勢。

關鍵字

庫藏股 ； 事件研究 ； 訊號假說 ； 自由現金流量假說

並列摘要

The main purpose of this paper is to investigate the announcement effects of stock repurchase on the stock prices and operating performance of firms listed on the Taiwan Stock Exchange by application of signaling theory and free cash f10w theory. Our primary finding is that the stock repurchases are mostly motivated by the intention of stabilizing and maintaining firm's stock prices. Stock repurchase announcement is accompanied with positive abnormal return. For firms with problem in liquidity, their operation performance has downtrend after stock repurchase. Furthermore, these firms have decrease in capital investment, return on assets and gross margin.

並列關鍵字

Stock repurchase ； Event study ； Signaling ； Free cash flow