交易特性及股權結構對庫藏股施行影響之研究

The effects of trading traits and ownership structure on the implementation of stock repurchases.

林吟穗(Yin-Sui Lin)

指導教授 ： 黃振豊 ； 孔繁華

淡江大學/商管學院/會計學系碩士在職專班/碩士(2013年)

https://doi.org/10.6846/TKU.2013.00042

摘要

本研究樣本取自2000年8月7日實施庫藏股制度開始至2011年12月31止之台灣上市與上櫃公司買回庫藏股，並刪除行業性質特殊的金融保險業後為研究對象。由於台灣現行法規對公司庫藏股買回宣告後並沒有強制執行的規定，公司有可能在宣告後不一定會實際執行買回庫藏股。故本研究探討庫藏股的交易特性、股權結構與對公司庫藏股實際買回比率與執行率之關係。
本研究實證結果顯示，庫藏股交易特性方面，庫藏股之買回目的係為維護公司信用及股東權益者、宣告買回次數愈多，實際買回比率愈高；庫藏股之買回目的係為維護公司信用及股東權益者、宣告買回次數愈多、買回價格區間愈小，執行率愈高。股權結構方面，董監事持股比例愈低、機構投資人持股比例愈高，庫藏股實際買回比率愈高；董監事持股比例愈低、控制股東占董事席次比例愈高、機構投資人持股比例愈高，庫藏股執行率愈高。

關鍵字

庫藏股買回 ； 交易特性 ； 股權結構

並列摘要

The research subjects are selected from Taiwan’s treasury stocks repurchased by listed and GTSM-listed companies, excluding the finance and insurance companies, from August 7, 2000 when the treasury stock system began to December 31, 2011. As the current laws in Taiwan set no regulation on the enforcement of company’s stock repurchase announcement, it is possible that the company may not actually repurchase the treasury stock after the announcement. The study aims to explore the relation between trading traits, ownership structure and the actual stock repurchases ratio and implemented ratio of treasury stocks after the company announces stock repurchases.
The empirical results show as follows: firstly, on the trading traits of treasury stocks, when the purpose of stock repurchases is to safeguard the company’s credit and stockholders, more stock repurchases will be announced, the size of stock repurchases will be in a larger scale and the actual stock repurchases ratio of treasury stocks is higher. When the purpose of stock repurchase is to safeguard the company’s credit and stockholders, more stock repurchases will be announced, the price range of stock repurchases will be in a smaller scale and its implemented ratio is higher. Secondly, on the ownership structure, the lower proportion of the shareholding of directors and supervisors, the higher the equity ratio of institutional investors, the more stock repurchases will be announced. The lower proportion of the shareholding of directors and supervisors, the higher proportion of controlling stockholders in board members, the higher the equity ratio of institutional investors, the higher implemented ratio of treasury stocks.

並列關鍵字

stock repurchase ； trading traits ； ownership structure

參考文獻

邱垂昌，2006，宣告及實際買回庫藏股與異常報酬-管理者之策略性應用，會計與公司治理，第3卷第2期：17-36。

李亮君、李顯儀、吳幸姬、李欣微，2010，上市公司買回庫藏股資訊傳遞效果之探討，東吳經濟商學學報，第68期：61-90。

林有志、林靜雯、佘遠志，2006，多次買回庫藏股之公司特性及其市場反應，華人前瞻研究，第2卷第1期：1-24。

吳愛鳳，2010，所有權結構、董事會組成與買回庫藏股宣告之市場反應，國立台灣大學會計研究所，碩士論文。

洪榮華、陳怡珮、王瑗璟，2008，股票買回宣告、實際買回與經理人擇時能力之實證研究，商管科技季刊，第9卷，第2期：137-168。