由於無形資產的價值日漸重要,但是財務報表卻未適當加以衡量,因此公司乃有誘因透過特定機制(如宣告買回庫藏股)來傳達其股價受到低估的訊息;本研究的主要目的即是從公司宣告買回庫藏股的動機及其股價反應來探討公司是否透過宣告買回庫藏股來傳達其無形資產價值低估的訊息。 本研究以民國89至90年間在公開市場上首次宣告買回庫藏股的非金融業上市上櫃公司共205家及同時期未宣告買回庫藏股之對照樣本公司共753家為研究對象,結果發現:(一)在庫藏股買回動機方面,無形資產價值測試變數整體而言具有增額解釋力,但是只有產業別創新資本及公司價值低估的替代變數(即以股權淨值及淨利為股價解釋變數之迴歸預測誤差)達到顯著水準,但是產業別創新資本的符號與預期不同,此外,上市上櫃期間、公司規模、上市或上櫃公司、自由現金流量、內部投資、成長機會、淨值市價比、債益比及買回金額上限等控制變數亦達顯著水準,但是上櫃上市期間、公司規模、自由現金流量、內部投資及淨值市價比的符號皆與預期不同;(二)在庫藏股宣告買回比例方面,雖然產業別創新資本有達到顯著水準,但是無形資產價值整體而言並不具增額解釋力,而控制變數中只有一般資訊不對稱的替代變數達到顯著水準;(三)在庫藏股宣告之資訊內涵方面,無形資產價值整體而言並不具增額解釋力,而控制變數中達到顯著水準的包括一般資訊不對稱替代變數、淨值市價比、增額股利發放率及宣告之庫藏股買回比例。 因此,在控制了會影響庫藏股買回動機及其資訊內涵之其他因素後,公司透過宣告買回庫藏股來傳達其無形資產價值低估之訊息的情形並不是很明顯。
Because the value of intangibles is getting more important for enterprises to remain competition in the current economy, but the financial statements don’t value it properly, management may have incentives to signal about the undervaluation of its intangibles through specific means, for example, stock repurchases. This paper examines the incentives of and the stock price reactions to announcements of stock repurchases to see whether management signals about the undervaluation of intangibles through stock repurchases. The sample consists of non-financial listed and OTC corporations in Taiwan which announce to repurchase their stocks on the open market for the first time during 2000 and 2001. It shows that (1) for the incentives of stock repurchases, the whole intangible variables have incremental explanation, but only industry-specific innovative capital and the proxy of firm-specific undervaluation are significant. Besides, listed years, firm size, OTC, free cash flow, internal investments, growth opportunities, book-to-market ratio, debt-to-equity ratio and the regulatory limit available for repurchases are also significant. (2) for the size of stock repurchases, although industry-specific innovative capital alone is significant, the whole intangible variables have no incremental explanation. Besides, the proxy of general information asymmetry is also significant. (3) for the stock price reaction to stock repurchase announcements, the whole intangible variables have no incremental explanation. Besides, the proxy of general information asymmetry, book-to-market ratio, change of dividend policy and the announcements of stock repurchase size are all significant. In summary, after controlling of the other factors which might affect the incentives and stock price reactions of stock repurchases, the situation which managements signal about the undervaluation of intangibles through stock repurchases is not clear.
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