庫藏股購回的動機－生命週期理論之探討

Motives for Repurchases by Life-Cycle Explanation

賴韋憲(Wei-Hsien Lai)

指導教授 ： 王衍智

元智大學/管理學院/財務金融學系/碩士(2008年)

摘要

從過去的文獻我們可得知「訊息宣告假說」和「閒置現金流量假說」是最主要被用來解釋公司為何買回庫藏股的說法。然而公司買回庫藏股難道真的就只是因為上述兩種原因中的其中一種如此單純嗎？我認為不同的公司應該有不同的特質與情況，因此我認為上述兩種公司購回庫藏股的原因和其他因素應該是同時存在於市場的。然而由於過去的研究大都支持上述學說其中之一，所以我認為我們可以在這些不同特質與情況的公司中找到共通的屬性，並以這個共通的屬性去區分出何種類型的公司購回自家股票是因為「訊息正面宣告」或是「釋放閒置現金流量」。本文認為，通常在不同生命週期階段的公司，其資金需求、成長性與投資計畫的多寡都有很明顯的差異，因此本研究使用不同生命週期階段會有不同之特色的概念，來區分公司買回庫藏股的動機。本文主要結果發現，在創新時期的公司，公司大多是因為想對市場釋放一個正面的訊號而買回庫藏股。相對的，在成熟期的公司，大都是因為要解決閒置資金的問題而買回庫藏股。

關鍵字

庫藏股購回 ； 生命週期

並列摘要

In past literatures, signaling hypothesis and free-cash-flow hypothesis are two important motivations of the repurchase announcement. However, there is not the only motive for why firms may buy back their shares in the literature, instead, the motivations of announce repurchase are multiple. In the other words, the signaling hypothesis and the free-cash-flow hypothesis might be coexisting. In particular, the repurchase motives are depending on the each firms’ different characteristics or different investment opportunities, and therefore I use the life-cycle scenario to separate the motivation of announce repurchase. To my major results, the firm in the early stage may buy back their shares because of the signaling motive. In contrast with the signaling motive, the firm in the late stage tends to buy back shares because of the free-cash-flow problem (free-cash-flow hypotheses).

並列關鍵字

Share Repurchase ； Life Cycle

參考文獻

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Bens, D. A., V. Nagar, D. J. Skinner, and M. H. Franco Wong, 2003, “Employee stock options, EPS dilution, and stock repurchases,” Journal of Accounting and Economics 36, 51-90.

Comment, R., and Jarrell, G. A. Jarrell, 1991, “The relative signaling power of Dutch-auction and fixed-price self-tender offers and open-market share purchases,” Journal of Finance 46, 1243-1271.

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

Grullon, G., and R. Michaely, 2004, “The information content of share repurchase programs,” The Journal of Finance 59, 651-680.