本研究分析在2007-08年金融海嘯期間,台灣上市公司實施庫藏股對股價的影響是否存在正向宣告效果,並探討公司實施庫藏股之目的不同和買回比率之不同,在庫藏股宣告後的異常報酬上是否具有差異性。此外,亦分析過去的財務績效是否會影響上市公司實施庫藏股對股價之正向宣告效果。實證結果顯示,庫藏股宣告前股價有異常下跌的情形,而在庫藏股宣告後確實對股價有正面宣告效果,即使在金融海嘯下亦然。再者,實證結果發現庫藏股買回目的、比率不同確實會造成公司庫藏股宣告後的異常報酬率不同,不受金融海嘯之影響。最後,研究結果發現,稅前淨利率與利息保障倍數的變動優劣性會對公司宣告庫藏股買回後的異常報酬造成差異性。而資產報酬率、淨值報酬率、流動比率、速動比率及負債比率的變動優劣性對庫藏股宣告後的異常報酬則沒有顯著的差異性。
This study aims to analyze whether the repurchase of stocks by the listed companies in Taiwan has positive announcement effect during the financial crisis period. We also discuss whether the abnormal return exists with various purpose or ratio of repurchase after the announcement. Furthermore, we also analyze whether the past financial performance of listed companies has positive announcement effect on stock repurchase. The empirical result shows that the stock price usually drops abnormally before the announcement of repurchase, and it certainly has positive announcement effect after the announcement , even during the financial crisis period. In addition, the empirical result also shows that different repurchase purpose or ratio will certainly impact the rate of abnormal return after the announcement , without the influence of financial crisis. At last, the empirical results suggest that the change of pretax margin and interest coverage ratio will result in different abnormal returns after the announcement. However, the change of return on assets, return on equity, liquidity ratio, current ratio and debt ratio have no significant impact on abnormal returns after the announcement of stock repurchase.