購買庫藏股之決定因素探討

The Study on determinants of purchasing treasury stocks

周書安(Suan Chou)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2009年)

https://doi.org/10.6840/cycu200900476

摘要

由於受到員工分紅費用化之影響，本研究預期企業會大量買回庫藏股轉讓予員工，或者以維護公司信用及股東權益為目的買回庫藏股，因此依民國九十年一月一日至九十六年十二月三十一日止，「公開資訊觀測站」公佈之購回庫藏股之目的，探討造成影響公司購回庫藏股的因素是否會因其目的不同而有所差異進行實證分析。
依「公開資訊觀測站」上市公司之購回庫藏股目的為「轉讓股份予員工」者合計810件，其次為「維護公司信用及股東權益」共459件，最後為「股權轉換」16件。由於「股權轉換」之件數相較少於另兩個目的，因此本研究僅針對「維護公司信用及股東權益」及「轉讓股份予員工」之目的進行討論。
本研究採羅吉斯(Logit Regression)迴歸分析來測試，結果顯示，台灣上市公司實施庫藏股，企業較易以「轉讓股份予員工」為購回庫藏股之決定因素，其重要變數為現金流量比率、負債比率、市價淨值比及電子業等變數；而企業較易以「維護公司信用及股東權益」為購回庫藏股之決定因素，其重要變數為流動比率、資產取log及現金股利率等變數。實證結果亦顯示，上市公司電子業及金融業購回庫藏股的目的是以「轉讓股份予員工」為主，較不會以「維護公司信用及股東權益」為目的。

關鍵字

庫藏股 ； 羅吉斯(Logit Regression)迴歸

並列摘要

Subject to the influence of expensing employee bonuses, this study speculated that enterprises would carry out treasury stock repurchase in mass quantities based on two objectives: to transfer stock to employees, or to maintain the company’s credibility and shareholders’ equity. Thus, according to the objectives of treasury stock repurchase as announced by the “Market Observation Post System” from January 1, 2001 to December 31, 2007, this study investigated, via empirical analysis, whether the factors affecting the repurchase of treasury stock would differ if the objective of such repurchase were changed.
According to the Market Observation Post System, there were 810 companies whose repurchase objective was “to transfer stocks to employees”, followed by 459 companies whose objective was “to maintain company’s credibility and shareholder’s equity”, and lastly, 16 companies whose objective was “to convert shareholdings”. Due to the relatively few case samples available in the later situation, discussions were made based only on the former two objectives.
Logit Regression was adopted for analysis, and the results show that for Taiwanese listed companies using treasury stocks and for enterprises that tend to repurchase treasury stocks based on the determinant of “transferring stocks to employees”, the following variables were significant: cash flow ratio, liability ratio, price-to-book ratio, and being in the electronic industry. Whereas for enterprises that tend to repurchase stocks “to maintain company credibility and shareholders’ equity”, important variables found included: cash flow ratio, log (asset), and cash dividend yield. Empirical results also showed that for listed-companies in the electronic and financial industries, the former stock repurchase objective largely dominated over the later.

並列關鍵字

Treasury stock ； Logit Regression

參考文獻

劉宜祥，2002，「上市公司股票購回動機與宣告內涵之研究」，國立中山大學企業管理學研究所。

黃國富，2006，「迎合動機下股利政策與購回庫藏股之研究」，中原大學企業管理研究所。

李宗泰，2000，「上市公司買回本公司股份之研究」，國立台灣大學財務金融學研究所。

林卓民、王凱立與吳宗保，2005，「台灣上市公司購回庫藏股目的決定因素—多元名義分對數模型之應用」，台灣管理學刊，第5卷第2期，P339-360。

鄭桂蕙、林宛瑩與許崇源，2006，「董監事持股高低對庫藏股買回誘因之影響」，東吳經濟商學學報，第54期，P1-26。