內部人申讓與庫藏股購回之訊號效果比較

本研究以公司內部訊號效果為基礎點，探討公司內部之籌碼使用，也就是訊號效果的使用，藉由迴歸模型比較公司申讓與實施庫藏股對股價之影響程度。實證研究結果顯示，公司只要宣告實施庫藏股購回，股價影響程度立即由負轉變為正，也就是説，投資人身處環境恐慌程度只要越高，庫藏股實施效果就會越明顯，所以公司實施庫藏股可以對股價造成正訊號效果。依據台灣證券交易法規定，內部股東申讓只能於申請的3天後才可進行股票交易。若以內部人申請日為起始點，進行為期8天的觀察，實證結果顯示，申讓對於股價在第t+3天有顯著的影響，也就是說，申讓對於其餘投資者產生負訊號效果，申讓之訊號效果幅度大於庫藏股之訊號效果幅度。但於第t+4天開始，申讓對於股價之影響又呈現不顯著，這是由於公司會採取補救措施以減低負訊號效果，所以申讓之訊號效果幅度又回復至小於庫藏股之訊號效果幅度。綜觀上述，當負訊號流出時，公司會對負訊號做出補救措施，試圖對投資人釋放出正訊號，避免投資人對公司信心減少。

關鍵字

訊號效果；申讓；庫藏股

並列摘要

The goal of this study is to understand the signal effects of the share transferring declaration and treasury shares repurchased factors for the public companies and to use a regression method to analyze their influence on stock prices. The empirical results show that the impact on the price of share would change from negative to positive after a company publicly declares the treasury share repurchased program with the starting and ending execution dates. The higher environmental panic the investors have, the more effective the treasury share repurchased policy is. Therefore, it would always generate a positive effect on stock price to implement a treasury share repurchased program for a company. According to the Taiwan Securities and Exchange Act, all internal shareholders must declare the number of their shares to be transferred three days before trading their stocks. The empirical results also show that, using insider filing date as the starting point, the turn-off would have a significant impact on stock price on the fourth day of a 8-day observation period, which means the magnitude of the turn-off effect is bigger than that of the treasury share repurchased effect at that moment. Since a company always takes remedial measures to reduce the effect of any negative signal, hence the turn-off would not assume a significant impact on stock price from the fifth day, which means the magnitude of the turn-off effect would be reversed to less than that of the treasury share repurchased effect from the fifth day. To sum up the above, we can conclude the public companies always try to release positive signals to investors and they will take remedial measures to offset any negative signals to restore the investors’ confidence in time.

並列關鍵字

Signal effects ； Treasury shares repurchased ； Share transferring declaration

參考文獻

Barber, B. and T. Odean (2001), Boys will be Boys: Gender, Overconfidence, and Common Stock Investment. The Quarterly Journal of Economics (2001) 116 (1): 261-292

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內部人申讓與庫藏股購回之訊號效果比較

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