公開市場買回後之盈餘管理與廠商績效

OPEN-MARKET REPURCHASES, EARNINGS MANAGEMENT, FIRM PERFORMANCE, AND STOCK RETURN

詹淳茹(Chun-ru Chan)

指導教授 ： 陳瑞璽

大同大學/經營設計學院/事業經營學系所/碩士(2009年)

摘要

自2007年末，美國次級房貸 (Subprime Mortgage) 風暴所引發之金融海嘯席捲全球，使得全球經濟重創。金融海嘯衝垮華爾街，當然也對台灣股市造成重大衝擊，公司眼見股價屢創新低，政府力量有限，為降低股價下跌所造成之損失及建立投資人信心，可藉由施行庫藏股制度來穩定股價，並遏止股價持續下跌。
但實施庫藏股制度有利亦有弊，其中最大弊端在於其易淪為大股東實行內線交易之工具。再者，外部投資人與管理當局間普遍存在資訊不對稱，因此，了解管理當局買回庫藏股票之動機，將有助於投資人評估公司經營績效及投資風險。
本研究採用2000 年至2006 年之上市上櫃公司為研究對象，分析其買回前應計項目與買回後營業績效及股票績效之關聯性。實證結果如下：一、公開市場買回後的營業績效與股票績效無顯著的改善二、公開市場買回前，異常應計項目具有顯著之負值。三、買回前異常應計項目與買回後之營業績效及股票績效沒有顯著相關。四、董監事股票質押高，公開市場買回前之異常應計項目下降幅度較大。

關鍵字

廠商績效 ； 公開市場買回 ； 盈餘管理

並列摘要

Since the end of 2007, the subprime mortgage crisis broke out in the U.S. The crisis led to financial tsunami and quickly spread throughout the world, then hit the global economy. Wall Street was washed away by the financial tsunami. Taiwan stock market was also impacted by the crisis. In order to reduce losses that caused by the stock fall and re-establish investor’s confidence, company can stabilize stock prices by using treasury stock to stop stock prices drop.
However, the implementation of treasury stock system has both pros and cons, the biggest abuse is it may be easy to become a major shareholders’ insider trading tool. Moreover, there are serious information asymmetry between the users of financial reports and the managements. Therefore, understanding the motivation for repurchasing stock will help investors to measure firms’ operation performance and investment risk.
Our sample this study used is from TEJ spanning the period from year 2000 to 2006, and all of these years are 7 years, and we analyze the association between pre-repurchase accruals and post-repurchase operating and stock performance.
The empirical results are summarized as follows:
1. There are no significantly reported improvement in post-repurchase operating performance and post-repurchase stock performance.
2. Pre-repurchases abnormal accruals are significantly negative.
3. pre-repurchase abnormal accruals are negatively associated with both post-repurchase operating performance and post-repurchase stock performance.
4. There is larger range of pre-repurchases downward abnormal accruals when firms with high percentage of pledged shares.

並列關鍵字

Open-Market Repurchases ； Earnings Management ； Firm Performance

參考文獻

Lie, Erik. “Operating Performance Following Open Market Share Repurchase Announcements.” Journal of Accounting and Economics 39, (2005): 411-436.

Aharony, J., C. J. Lin, and M. P. Loeb. “Initial Public Offerings, Accounting Choices, and Earnings Management.” Contemporary Accounting Research 10, (1993): 61-81.

Asquith, P. and D. Mullins. “Signaling with Dividends, Stock Repurchases, and Equity Issues.” Financial Management 15, (1986): 27-44.

Ball, R. and P. Brown. “An Empirical Evaluation of Accounting Income Numbers.” Journal of Accounting Research 6, (1968): 159-178.

Carhart, M. “On Persistence in Mutual Fund Performance.” Journal of Finance 52, (1997): 57-82.