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題名：庫藏股制度對股票價格的宣告效果--臺灣上市公司的實證研究
書刊名：商管科技季刊
作者：陳達新 引用關係
作者(外文)：Chen, Dar-hsin
出版日期：2003
卷期：4:4
頁次：頁377-398
主題關鍵詞：庫藏股；事件研究；多元迴歸模型；超額報酬；Stock repurchase；Event study；Multivariate regression model；Abnormal return
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(7) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:7
  • 共同引用共同引用:0
  • 點閱點閱:28
　　　　　本文的主要目的在研究庫藏股制度對臺灣上市公司股票價格的宣告效果，第一個部分為相關庫藏股法案事件對整體股票上市產業的影響，而第二個部分則為庫藏股宣告效應的實證。實證結果發現庫藏股法案的事件的確對上市各產業產生影響，但不同產業所受到影響也不同。本研究同時發現就宣告之前的股價表現來看，公司購回股票主要目的應該是在自家股票價格的穩定與維持上，並以電子業與傳統產業在此方面的效果較強烈。就庫藏股的宣告對股價的穩定效果方面，庫藏股的宣告可以使股價擺脫低迷走勢而有回升穩定的趨向，所以以庫藏股作為穩定股價的機制，其效果基本上是顯著且有效的。
　　　　　The main purpose of this paper is to investigate the announcement effects of stock repurchase on the share prices of firms listed on the Taiwan Stock Exchange. We empirically evaluate the price effects of a series of legal events leading to the passage of the Stock Repurchase Act in August 2000 and also examine the stock repurchase announcement effects across firms and different industries. We observe that those legislation events affect stock prices but the degree of influence is varied across industries. Also, based on the stock price performance, we find that the stock repurchases are mostly motivated by the intention of stabilizing and maintaining firm's stock prices. This phenomenon is more apparent in the electrical and traditional industries. The stock repurchase announcement can boost the stock price as well and its function as a price stabilization mechanism is basically successful.
Other
1.Raad, E.(1995)。Insider Trading Effects on Stock Returns around Open-Market Stock Repurchase Announcements: An Empirical Study。  new window
期刊論文
1.Binder, J. J.(1985)。Measuring the Effects of Regulation with Stock Price Data。RAND Journal of Economics，16(2)，167-183。  new window
2.Liu, C. S.、Ziebart, D. A.(1997)。Stock returns and open-market stock repurchase announcements。The Financial Review，32(3)，709-728。  new window
3.Boehmer, E.、Musumeci, J.、Poulsen, A. B.(1991)。Event-study Methodology under Conditions of Event-Induced Variance。Journal of Financial Economics，30(2)，253-272。  new window
4.Vermaelen, Theo(1981)。Common stock repurchases and market signaling: An empirical study。Journal of Financial Economics，9(2)，139-183。  new window
5.Brown, Stephen J.、Warner, Jerold B.(1980)。Measuring security price performance。Journal of Financial Economics，8(3)，205-258。  new window
6.Brown, Stephen J.、Warner, Jerold B.(1985)。Using Daily Stock Returns: The Case of Event Studies。Journal of Financial Economics，14(1)，3-31。  new window
學位論文
1.毛治文(1999)。內部關係人持股比例及其變動與上市公司購回庫藏股之關連性研究(碩士論文)。中國文化大學。  延伸查詢new window
其他
1.許兆億(2001)。我國上市公且實施庫藏股之研究。  延伸查詢new window
2.鄭桂蕙(2002)。公司買回庫藏股之資訊內涵：投資人觀點。  延伸查詢new window
3.Cornett, M. M., & Tehranian, H.(1990)。An examination of the impact of the Garn-St。  new window
4.Dann, L. Y.(1981)。Common stock repurchase: An analysis of returns to bondholders and stockholders。  new window
5.Hertzel , M. G.(1991)。The effects of stock repurchases on rival firms。  new window
6.Lee, D. S., Mikkelson, W. H., & Partch, M. M.(1992)。Managers’ trading around stock repurchases。  new window
7.Netter, J. M., & Mitchell, L. M.(1989)。Stock repurchase announcements and insider transaction after the October 1987 stock market crash。  new window
8.Sinkey, J. F.(1999)。The reaction of bank stock prices to news of derivatives losses by corporate clients。  new window
9.Zellner, Arnold(1962)。An efficient Method of estimating seemly unrelated regression and tests for aggregation bias。  new window
 
 
 
 
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