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題名：多次買回庫藏股之公司特性及其市場反應
書刊名：華人前瞻研究
作者：林有志 引用關係／林靜雯／佘遠志
作者(外文)：Lin, Yu-chih／Lin, Ching-wen／She, Yuan-chih
出版日期：2006
卷期：2:1
頁次：頁1-24
主題關鍵詞：庫藏股；購回頻率；序列羅吉斯模型；Stock repurchases；Repurchase frequency；Ordered logistic model
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(3) 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:3
  • 共同引用共同引用:87
  • 點閱點閱:49
自庫藏股制度實施之後，公司紛紛自市場買回自家公司的股票。庫藏股制度是自願性的，公司唯有在買回的效益大於買田的成本時才會實施，過去文獻對買回庫藏肢的動機及市場反應有深入探討，但對於多次實施庫藏股之動機相關研究較少。本研究以395個宣告實施庫藏股之上市上櫃公司為樣本，以序列羅吉斯模型(Ordered Logistic Model)做多變量分析來檢視買回庫藏股頻率與公司特性之關連性並檢視多次購回庫藏股之市場反應。 研究結果顯示，購回庫藏股之頻率與公司規模、前期市場報酬率及實際購回比率呈顯著正相關；購回庫藏股之頻率與內部人持股比例、市價淨值比、宣告購回比率呈顯著負相關。實證結果大致支持政治成本假說、資訊不對稱假說、價值低估假說及操作策略假說。 在市場反應方面，實證結果與預期相符，在短期（日）及較長期（月）之累積平均異常報酬上，不同購回組別間確實存在差異，經常購回者之異常報酬最小，甚少購回者之異常報酬最大。
Companies are allowed to repurchase stock recently and many companies announced to buy back their stock from open market. Because share repurchase is voluntary, companies will do it only when the benefit is greater than the relative cost. Prior studies have shed light on the motivations of share repurchases and its market reactions. However, multiple share repurchases are seldom addressed. This study uses ordered logistic regression to test the firm characteristics of multiple repurchases and examines the market reactions. The results show that the frequency of repurchase announcements are positively related to size, prior return and percentage of shares outstanding actually repurchased and negatively related to insider holding, price to book value ratio and the percentage of shares sought at the time of announcement. These results are generally consistent with our political cost, information asymmetry, undervaluation and repurchase strategy. For the stock market reactions, the results indicate that although on average all repurchases appear to be viewed favorably by the market, infrequent repurchases are greeted with a much stronger positive reaction.
期刊論文
1.Grullon, G.、Michaely, R.(2002)。Dividends, share repurchase, and the substitution hypothesis。Journal of Finance，57(4)，1649-1684。  new window
2.Erwin, G. R.、Miller, J. M.(1998)。The liquidity effects associated with addition of a stock to the S&P 500 index: evidence from bid/ask spreads。The Financial Review，33(1)，131-147。  new window
3.Guay, W.、Harford, J.(2000)。The cash-flow permanence and information content of dividend increases versus repurchases。Journal of Financial Economics，57(3)，385-415。  new window
4.林嬋娟、蔡彥卿、李文智、楊孟萍(19930800)。實是性會計研究之發展背景與理論架構。會計研究月刊，95，144-147。  延伸查詢new window
5.Bagwell, L. S.(1992)。Dutch auction repurchases: An analysis of shareholder heterogeneity。Journal of Finance，47，71-105。  new window
6.Baker, H. K.、Powell, G. E.、Veit, E. T.(2003)。Why companies use open-market repurchase: A managerial perspective。The Quarterly Review of Economics and Finance，43，483-504。  new window
7.Bens, D. A.、Nagar, V.、Wong, M. H. F.、Skinner, D. J.(2003)。Employee stock options, EPS dilution and stock repurchases。Journal of Accounting and Economics，36，51-90。  new window
8.Dann, L. Y.(1981)。Common stock repurchase: An analysis of returns to bondholders and stockholders。Journal of Financial Economics，9，113-138。  new window
9.Jensen, M. C.(1978)。Some Anomalous Evidence Regard Market Efficiency。Journal of Financial Economics，6，95-102。  new window
10.McNally, William J.(1999)。Open Market Stock Repurchase Signaling。Financial Management，28(2)，55-67。  new window
11.Ikenberry, David L.、Lakonishok, Josef、Vermaelen, Theo(1995)。Market Underreaction to Open Market Share Repurchases。Journal of Financial Economics，39(2)，181-208。  new window
12.陳振遠、吳香蘭(20020300)。臺灣上市公司庫藏股購回宣告資訊內涵之研究。中山管理評論，10(1)，127-154。new window  延伸查詢new window
13.Bartov, E.(1991)。Open-Market Stock Repurchases as Signals for Earnings and Risk Changes。Journal of Accounting and Economics，14(3)，275-294。  new window
14.Nohel, T.、Tarhan, V.(1998)。Share repurchases and firm performance: new evidence on the agency costs of free cash flow。Journal of Financial Economics，49，187-222。  new window
15.林嬋娟、蔡彥卿、李文智、楊孟萍(19930900)。實是性會計研究之發展背景與理論架構。會計研究月刊，96，142-145。  延伸查詢new window
16.Gu, Y. A.、Schinski, M.(2003)。Patriotic stock repurchases: The two weeks following the 9-11 attack。Review of Quantitative Finance Accounting，20，267-276。  new window
17.Medury, P. V.、Bowyer, L. E.、Srinivasan, V.(1992)。Stock repurchases: A multivariate analysis of repurchasing firms。Quarterly Journal of Business and Economics，31，21-44。  new window
18.Nikos, V. O.、Maurice, J.(1995)。Open market share repurchases and the free cash flow hypothesis。Ecnomics Letters，48，405-410。  new window
19.Otchere, I.、Ross, M.(2002)。Do hare buy back announcements convey firm-specific or industry-wide information? A test of the undervaluation hypothesis。International Review of Financial Analysi，11，511-531。  new window
20.Lie, E.、Lie, H. J.(1999)。The role of personal taxes in corporate decision: An empirical analysis of share repurchases and dividends。Journal of Financial and Quantitative Analysi，34，533-552。  new window
21.Liu, C. S.、Ziebart, D. A.(1997)。Stock returns and open-market stock repurchases announcements。Financial Review，32，709-728。  new window
22.Raad, E.、Wu, H. K.(1995)。Insider trading effects on stock returns around open-market stock repurchases announcements: An empirical study。Journal of Financial Research，18，45-47。  new window
23.蔡柳卿(20031000)。Share Repurchases and Insider Trading。中華會計學刊，4(1)，49-77。new window  延伸查詢new window
24.Fenn, George W.、Liang, Nellie(2001)。Corporate Payout Policy and Managerial Stock Incentives。Journal of Financial Economics，60(1)，45-72。  new window
25.Jagannathan, Murali、Stephens, Clifford P.、Weisbach, Michael S.(2000)。Financial Flexibility and the Choice between Dividends and Stock Repurchases。Journal of Financial Economics，57(3)，355-384。  new window
26.Stephens, Clifford P.、Weisbach, Michael S.(1998)。Actual share reacquisitions in open market repurchase programs。Journal of Finance，53(1)，313-333。  new window
27.Grullon, Gustavo、Michaely, Roni(2004)。The Information Content of Share Repurchase Programs。Journal of Finance，59(2)，651-680。  new window
28.Jagannathan, Murali、Stephens, Clifford P.(2003)。Motives for multiple open-market repurchase programs。Financial Management，32(2)，71-91。  new window
29.Maxwell, William F.、Stephens, Clifford P.(2003)。The wealth effects of repurchases on bondholders。Journal of Finance，58(2)，895-920。  new window
30.Vermaelen, Theo(1981)。Common stock repurchases and market signaling: An empirical study。Journal of Financial Economics，9(2)，139-183。  new window
31.蔡柳卿、郭法雲(20040100)。我國庫藏股制度之實證研究：資訊效果與資訊傳遞動機。會計評論，38，81-112。new window  延伸查詢new window
32.Dittmar, Amy K.(2000)。Why Do Firms Repurchase Stock?。The Journal of Business，73(3)，331-355。  new window
33.李春安、吳欽衫、葉麗玉(20030100)。所有權結構與公司非法行為關係之研究--以臺灣股票上市公司為例。證券市場發展季刊，14(4)=56，75-137。new window  延伸查詢new window
34.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review，76(2)，323-329。  new window
35.Watts, Ross L.、Zimmerman, Jerold L.(1990)。Positive accounting theory: A ten year perspective。The Accounting Review，65(1)，131-156。  new window
研究報告
1.Opler, T.、Sheridan, T.(1996)。The Debt-Equity choice: An analysis of issuing firms。Chapel Hill：University of North Carolina。  new window
學位論文
1.孫鑑吾(2001)。企業實施庫藏股動機之研究(碩士論文)。逢甲大學。  延伸查詢new window
2.黃冠仁(2003)。我國上市公司股票購回宣告與同業股價關聯性之研究(碩士論文)。國立中山大學。  延伸查詢new window
3.謝佩蓁(2002)。企業實施庫藏股及交叉持股之研究(碩士論文)。銘傳大學。  延伸查詢new window
4.林懋民(2002)。多次實施庫藏股買回宣告效果之研究(碩士論文)。銘傳大學。  延伸查詢new window
圖書
1.王濟川、郭志剛(2003)。Logistic迴歸模型--方法及應用。台北：五南書局。  延伸查詢new window
2.沈中華、李建然(2000)。事件研究法--財務與會計實證研究必備。華泰文化事業公司。  延伸查詢new window
 
 
 
 
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