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題名:庫藏股宣告對股票持有者與債券持有者之財富互動變化
書刊名:臺灣管理學刊
作者:林育志 引用關係藍麗惠郭照榮 引用關係
作者(外文):Lin, LukeLan, Li-lueiKuo, Chau-jung
出版日期:2008
卷期:8:1
頁次:頁95-120
主題關鍵詞:庫藏股事件研究公司債Stock repurchaseEvent studyCorporate bond
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(0) 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:0
  • 共同引用共同引用:78
  • 點閱點閱:25
本文以庫藏股計劃宣告為研究對象,首次同時涵蓋債券、股票與公司價值三 層面分析發現,庫藏股研究中的著名理論如信號發射與財富移轉兩種假說,並未 適用於有債券資料樣本的臺灣庫藏股事件之中,其預期報酬方向完全相反。特別 的發現是,幾乎國內外實證文獻均指出庫藏股計劃對公司是正面的好消息,然而 一旦只觀察具有債券資料樣本時,卻出現了股票負向與債券正向的異常報酬,形 成前所未有的庫藏股特殊現象。最後在特性變數分析方面,同樣出現有無債券資 料樣本時結論為相反現象,顯示出分析公司任何財務決策效果時,納計債券報酬 的重要性,否則可能作出有失偏頗的預期。
In theory, we used to seen that the task of manager’s financial decisions is to maximize firm value, and it is equal to maximize stock value. However, we assert this phrase under a restrictive set of conditions. This study analyzes abnormal bond, stock, and firm returns around repurchase announcements in Taiwan. We find the excess bond return is statistically significant, and forms the change of firm value is not the same as stock value. We also find evidence inconsistent with both signaling and wealth redistribution in the firm with stock and bond returns. Particularly, prior research has documented positive abnormal stock returns around the announcement of repurchase program. Once we just observe the firm with stock and bond returns, it appears a myth we never seen before with negative abnormal stock returns and positive abnormal bond returns. It shows the importance of bond return to assess financial decisions.
期刊論文
1.Ikenberry, D.、Lakonishok, J.、Vermaelen, T.(1995)。Market Underreaction to Open Market Share Repurchases。Journal of Financial Economics,39(2),181-208。  new window
2.周賓凰、蔡坤芳(19970400)。臺灣股市日資料特性與事件研究法。證券市場發展,9(2)=34,1-27。new window  延伸查詢new window
3.蔡柳卿、楊朝旭、郭法雲(20030300)。我國上市公司買回股票與無形資產關連性之實證研究。產業金融季刊,118,54-83。  延伸查詢new window
4.Comment, Robert、Jarrell, Gregg A.(1991)。The relative signaling power of Dutch-auction and fixed-price self-tender offers and open-market share repurchases。Journal of Finance,46(4),1243-1271。  new window
5.Raad, E.、Wu, H. K.(1995)。Insider trading effects on stock returns around open-market stock repurchase announcements: An empirical study。Journal of Financial Research,18(1),45-57。  new window
6.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
7.Tsetsekos, G. P.(1993)。Valuation Effects of Open Market Stock Repurchases for Financially Weak Firms。Review of Financial Economics,2(2),29-42。  new window
8.劉玉珍、高惠娟(19980400)。淺談庫藏股票制度。證券暨期貨管理,16(4),1-12。  延伸查詢new window
9.陳嘉惠、劉玉珍、林炯垚(20031000)。公開市場股票購回影響因素分析。證券市場發展季刊,15(3)=59,27-61。new window  延伸查詢new window
10.Stephens, Clifford P.、Weisbach, Michael S.(1998)。Actual share reacquisitions in open market repurchase programs。Journal of Finance,53(1),313-333。  new window
11.Maxwell, William F.、Stephens, Clifford P.(2003)。The wealth effects of repurchases on bondholders。Journal of Finance,58(2),895-920。  new window
12.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
13.Dittmar, Amy K.(2000)。Why Do Firms Repurchase Stock?。The Journal of Business,73(3),331-355。  new window
14.謝淑貞、林繼平(20031000)。臺灣實施庫藏股制度之宣告效果。中華管理評論,6(5),1-15。  延伸查詢new window
15.Brown, Stephen J.、Warner, Jerold B.(1980)。Measuring security price performance。Journal of Financial Economics,8(3),205-258。  new window
16.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。  new window
17.Lakonishok, Josef、Shleifer, Andrei、Vishny, Robert W.(1994)。Contrarian Investment, Extrapolation, and Risk。Journal of Finance,49(5),1541-1578。  new window
18.Ross, S. A.(1977)。The determination of financial structure: The incentive signalling approach。Bell Journal of Economics and Management Science,8,177-183。  new window
19.陳若暉、陳志豪(2003)。「庫藏股之實證研究以事件法產業分析為例 」。臺灣銀行季刊,第 54 期第 2 卷,109-128。new window  延伸查詢new window
20.楊踐為、陳明文(2002)。「庫藏股制度實施宣告對股東財富影響之研究以台灣上市公司為例」。復華季刊,55-80。  延伸查詢new window
21.Eberhart, A. and A. Sidduque(2000)。“The Long-Term Performance of Corporate Bonds and Stocks Following Seasoned Equity Offerings,”。Review of Financial Studies,vol. 15,1385-1406。  new window
22.Handjinicolaou, G. and A. Kalay(1984)。“Wealth Redistributions or Changes in Firm Value: An Analysis of Returns to Bondholders and Stockholders Around Dividend Announcements,”。Journal of Financial Economics,vol. 13,35-63。  new window
23.Lie, E. and H. Lie(1999)。“The Role of Personal Taxes in Corporate Decisions: An Empirical Analysis of Share Repurchases and Dividends,”。Journal of Financial and Quantitative Analysis,vol. 34,533-552。  new window
24.Tsetsekos, G.(1993)。“Valuation Effects of Open Market Stock Repurchase for Financially Weak Firms,”。Review of Financial Economics,vol. 2,29-42。  new window
25.楊踐為、陳明文(2002)。庫藏股制度實施宣告對股東財富影響之研究--以台灣上市公司為例。復華季刊,55-80。  延伸查詢new window
26.蔡柳卿、楊朝旭、郭法雲(2002)。我國上市公司買回股票與無形資產關連性之實證研究。產業金融,118,55-82。  延伸查詢new window
27.陳若暉、陳志豪(2003)。庫藏股之實證研究--以事件法產業分析為例。臺灣銀行季刊,54(2),109-128。new window  延伸查詢new window
28.Eberhart, A.、A. Sidduque(2000)。The Long-Term Performance of Corporate Bonds and Stocks Following Seasoned Equity Offerings。Review of Financial Studies,15,1385-1406。  new window
29.Handjinicolaou, G.、Kalay, A.(1984)。Wealth Redistributions or Changes in Firm Value: An Analysis of Returns to Bondholders and Stockholders Around Dividend Announcements。Journal of Financial Economics,13,35-63。  new window
30.Lie, E.、Lie, H.(1999)。The Role of Personal Taxes in Corporate Decisions: An Empirical Analysis of Share Repurchases and Dividends。Journal of Financial and Quantitative Analysis,34,533-552。  new window
會議論文
1.Balachandran, B.、Troiano, R.(2000)。On Market Share Buybacks and Earnings: Australian Evidence。The 9th Conference on the Theories and Practices of Securities and Financial Market。  new window
2.Cai, N., J. Helwege, and A. Warga(2003)。“Underpricing and Reputation Acquisition in the Corporate Bond Market,”。  new window
研究報告
1.Stephens, C.(1998)。“Open-Market Repurchase Programs and the Effects of the Capital Gains Tax Preference,”。  new window
2.Cai, N.、Helwege, J.、Warga, A.(2003)。Underpricing and Reputation Acquisition in the Corporate Bond Market。  new window
3.Stephens, C.(1998)。Open-Market Repurchase Programs and the Effects of the Capital Gains Tax Preference。  new window
圖書
1.Haley, Charles W.、Schall, Lawrence D.(1979)。The Theory of Financial Decisions。New York:McGraw-Hill Book Company。  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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