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題名:股票買回宣告、實際買回與經理人擇時能力之實證研究
書刊名:商管科技季刊
作者:洪榮華 引用關係陳怡珮 引用關係王瑗璟
作者(外文):Hung, Jung-huaChen, Yi-peiWang, Yuan-ching
出版日期:2008
卷期:9:2
頁次:頁137-168
主題關鍵詞:股票買回執行率超常報酬擇時能力Share repurchasesCompletion ratesAbnormal returnsTiming ability
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)
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  • 共同引用共同引用:82
  • 點閱點閱:37
  自台灣實施庫藏股制度以來,許多公司陸續宣告股票買回,然而關於公司經理人對於買回宣告及執行宣告是否具雙重擇時能力,以及市場對執行率的重視程度方面,卻乏人研究。本研究旨在探討上市與上櫃公司宣告股票買回後之實際執行情形以及對執行期間前後股價超常報酬之影響,以期觀察出台灣經理人是否具雙重擇時能力,與投資人對公司進行實際執行股票買回所抱持之態度。經平均數檢定與多元迴歸模型分析,顯示經理人的確同時具有宣告買回及實際執行買回的擇時能力:1.公司宣告股票買回後,不論上市或上櫃公司,股價皆有正向反應;2.執行期間之股價反應與執行率呈反向關係3.執行率與執行宣告後之股價反應呈反向關係;4.執行期間結束後,早實際執行公司之股價反應較晚實際執行公司為佳。本研究結果可供實務上公司實施股票買回的決策參考,同時亦建議主管機關評估庫藏股制度實施成效時,可從公司治理層面中,將公司策略性買回行為納入評估依據。
  Share repurchases have gradually become firms' important economic activities after the stock repurchase deregulation in Taiwan in 2000. However, few researchers have explored the influence of completion rates on the stock market, and whether managers have dual timing abilities for both repurchase announcements and actual repurchases. This study investigates the market reactions to actual repurchase activities, and managerial timing abilities. Through the t-test and the regression analysis, the results are as follows: 1.Repurchase programs have significantly positive influences on stock prices both to the listed and the OTC firms after the share repurchase announcements; 2.Abnormal returns during the repurchase period are negatively related to completion rates; 3.Completion rates are negatively associated with abnormal returns after the actual repurchase announcements; 4.The abnormal returns of firms that do actual repurchases early are higher than those of firms that do actual repurchases late after the completion period. These results can provide information about managerial decision making in practice, and suggest legislators take firms' strategic trading behavior into consideration while assessing the effects of the legislation about share repurchases.
期刊論文
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3.D'Mello, Ranjan、Shroff, Pervin K.(2000)。Equity undervaluation and decisions related to repurchase tender offers: An empirical investigation。Journal of Finance,55(5),2399-2424。  new window
4.Brockman, Paul、Chung, Dennis Y.(2001)。Managerial timing and corporate liquidity: Evidence from actual share repurchases。Journal of Financial Economics,61(3),417-448。  new window
5.Rau, P. R.、Vermaelen, T.(2002)。Regulation, taxes, and share repurchases in the United Kingdom。Journal of Business,75(2),245-282。  new window
6.Vermaelen, T.、Lakonishok, J.、Ikenberry, D.(2000)。Stock Repurchases in Canada: Performance and Strategic Trading。Journal of Finance,55(5),2373-2398。  new window
7.Kracher, B.、Johnson, R. R.(1997)。Repurchase Announcements, Lies and False Signals。Journal of Business Ethics,16(15),1677-1685。  new window
8.Bartov, Eli(1991)。Open-Market Stock Repurchases as Signals for Earnings and Risk Changes。Journal of Accounting and Economics,14(3),275-294。  new window
9.Lee, D. Scott、Partch, M. M.、Mikkelson, W. H.(1992)。Managers' trading around stock repurchases。The Journal of Finance,47,1947-1961。  new window
10.Kang, Jun-Koo、Stulz, René M.(1996)。How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues。Review of Financial Studies,9(1),109-139。  new window
11.Ikenberry, D. L.、Lakonishok, J.、Vermaelen, T.(1995)。Market underreaction to open market share repurchases。Journal of Financial Economics,39,181-208。  new window
12.汪瑞芝、陳明進(20040400)。兩稅合一制前後上市公司股利發放之實證研究。管理學報,21(2),257-277。new window  延伸查詢new window
13.洪榮華、陳香如、柯璟瑩(20051000)。從代理理論的角度探討董事會特性、股權結構與負債之關聯性。管理與系統,12(4),33-53。new window  延伸查詢new window
14.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
15.陳達新(20031200)。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。商管科技季刊,4(4),377-398。new window  延伸查詢new window
16.Stephens, Clifford P.、Weisbach, Michael S.(1998)。Actual share reacquisitions in open market repurchase programs。Journal of Finance,53(1),313-333。  new window
17.Comment, R.,、Jarrell, G. A.(1991)。The Relative Signaling Power of Dutch Auction and Fixed Price Tender Offers and Open Market Share Repurchases。Journal of Finance,46,1243-1271。  new window
18.Cook, Douglas O.、Krigman, Laurie、Leach, J. Chris(2004)。On the Timing and Execution of Open Market Repurchases。Review of Financial Studies,17(2),463-498。  new window
19.Grullon, Gustavo、Michaely, Roni(2004)。The Information Content of Share Repurchase Programs。Journal of Finance,59(2),651-680。  new window
20.Jagannathan, Murali、Stephens, Clifford P.(2003)。Motives for multiple open-market repurchase programs。Financial Management,32(2),71-91。  new window
21.Maxwell, William F.、Stephens, Clifford P.(2003)。The wealth effects of repurchases on bondholders。Journal of Finance,58(2),895-920。  new window
22.Vermaelen, Theo(1981)。Common stock repurchases and market signaling: An empirical study。Journal of Financial Economics,9(2),139-183。  new window
23.Zhang, H.(2005)。Share price performance following actual share repurchases。Journal of Banking & Finance,29(7),1887-1901。  new window
24.Barberis, Nicholas、Shleifer, Andrei、Vishny, Robert W.(1998)。A model of investor sentiment。Journal of Financial Economics,49(3),307-343。  new window
25.Hu, Aidong、Kumar, Praveen(2004)。Managerial entrenchment and payout policy。Journal of Financial and Quantitative Analysis,39(4),759-790。  new window
26.Dittmar, Amy K.(2000)。Why Do Firms Repurchase Stock?。The Journal of Business,73(3),331-355。  new window
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30.Chang, S. C., Lai, J. H.,、Yu, C. H.(2005)。The Intra-industry Effect of Share Repurchase Deregulation: Evidence from Taiwan。Review of Pacific Basin Financial Markets and Policies,8(2),251-277。  new window
31.Chen, M. J., Chen, C. L.,、Cheng, W. H.(2004)。The Announcement Effect of Restricted Open Market Share Repurchases: Evidence from Taiwan。Review of Pacific Basin Financial Markets and Policies,7(3),335-354。  new window
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34.Kirch, D. P., BarNiv, R.,、Zucca, L. J.(1998)。Investment Strategies based on Completion of Open Market Repurchase Programs。Journal of Financial Statement Analysis,winter,5-13。  new window
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學位論文
1.楊文振(2002)。股票買回對股價行為之影響-考量宣告效果與執行效果下的實證結果(碩士論文)。朝陽科技大學。  延伸查詢new window
2.潘玉娟(2001)。台灣企業庫藏股購回動機與溢價決定因素綜合評析(碩士論文)。國立中山大學。  延伸查詢new window
3.池祥萱(2003)。公開市場股票再買回之研究(博士論文)。國立中央大學。new window  延伸查詢new window
圖書
1.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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