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題名：上市公司買回庫藏股資訊傳遞效果之探討
書刊名：東吳經濟商學學報
作者：李亮君／李顯儀 引用關係／吳幸姬／李欣微
作者(外文)：Lee, Lian-chun／Lee, Hsien-yi／Wu, Hsing-chi／Lee, Hsin-wei
出版日期：2010
卷期：68
頁次：頁61-89
主題關鍵詞：庫藏股；資訊傳遞；VAR檢定；日內報酬；Treasury stock；Information transmission；VAR test；Intra-day returns
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(1) 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:62
  • 點閱點閱:65
本文之研究目的有二，一在探討公司買回庫藏股，是否會增加投資人的注意，使得資訊傳遞反應會領先沒有買回庫藏股的公司？其次，探討買回庫藏股比例較大的公司，是否愈能吸引投資人的關注，使得資訊傳遞反應會領先買回比例較小的公司？實證結果發現有與無買回庫藏股的投資組合，對資訊傳遞反應並無顯著差異，但有實際買回庫藏股且比例較大的投資組合對訊息的反應是領先無買回庫藏股的投資組合。此外，發現宣告買回比例較大與宣告買回比例較小的投資組合間對資訊傳遞反應並無顯著差異；但實際買回比例較大的投資組合對資訊傳遞反應卻是領先實際買回比例較小的投資組合。此結果隱含著實際買回庫藏股比例之多寡，應會影響投資人之關注程度。
This study has two purposes. One is to explore whether firms’ stock repurchase increase investors’ attention, which may make the response to information transmission faster than firms with no stock repurchase. The other is to see if the firms with high proportion of stock repurchase increase investors' attention, which may make the response to information transmission faster than firms with low proportion of stock repurchase. The empirical findings indicate that firms with stock repurchase cannot speed up information transmission, but the portfolio with higher proportion of actual stock repurchase are faster in response to information transmission than those with no stock repurchase. In addition, the proportion of announced stock repurchases to its capital cannot affect the speed of information transmission, but the portfolio with higher proportion of actual stock repurchase are faster in response to information transmission than the lower ones. These results imply that the proportion of actual stock repurchases of firm can affect investors’ degree of attention.
期刊論文
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23.Holden, Craig W.、Subrahmanyam, Avanidhar(1992)。Long-lived Private Information and Imperfect Competition。The Journal of Finance，47(1)，247-270。  new window
24.Stephens, Clifford P.、Weisbach, Michael S.(1998)。Actual share reacquisitions in open market repurchase programs。Journal of Finance，53(1)，313-333。  new window
25.Barth, Mary E.、Kasznik, Ron(1999)。Share Repurchases and Intangible Assets。Journal of Accounting and Economics，28(2)，211-241。  new window
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40.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review，76(2)，323-329。  new window
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43.Bagwell, L. S.(1992)。“Dutch auction repurchases: an analysis of shareholder heterogeneity.”。Journal of Finance，47,no.1，pp.71-105。  new window
44.Bessembinder, H., K. Chan, and P. J. Seguin(1996)。“An empirical examination of information, differences of option and trading activity.”。Journal of Financial Economics，40,no.1，pp.105-134。  new window
45.Brown, D. and M. Ryngaert(1991)。“The mode of acquisition in takeovers: taxes and asymmetric information.”。Journal of Finance，46,no.2，pp.653-669。  new window
46.Ikenberry, D., J. Lakonishok, and T. Vermaelen(2000)。“Stock repurchases in Canada: performance and strategic trading.”。Journal of Finance，55,no.5，pp.2373-2397。  new window
47.Kahle, K. M.(2002)。“When a buyback isn’t a buyback: open market repurchases and employee options.”。Journal of Financial Economics，63,no.2，pp.235-261。  new window
48.Lakonishok, J. and T. Vermaelen(1990)。“Anomalous price behavior around repurchase tender offers.”。Journal of Finance，45,no.2，pp.455-477。  new window
49.Liu, C. S. and D. A. Ziebart(1997)。“Stock returns and open-market stock repurchase announcements.”。Financial Review，32,no.3，pp.709-728。  new window
50.Masulis, R.W.(1980)。“Stock repurchase by tender offer: an analysis of the causes of common stock price changes.”。Journal of Finance，35,no.2，pp.305-321。  new window
51.Pugh, W. and J. S. Jahera(1990)。“Stock repurchases and excess returns: an empirical examination.”。Financial Review，25,no.1，pp.127-142。  new window
52.Vermaelen, T.(1981)。“Common stock repurchases and market signaling.”。Journal of Financial Economics，9,no.2，pp.139-183。  new window
53.Vermaelen, T.(1984)。“Repurchase tender offers, signaling, and managerial incentives.”。Journal of Financial and Quantitative Analysis，19,no.2，pp.163-181。  new window
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57.Brown, D.、Ryngaert M.(1991)。The mode of acquisition in takeovers: taxes and asymmetric information。Journal of Finance，46(2)，653-669。  new window
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學位論文
1.駱姿蓓(2001)。我國庫藏股制度與股價之實證研究--以上市公司為例(碩士論文)。國立中正大學。  延伸查詢new window
2.邱鍵麟(2001)。台灣上市公司實施庫藏股制度對股價影響之研究(碩士論文)。長庚大學。  延伸查詢new window
3.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
4.李宗祥(2001)。上市公司買回本公司股份之研究(碩士論文)。國立臺灣大學。  延伸查詢new window
5.楊琬婷(2001)。庫藏股制度對台灣股市的影響(碩士論文)。國立臺灣大學。  延伸查詢new window
6.林玉成(2001)。上市公司庫藏股宣告資訊內涵及及操作策略之分析(碩士論文)。國立高雄第一科技大學。  延伸查詢new window
7.陳世新(2002)。我國上市公司購回庫藏股資訊內涵之實證研究(碩士論文)。國立政治大學。  延伸查詢new window
8.吳宗翰(2002)。訊息不對稱與內部人持股變動對首次庫藏股宣告效果影響之研究。  延伸查詢new window
9.林敏愷(2001)。國內庫藏股持久性效益及其特性之研究。  延伸查詢new window
10.黃美娟(2002)。多次購回庫藏股訊號效果之研究。  延伸查詢new window
11.熊杏華(1996)。台灣股市大小公司間訊息傳遞方向及結構性差異之特性研究。  延伸查詢new window
12.黃美娟(2002)。多次購回庫藏股訊號效果之研究。長庚大學。  延伸查詢new window
13.熊杏華(1996)。台灣股市大小公司間訊息傳遞方向及結構性差異之特性研究。國立中央大學。  延伸查詢new window
14.吳宗翰(2002)。訊息不對稱與內部人持股變動對首次庫藏股宣告效果影響之研究。朝陽科技大學。  延伸查詢new window
15.林敏愷(2001)。國內庫藏股持久性效益及其特性之研究。國立臺灣大學。  延伸查詢new window
圖書
1.Wickens, Christopher D.(1992)。Engineering Psychology and Human Performance。New York, NY：Harper Collins Publishers Inc.。  new window
 
 
 
 
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