本文引用Kyle（1985）微觀市場模型檢視微觀市場因素與公司特性因素對公開市場股票購回後之購回績效。實證結果顯示實施公開市場股票購回之股票價格績效與股票購回完成率有長期正相關、與市場流動性有短期正相關。此外，公司財務槓桿與公司規模對於實施公開市場股票購回後之購回績效亦有所影響，尤其是公司規模因素。

This study examines stock price performance, conditional on the microstructure factors, completion rates, and market liquidity, following open market stock repurchases (OMRs) by employing Kyle's (1985) market equilibrium model. The investigation focuses on TAIEX listed companies which executed OMRs in Taiwan from 2000 to 2008. Results show a positive relationship between completion rates and stock price performance following OMRs in the long run, and a positive relationship between market liquidity and stock price performance following OMRs in the short run. Moreover, we find that a firm's leverage and size affect its stock price performance following OMRs, especially size.