臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：公司治理與公開市場買回關聯性之研究
作者：陳妮雲
作者(外文)：Ni-Yun Chen
校院名稱：臺灣大學
系所名稱：會計學研究所
指導教授：劉啟群
學位類別：博士
出版日期：2008
主題關鍵詞：公司治理；董事會；公開市場買回；執行率；累積異常報酬；Corporate governance；Board of directors；Open market repurchases；Completion rate；Cumulative abnormal returns
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(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:0
  • 點閱點閱:41
公司治理之良窳足以左右董事會運作之成效，公司治理較好的企業，董事會之特質具有較高的獨立性、監督性與齊一性，且有較低的異動性與集權性。現行法律賦予董事會對於企業買回股份之主導權，故預期公司治理與股票買回決議有重大之關聯。
本研究以我國上市與上櫃公司2000至2005年為樣本期間，主要探討公司治理對於公開市場買回股票宣告、宣告效果以及企業宣告買回庫藏股、實際買回庫藏股與執行率有關決策之影響，其中執行率為實際買回庫藏股與宣告買回庫藏股數量之比值。研究結果發現公司治理較好之企業，董事會之決議較能符合全體股東之利益，不贊同有利於內部人但損害企業主體之買回股份行為，因此，宣告買回股份可能性較低、宣告次數亦較少。若公司治理愈好之企業，宣告時所產生之累積異常報酬愈大，顯示市場認為公司治理愈好之企業，所傳達之資訊可信度愈高，不實誇大宣告量以拉抬股價之意圖亦較低，傾向宣告較低之買回數量和金額比率。我國公司宣告買回股份時產生之正向股價效果降低公司執行買回之意願，股價漲幅較小之企業內，較易彰顯公司治理對執行率之正向影響力。
Corporate governance has a dramatic force to share repurchase decision since the board of directors are responsible for the direction and supervision of the company''s business including the authorization of share repurchase programs. A well governed firm has a more independent, overseen, agreed and less changing, concentrated board structure. A poorly governed firm is just the opposite.
According to share repurchase programs announced by companied trading in stock exchange market or over the counter from Aug. 2000 to Dec. 2005, this study investigates how corporate governance affects a wide range of open market repurchase activities in the probability of share repurchase announcements, share repurchase frequency, cumulative abnormal returns at announcement of the repurchases programs, announced target levels of repurchases, actual share repurchases and completion rate. Completion rate is the actual repurchases scaled by the target number of shares in the programs. The results indicate that well-governed firms which strongly defend against fraudulent announcements are less likely and frequent to announce share repurchase. They are associated with higher five-day abnormal returns surrounding announcement date, suggesting that governance structure proxies for the quality of management’s information. As managers in a well-governed firm are less likely to manipulate their firm’s stock price by exaggerating the announced size, governance structure is negatively related to the extent of repurchase offer. Although a strong positive reaction to the announcement lowers the firm’s demand for reacquiring securities, governance structure is positively related to completion rate in firms with lower stock returns two months following the announcement of the program.
參考文獻
池祥萱，2002，公開市場股票再買回之研究，國立中央大學財務金融研究所未出版博士論文。new window
李春安、黃鏐如，2005，公司治理、企業獲利與盈餘管理關聯性之研究，Working Paper.
李佳玲、葉穎蓉、何晉滄，2005，績效、公司治理與高階管理者離職關係之實證研究，中山管理評論，第13卷第1期: 75-106。new window
李現瑞，2005，過去執行庫藏股買回記錄對庫藏股宣告之影響，國立台北大學會計研究所未出版碩士論文。
胡星陽，1998，流動性對台灣股票報酬率的影響，中國財務學刊，第5卷第4期:1-19。new window
陳振遠、張智堯、王蘭芬、李文智，2005，應用Ohlson會計評價模型探究公司治理之價值攸關性—以台灣上市公司電子業為例，臺大管理論叢，第15卷第2期: 123-142。new window
陳嘉惠、劉玉珍、林炯垚(2003)，「公開市場股票購回影響因素分析」，證券市場發展季刊，第15卷第3期: 27-62。new window
葉銀華、邱顯比、張銘煌，1999，基金經理人更換、董事會組成與績效之研究，證券市場發展季刊，第11卷第1期: 25-69。new window
葉銀華、蘇裕惠、柯承恩、李德冠，2003，公司治理機制對於關係人交易的影響，證券市場發展季刊，第15卷第4期:69-106。new window
蔡柳卿、許神扶，2004，庫藏股買回宣告之資訊移轉效果，證券櫃枱，第93期:72-88。
蔡柳卿、郭法雲，2004，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，第38期: 81-112。new window
劉啟群、陳妮雲，2006，買回庫藏股執行率影響因素之研究，2006會計理論與實務研討會論文集，台北。
蘇迺惠、林嬋娟，2008. Operating performance and investment expenditures following open market share repurchases.管理學報(Forthcoming).
Ahmed, k., M. Hossain, and M.B. Adams. 2006. The effects of board composition and board size on the informativeness of annual accounting earnings. Corporate Governance: An International Review 14(5): 418-431.
Barth, M. E. and R. Kasznik.1999. Share repurchases and intangible assets. Journal of Accounting and Economics 28: 211-241.
Bartov, E. 1991. Open-market stock repurchases as signals for earnings and risk changes. Journal of Accounting and Economics 14(3), 275-294.
Babenko, I. and A. Vedrashko. 2006. Informativeness of managerial stock ownership and market reaction to stock repurchase announcements, SSRN Working Paper.
Beasley, M. S. 1996. An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud. The Accounting Review 71(4), pp.443-465.
Beasley, M. S. and S. E. Salterio. 2001. The relationship between board characteristics and voluntary improvements in audit committee composition and experience. Contemporary Accounting Research 18(4): 530-570.
Bens, D. A., V. Nagar, D. J. Skinner, and M.H. Wong. 2003.Employee stock options, EPS dilution, and stock repurchases. Journal of Accounting and Economics 36: 51-90.
Boone, A. L., L. C. Field, J. M. Karpoff, and C. G. Raheja. 2005. The determinants of corporate board size and composition: An empirical analysis, Working Paper.
Brush, T. H., P., Bromiley, and M. Hendrickx. 2000. Free cash flow hypothesis and sales growth. Strategic Management Journal 21(4); 455-472.
Bryan, S., L. S. Hwang, and S. Lilien. 2000. CEO stock-based compensation: An empirical analysis of incentive-intensity, relative mix and economic determinants. The Journal of Business 73(4): 661-693.
Chan, K., D. Ikenberry, and I. Lee. 2003. Economic Sources of Gain in Stock Repurchases. Journal of Financial and Quantitative Analysis 39: 461-480.
Chen, C. and M. M. Wen. 2004. The credibility of stock repurchase signals,Financial Management Association Annual Conference Working Paper.
Cheng, E. C. M. and S. M. Courtenay. 2006. Board composition, regulatory regime and voluntary disclosure. The International Journal of Accounting: 41(3): 262-289.
Cudd, M., R. Duggal, and S. Sarkar. 1996. Share repurchase motives and stock market reaction. Quarterly Journal of Business and Economics 35(2): 66-76.
Comment, R. and G. Jarrell. 1991. The relative signaling power of Dutch-auction and fixed-price self-tender offers and open-market share repurchases. Journal of Finance 46: 1243-1271.
Daily, C. M. and D. R. Dalton. 1994. Bankruptcy and corporate governance: The impact of board composition and structure. The Academy of Management Journal 37(6): 1603-1617.
Dereeper, S. and F. Romon. 2003. The use of open-market repurchase program in France, Working Paper.
Dhaliwal, D. S. and O. Z. Li. 2006. Investor tax heterogeneity and ex-dividend day trading volume. Journal of Finance 61(1): 463-490.
Dittmar, A. K. 2000. Why do firm repurchase stock? The Journal of Business73(3):331-355.
Fenn, G. W. and N. Liang. 2001. Corporate payout policy and managerial stock incentives. Journal of Financial Economics 60: 45-72.
Florou, A. 2005. Top directors shake up: The link between chairman and CEO dismissal in the U.K. Journal of Business Finance and Accounting 32 (1-2), 97-128.
Gelb, S. D. 2000. Corporate signaling with dividends, stock repurchases, and accounting disclosures: An empirical study. Journal of Accounting, Auditing and Finance 15: 99-120.
Gesser, R., R. Halman, and O. Sarig. 2005. Measuring the agency costs of dispersed ownership: The case of repurchases initiation, Working Paper.
Ginglinger, E. and J. F. L’her. 2006. Ownership structure and open market stock repurchase in France. The European Journal of Finance 12(1): 77-94.
Gong, G., H. Louis and A. X. Sun. 2008. Earnings management and firm performance following open-market repurchases. The Jouranl of Finance 63(2): 947-986.
Grullon, G. and R. Michaely. 2002. Dividends, share repurchases, and the substitution hypothesis. The Journal of Finance 4: 1649-1684.
Gul, F. A. and Judy S. L. Tsui. 1998. A test of the free cash flow and debt monitoring hypotheses: Evidence from audit pricing. Journal of Accounting and Economics 24(2): 219-237.
Hackethal, A. and A. Zdantchouk. 2005. Signaling power of open market share repurchases in Germany. Financial Markets and Portfolio Management 20(2): 123-151.
Hall, B. J. and J. B. Liebman.1998. Are CEO really paid like bureaucrats? The Quarterly Journal of Economics 113(3): 653-691.
Harford, J., S.A. Mansi, and W. F. Maxwell. 2008. Corporate governance and firm cash holdings in the US. Journal of Financial Economics: 535-555.
Ho, Li-Chin J., C. S. Liu, and R. Ramanan. 1997. Open-market stock repurchase announcement and revaluation of prior accounting information. The Accounting Review 72(3): 475-487.
Hovakimian, A., T. Opler, and S. Titman. 2001. The debt-equity choice. The Journal of Financial and Quantitative Analysis 36(1): 1-24.
Hribar, P., N. T. Jenkins, and W. B. Johnson. 2006. Stock repurchases as an earnings management device. Journal of Accounting and Economics 41: 3-27.
Ikenberry, D., J. Lakonishok, and T. Vermaelen. 1995. Market underreaction to open market share repurchases. Journal of Financial Economics 39: 181-208.
¬¬¬¬¬¬¬¬¬¬¬¬¬______________________________________.2000. Stock repurchase in Canada: Performance and strategic trading. Journal of Finance 55(5): 2373-2397.
Ikenberry, D. and T. Vermaelen. 1996. The option to repurchases stock. Financial Management 25: 9-24.
Jagannathan, M., and C. Stephens. 2003. Motives for multiple open-market repurchase programs. Financial Management 32(2):71-101.
____________________________2004.Privately negotiated repurchases and monitoring by block shareholders, Working Paper.
Jagannathan, M., C. P. Stephens, and M.S. Weisbach. 2000. Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics 57: 355-384.
Jensen, M.C. 1986. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76(2): 323-329.
John, K. and A. Knyazeva. 2006. Payout policy, agency conflicts and corporate governance. Working Paper.
Jun, S. G., M. Jung, and R. A. Walkling. 2006. Share repurchases, executive options and wealth changes to stockholders and bondholders, Working Paper.
Jung, S. C., Y. G. Lee, and J. H. Thornton. 2003. Stock repurchases in a developing market: Evidence from Korea, Working Paper.
Kahle, K. 2002. When a buyback isn’t a buyback: Open market repurchase and employee options. Journal of Financial Economics 63: 235-261.
Kaplan, S. N. 1995. Corporate governance and incentives in German companies: Evidence from top executive turnover and firm performance. European Financial Management 1(1): 23-36.
Kesner, I. F., B. Victor, and B. T. Lamont.1986. Board composition and the commission of illegal acts: An investigation of fortune 500 companies. The Academy of Management Journal 29(4): 789-799.
Kracher, B. and R. R. Johnson. 1997. Repurchase announcements, lies and false signals. Journal of Business Ethics 16: 1677-1685.
Lamba, A. and I. Ramsay. 2000. Share buy-backs: An empirical investigation, Center for Corporate Law and Securities Regulation Research Report.
Lehn, k. and A. Poulsen.1989. Free cash flow and stockholder gains in going private transactions. Journal of Finance 44(3): 315-335.
Li, S. 2003. Stock-based incentives, corporate governance and managers’ fraudulent stock price manipulation, Working Paper, Duke University.
Li, K. and W. McNally. 2003. The decision to repurchases, announcement returns and insider holdings: A conditional event study. The ICFAI Journal of Applied Finance 9(6): 55-70.
Lie, E. 2005. Financial flexibility, performance, and the corporate payout choice. Journal of Business 78: 2179-2202.
McNally, W. J. 1999. Open market stock repurchases signaling. Financial Management 28(2): 61-74.
Mehran, H. 1992. Executive incentive plans, corporate control and capital structure. The Journal of Financial and Quantitative Analysis 27(4): 539-560.
Netter, J. M. and M. L. Mitchell.1989. Stock-repurchase announcements and insider transactions after the October 1987 stock market crash. Journal of Financial Management 18(3): 84-96.
Oswald, D. and S. Young. 2004. Open market share reacquisitions, surplus cash, and agency problems, AFA 2005 Philadelphia Meetings Working Paper.
Park, Y. W. and H. H. Shin. 2004. Board composition and earnings management in Canada. Journal of Corporate Finance 10: 431-457.
Peasnell, K.V., P. F. Pope, and S. Young. 2005. Board monitoring and earnings management: Do outside directors influence abnormal accruals? Journal of Business Finance and Accounting 32(7): 1311-1346.
Pugh, W., and J. S. Jahera.1990. Stock repurchases and excess returns: An empirical examination. The Financial Review 25(1): 127-142.
Rau, P. R. and T. Vermaelen. 2002. Regulation, taxes, and share repurchases in the United Kingdom. Journal of Business 75(2): 245-281.
Sanders, W. G. and M. A. Carpenter. 2003. Strategic satisfying? A behavioral-agency perspective on stock repurchase program announcements. Academy of Management Journal 46: 160-179.
Seifert, U. and R. Stehle. 2003. Stock performance around share repurchase announcements in Germany, Working Paper.
Skjeltorp, J. A. and B. A. degaard. 2004. The Ownership structure of repurchasing firms, Working Paper.
Slovin, M. B. and M. E. Sushka.1993. Ownership concentration, corporate control activity, and firm value: Evidence from the death of inside blockholders. Journal of Finance 48(4):1293-1321.
Song, O. R. 2002. Hidden social costs of open market share repurchases. S.J.D., Harvard Law School Dissertation.
Stephens, C. P. and M. S. Weisbach. 1998. Actual share reacquisitions in open-market repurchase programs. Journal of Finance 53(1): 313-333.
Vermaelen, T. 1981, Common stock repurchases and market signaling. Journal of Financial Economics 9: 139-183.
Wansley, J. W., W. R. Lane, and S. Sarker. 1989. Managements’ view on share repurchases and tender offer premiums. Journal of Financial Management18(3): 97-110.
Warner, J.B. 1988. Stock prices and top management changes, Journal of Financial Economics 20:461-492.
Webb, E. 2006. Bank stock repurchases extent and measures of corporate governance, Working Paper.
Westphal, J. D. and E. J. Zajac. 2001. Decoupling policy from practice: The case of stock repurchase programs. Administrative Science Quarterly 46(2): 202-228.
Yermack, D. 1995. Do corporations award CEO stock options effectively? Journal of Financial Economics 39(2): 237-269.
Zhang, H.2002. Share repurchases under the commercial law 212-2 in Japan: Market reaction and actual implementation. Pacific-Basin Finance Journal 10:287-305.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
無相關點閱
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：859（臺灣：854，外國：5） ／ 本年度總使用人次：1780212 ／ 訪客人次（自102年09月）：67580853
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上