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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31547


    Title: 實施單次庫藏股買回對股價長期績效之研究
    Other Titles: The study of long-term stock performance after single treasury stock repurchases
    Authors: 施妙香;Shih, Miao-hsiang
    Contributors: 淡江大學財務金融學系碩士在職專班
    林允永;Lin, Yun-yung
    Keywords: 庫藏股;事件研究法;市場模型;超額報酬;累積超額報酬;t值檢定;Treasury Stock;Event Study Methodology;Market Model;abnormal return;Cumulative Average abnormal Returns;t value test
    Date: 2008
    Issue Date: 2010-01-11 00:53:15 (UTC+8)
    Abstract: 本研究主要是以台灣市場來檢驗公司在透過公開市場買回自家股票,對股票是否存在顯著性的長期績效,本研究以2001年1月至2006年10月間宣告實施庫藏股且僅實施一次庫藏股買回的上市公司為樣本,利用事件分析法及統計檢定分析進行長期績效的檢測。本研究結果發現庫藏股實施後:
    1、公司宣告實施庫藏股後,存在有顯著性的正向長期超額報酬。
    2、不同的產業別買回庫藏股,其長期超額報酬,有明顯的差異。
    3、公司規模越大時,其買回庫藏股,其超額報酬也越大。
    4、以不同的買回目的買回公司股票時,以維護股東權益為目的,
    市場對其反應較大,但持續三年則未必如此。
    5、公司購回庫藏股執行比例越高時,股價長期反應則越大。
    6、淨值市價比率越高表示其價值被低估越多,公司實施庫藏股時股
    價反應也較大,但持續三年則未必如此。
    由於台灣地區法令上的規定,公司透過公開市場購回自家股票須在兩個月內結束,且須揭露,因此我們可以觀察到公司在計畫結束後的實際執行情況。本研究發現當公司經營者實施庫藏股購回第一年時確實有正向的長期超額報酬,持續觀察至實施後三年時發現其整體之長期正向超額報酬仍顯著,但以不同產業別、公司規模、買回目的、執行比例及淨值市價比,則第一年和持續至第三年,有不同的反應,可能因受其他變數干擾而產生不同的效應。但不可否認的本研究發現
    ,公司經營者在宣告實施庫藏股購回自家股票時,在整體樣本上長期確實有拉抬股價正向且顯著的效果,不容忽視。
    The study investigates the markt responses for treasury stock repurchases in Taiwan, The main purpose of this thesis is to examine the long-run stock performance
    following share repurchase announcements during the period from January 2001 to October 2007 for companies to buy back their own shares one time only . Event study is used to test price reactions of stocks and factor may affect the abnormal return bystatistical testing.
    The empirical evidence show that :
    1.The market has positive response for the long-run stock
    performance after open market repurchases.
    2.Compared with stock performance effects of repurchases
    among industries, there are significantly different
    between industries.
    3.The accumulative abnormal returns have significantly
    positive correlation with the firm size.
    4.About the stock performance effects of repurchases
    purpose, the performance of the purpose of maintain firm
    credit and shareholder right is better than that of the
    purpose of transfer shares to employees
    5.The companies with high carry-out ratio have positive
    response for the long-run stock performance effects.
    6.Firms with high book-to-market value have significant
    positive cumulative abnormal returns than those with low
    book-to-market value.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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