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    題名: 股票買回公司之特性與流動性研究
    其他題名: Firm characteristics, repurchase and liquidity
    作者: 周蓉慧;Chou, Jung-hui
    貢獻者: 淡江大學財務金融學系碩士班
    路祥琛;Lu, Cheung-sum
    關鍵詞: 股票買回;公司特性;流動性;財務比率;Stock Repurchases;corporate characteristics;Liquidity;financial ratios
    日期: 2009
    上傳時間: 2010-01-11 01:10:39 (UTC+8)
    摘要: 股票買回不僅是台灣證券交易法規上,規定上市上櫃公司必須公開揭露之重要訊息,也是上市上櫃公司重要的財務決策之一,對於台灣股票市場的交易活動亦具有一定程度的影響力。本研究以台灣宣告股票買回之上市公司為主要樣本,第一部分針對公司特性,包括獲利能力、償債能力、經營能力與資本結構四種財務指標,以及股權結構與交易特色等,探討2000年至2008年宣告股票買回之公司是否具有特定的公司特性;第二部分則是以複迴歸模型,分析股票買回對公司股票之市場流動性之影響。另外,分別考慮產業類別、總體經濟環境不同、買回執行比例及買回目的的差異,是否對上述兩部分研究結果有所影響。
    實證研究結果與過去文獻有高度一致性,顯示宣告股票買回公司具有較大的公司規模、較高的獲利能力與流動比率,但相對有股價較低、財務槓桿及經營管理能力較低、內部人持股比例較少等現象。而在複迴歸分析結果則顯示宣告股票買回公司之股票具有較佳的市場流動性,且當公司於空頭市場宣告股票買回,更有利於增加公司股票市場流動性。
    In Taiwan, open market repurchase is a required information disclosure event by law. Repurchase not only is an important financial decision but also affects the trading of securities.
    Academic research on stock repurchases have established that repurchases significantly affects the wealth of participating and non-participating shareholders. This paper using financial ratios including profitability index, liquidity index, productivity index, and leverage index to examine the difference in financial and operating characteristics between repurchasing firms and non-repurchasing firms during 2000 to 2008. We also examine the effect of repurchasing on market liquidity through multiple-regression model and we include variables such as firm’s ownership structure.
    Our results show that repurchasing firms are larger in size, and have higher profitability and current ratio, but have lower stock price, financial leverage, and fewer inside shareholders. These findings are consistent with prior studies. Our results also indicate that stock repurchases improve the liquidity of the repurchasing firms, while both the insider and institutions holdings are negatively related to liquidity.
    顯示於類別:[財務金融學系暨研究所] 學位論文

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