本研究係以2000年1月至2004年12月底這段期間初次買回庫藏股與初次發放現金股利之台灣上市(櫃)公司,探討其施行後三年間之長期投資績效,並進行差異分析比較。 研究結果發現,投資人在上市櫃公司初次買回庫藏股後進場買股,將會出現投資利益;在初次發放現金股利後進場,則並沒有明顯的投資獲利或損失。 而在差異分析結果發現,買回庫藏股之財務決策對其公司價值之影響優於發放現金股利之決策,亦即投資人若持有買回庫藏股之公司股票,其獲利的機會似乎高於持有發放現金股利之股票。 Based on Taiwan listed companies which have been implemented in treasury stock repurchase and cash dividends for the first time; this study discovers long term investment performance of these companies in three years for the period of January 2000 to December 2004. Study found that investors that buy stocks right after treasury stock repurchase for the first time was implemented, there might be capital gain; and if investors buy stocks after cash dividends for the first time for making up gain, then there is no obvious sign of capital gain or loss. Results in the differential analysis found that the long-run performance of treasury stock repurchase for the first time is evidently better than the performance of cash dividends for the first time.