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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/61466


    Title: 股票購回計畫長期績效之再檢測-研發活動觀點
    Other Titles: A Reexamination of the Long-term Performance of Share Repurchase Program-the R&D Activity Perspective
    Authors: 王朝仕;湯惠雯
    Contributors: 淡江大學保險學系
    Keywords: 股票購回計畫;價值低估;研發效益;長期績效
    Date: 2010-02
    Issue Date: 2013-04-11 14:24:41 (UTC+8)
    Publisher: 臺中市:中興大學企業管理系與財金系
    Abstract: 許多研究支持市場對公司執行股票購回計畫有正向之反應,但一般投資人受限於資訊劣勢,其難以確認該計畫是否誠然與價值低估內涵有闕,而可能被誤導交易方向。因此,本研究提出研發活動觀點,據以表達價值資訊,進而檢視公司決議股票購回計畫的後續績效。除了以研發支出為公司價值的判斷基礎之外,亦強調研發效益之發揮。實證結果顯示,若公司於決議股票購回前較重視研發投入,特別係具有較佳的研發效益,則其可獲得較優越的長期績效。相對的,針對研發效益不住者,其績效約在決議後一年半期間開始有明顯下滑反應。上述結果在Fama-French三因子模型下,仍可以成立。
    Relation: 臺灣管理學刊=Taiwan Academy of Management Journal 10(1),頁1-18
    DOI: 10.6295/TAMJ.2010.1001.01
    Appears in Collections:[保險學系暨研究所] 期刊論文

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