Please use this identifier to cite or link to this item:
|Other Titles: ||Effects of trading traits and ownership structure on the implementation of stock repurchases|
|Authors: ||林吟穗;Lin, Yin-Sui|
黃振豊;孔繁華;Huang, Cheng-Li;Kung, Fan-Hua
|Keywords: ||庫藏股買回;交易特性;股權結構;Stock Repurchase;trading traits;ownership structure|
|Issue Date: ||2014-01-23 14:06:42 (UTC+8)|
The research subjects are selected from Taiwan’s treasury stocks repurchased by listed and GTSM-listed companies, excluding the finance and insurance companies, from August 7, 2000 when the treasury stock system began to December 31, 2011. As the current laws in Taiwan set no regulation on the enforcement of company’s stock repurchase announcement, it is possible that the company may not actually repurchase the treasury stock after the announcement. The study aims to explore the relation between trading traits, ownership structure and the actual stock repurchases ratio and implemented ratio of treasury stocks after the company announces stock repurchases.
The empirical results show as follows: firstly, on the trading traits of treasury stocks, when the purpose of stock repurchases is to safeguard the company’s credit and stockholders, more stock repurchases will be announced, the size of stock repurchases will be in a larger scale and the actual stock repurchases ratio of treasury stocks is higher. When the purpose of stock repurchase is to safeguard the company’s credit and stockholders, more stock repurchases will be announced, the price range of stock repurchases will be in a smaller scale and its implemented ratio is higher. Secondly, on the ownership structure, the lower proportion of the shareholding of directors and supervisors, the higher the equity ratio of institutional investors, the more stock repurchases will be announced. The lower proportion of the shareholding of directors and supervisors, the higher proportion of controlling stockholders in board members, the higher the equity ratio of institutional investors, the higher implemented ratio of treasury stocks.
|Appears in Collections:||[會計學系暨研究所] 學位論文|
Files in This Item:
All items in 機構典藏 are protected by copyright, with all rights reserved.