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博碩士論文 etd-0621105-202437 詳細資訊
Title page for etd-0621105-202437
論文名稱
Title
股票買回的價格反應及對經營績效的影響
How do share repurchase programs influence stock prices and operating performances?
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
86
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2005-06-07
繳交日期
Date of Submission
2005-06-21
關鍵字
Keywords
股票買回、庫藏股
share repurchase
統計
Statistics
本論文已被瀏覽 5642 次,被下載 2746
The thesis/dissertation has been browsed 5642 times, has been downloaded 2746 times.
中文摘要
股票買回一直是國內外學術界深感興趣的議題,過去國內的研究由於庫藏股制度實施未久,主要採用股票買回前的資料探討股票買回的資訊內涵,本研究則試圖以宣告買回後的經營績效探討股票買回所隱藏的資訊內涵。在股價反應的部分實證結果發現宣告股票買回前股價有顯著的負向異常報酬,宣告買回後則的確會產生宣示效果使宣告後的股價產生正向的異常報酬,顯示在宣告股票買回前,企業價值被市場低估。其中在研究期間內僅宣告單次買回者的股價反應較宣告多次者強烈,然而宣告多次股票買回的各次間則沒有顯著的差異。在後續經營績效的部分,研究中雖然沒有足夠的證據支持宣告股票買回比率與後續營運績效的關聯,但是研究結果顯示企業在宣告股票買回後,不論是近三年的營運績效或是資本支出等相關會計資訊皆顯著改善,表示企業在宣告後經營績效逐漸改善。此外宣告股票買回後,企業風險未呈現下降的趨勢,推論企業目前不處於成長趨緩的階段。綜合以上實證結果,本研究支持訊號發射假說,企業利用股票買回來傳遞出對未來良好的預期。
Abstract
In this paper, we investigate the information content of the share repurchase program. We find that the announcing firms’ stockholders earned positively significant abnormal returns around the announcements. The results show that such share buyback announcements signal positive information about the value of the firms, which suggest that the announcing firms were undervalued previously. Consistent with the signal hypothesis, we also find that share buyback announcements are followed by an increase in the operating performance. These empirical results support the signal hypothesis implies that the stock buyback programs have information content about the future improving profitability of the firms.
目次 Table of Contents
目錄
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究流程 4
第三節 論文架構 5
第二章 文獻探討 6
第一節 股票買回的基本假說 6
第二節 股票買回的股價反應 10
第三節 股票買回與企業營運績效的關聯 13
第三章 研究設計 18
第一節 研究假設 18
第二節 研究方法 22
第三節 樣本選取與資料來源 31
第四節 基本資料分析 33
第四章 實證結果 35
第一節 股票買回的股價反應 35
第二節 股票買回與企業營運績效的關聯 52
第五章 結論與建議 69
第一節 研究結論 69
第二節 研究限制 72
第三節 研究建議 73
參考文獻 75
國內文獻 75
國外文獻 76
參考文獻 References
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國外文獻

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