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政大機構典藏 > 商學院 > 國際經營與貿易學系 > 期刊論文 > Item 140.119/12522

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/12522

Title:	台灣實施庫藏股制度之宣告效果
Authors:	謝淑貞;林繼平
Keywords:	庫藏股制度;宣告效果;資訊內涵 stock repurchase;signaling;announcement effects
Date:	2003
Issue Date:	2008-12-03 13:56:00 (UTC+8)
Abstract:	本研究選取台灣上市電子公司為樣本，探討其實施庫藏股制度之宣告效果。財務的實證分析大多以事件研究法來進行分析。而事件研究法中，我們必須找到一個類比的對象，才能判別公司的股價的報酬率在事件發生之後，和類比的對象的股價報酬率之間有沒有顯著的差別。若以控制組來當做類比的對象的模式來分析，研究結果發現不到 25%的上市電子公司實施庫藏股制度時，有顯著的效果，這是本研究跟其他研究最大的不同。一般關於公司實施庫藏股制度時的實證研究結果，都支持有顯著的宣告效果，但本研究卻得到不同的結論。 We study the open-market stock repurchase announcement effects for the electronics companies in capital market in Taiwan. Empirically, we adopt the event study to analyze the information revealed to the market while the company announces to repurchase stock. Instead of adopting the analysis of market model, we provide the other experiments by choosing a typical company in the same industry as a matched sample. We find that the announcement effects for most of the companies are not significant (α =0.05). Only about 25% of the companies repurchasing stocks signal information to the market that their own stocks are undervalued.
Relation:	中華管理評論, 6(5), 1-15
Data Type:	article
Appears in Collections:	[國際經營與貿易學系 ] 期刊論文

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