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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/48963
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/48963


    Title: 庫藏股減資和現金減資宣告效果之比較
    Comparison of The Announcement Effect of Stocks Repurchase and Cash Reduction
    Authors: 林雅萍
    Lin Ya Ping
    Contributors: 徐燕山
    林雅萍
    Lin Ya Ping
    Keywords: 庫藏股減資
    現金減資
    減資因子
    事件研究法
    多元名義羅吉特迴歸模型
    Date: 2009
    Issue Date: 2010-12-08 01:54:21 (UTC+8)
    Abstract: 本研究探討國內上市櫃公司庫藏股減資及現金減資宣告效果之比較。研究台灣2006年1月至2010年2月底之間進行庫藏股減資及現金減資的上市櫃公司,分別以事件研究法、多元迴歸分析(Multiple Regression Analysis)及多元名義羅吉特迴歸(Multinomial Logistic Regression)探討庫藏股減資及現金減資兩組樣本之宣告效果及影響宣告效果的因子,並進一步探究影響減資政策選擇的因素。本研究之實證結果發現:1.公司宣告庫藏股減資及現金減資在事件日當天皆具有顯著的正向宣告效果。2.公司宣告庫藏股減資與現金減資之間的累積異常報酬率無著顯著差異。3.以多元迴歸分析探討影響庫藏股減資及現金減資之間累積異常報酬率的因素,結果顯示減資比率顯著地影響累積異常報酬率,其餘本研究選取的公司規模、股價淨值比、負債比率、自由現金流量比率等解釋變數,無法顯著地影響累積異常報酬率。4.以多元名義羅吉特迴歸檢驗不同的解釋變數會造成公司傾向進行庫藏股減資或現金減資的減資政策,結果顯示規模愈大、股價淨值比愈高、自由現金流量比率高、減資比率高的公司,傾向使用現金減資;而負債比率高的公司,傾向使用庫藏股減資。
    Reference: 中文文獻
    沈中華、李建然,2000,「事件研究法:財務與會計實證研究必備」,台北華泰書局。
    林君曄,2008,「庫藏股宣告與目的變更探討」,政治大學財務管理研究所碩士論文。
    吳明政、謝依婷,2007,「庫藏股買回效果之再探討-以細分所有上市上櫃公司各分類構面之實證研究」,台灣銀行季刊,第五十八卷第三期,268-291頁。
    林瑋莉,2007,「台灣現金減資宣告效果之實證研究」,台灣大學財務金融研究所碩士論文。
    周賓鳳與蔡坤芳,1997,「台灣股市日資料特性與事件研究法」,證券市場發展季刊,1-27頁。
    莊宗勳,2007,「台灣上市公司現金減資與現金股利、庫藏股政策之實證研究」,中央大學財務金融研究所碩士在職專班論文。
    許純華,2009,「台灣上市櫃公司減資後績效與減資類型之關聯性」,交通大學科技管理研究所碩士論文。
    潘振偉,2008,「台灣上市櫃公司實施不同類型減資之實證分析」,政治大學財務管理研究所碩士論文。
    賴明琪,2007,「影響公司減資之決定因素及減資宣告效果」,交通大學財務金融研究所碩士論文。
    英文文獻
    Baker, H. Kent, Patricia L. Gallapher and Karen E. Morgan, 1981, “Management’s
    View of Stock Repurchase,” Journal of Financial Research 4, 233-247.
    Binder, John J., 1998, “The Event Study Methodology Since 1969,” Review of
    Quantitative Finance and Accounting 11, 111-137.
    Dann, Larry Y., 1981, “Common Stock Repurchases : An Analysis of Returns to
    Bondholders and Stockholders,” Journal of Financial Economics 9, 113-138.
    Dittmar, A. K., 2000, “Why Do Firms Repurchase Stock? ” Journal of
    Business 73, 331-355.
    Grullon, Gustavo and Roni Michaely, 2004, “The Information Content of Share
    Repurchase Programs,” Journal of Finance 59, 651-680.
    Gujarati, Damodar N., 2003, “Basic Econometrics,” McGraw- Hill.
    Hsu, Yenshan and Cheng-Yi Shiu, 2002, “IPO Underpricing and Information Proxy :
    A Note,” Journal of Financial Studies 10, 63-88.
    Ikenberry, David, Josef Lakonishok , and Theo Vermaelen, 1995, “Market
    Underreaction to Open Market Share Repurchases,” Journal of Financial Economics 39, 181-208.
    Ikenberry, David, Josef Lakonishok, and Theo Vermaelen, 2000, “Stock Repurchases
    in Canada: Performance and Strategic Trading,” Journal of Finance 55,
    2373-2397.
    Isagawa, Nobuyuki, 2002, “Open-Market Repurchase Announcements and Stock
    Price Behavior in Inefficient Markets,” Financial Management 31, 5-20.
    Jagannathana, Murali Clifford P. Stephensa, and Michael S. Weisbachb, 2000,
    “Financial Flexibility and The Choice Between Dividends and Stock Repurchases,” Journal of Financial Economics 57, 355-384.
    Jensen, M. C., 1986, “Agency Costs of Free Cash Flow, Corporate Finance, and
    Takeovers,” American Economic Review 76, 323-329.
    Liu, C. S. and D. A. Ziebart, 1997, “Stock Returns and Open-Market Stock
    Repurchase Announcements,” Financial Review 32, 709-728.
    McNally, William J., 1999, “Open Market Stock Repurchase Signaling,” Financial
    Management 28, 55-67.
    Merdury, Prasad V., Linda E. Bowyer and Venkat Srinivasan, 1992, “Stock
    Repurchases: A Multivariate Analysis of Repurchasing Firms,” Quarterly
    Journal of Business and Economics 31, 21-44.
    Nohel, Tom and Vefa Tarhan, 1998, “Share Repurchases an d Firm Performance:New
    Evidence on The Agency Costs of Free Cash Flow,” Journal of Financial
    Economics 49, 187-222.
    Raad, Elias and H K Wu, 1995, “Insider Trading Effects on Stock Returns around
    Open-Market Stock Repurchase Announcements: An Empirical Study,” Journal
    of Financial Research 18, 45-57.
    Stephens, Clifford P. and Michael S. Weisbach, 1998, “Actual Share Reacquisitions in
    Open-Market Repurchase Programs,” Journal of Finance 53, 313-333.
    Vermaelen, Theo, 1981,“Common Stock Repurchases and Market Signalling:An
    Empirical Study,” Journal of Financial Economics 9, 139-183.
    Wansley, James W., William R. Lane and Salil Sarkar, 1989, “Management’s View of
    Share Repurchase and Tender Premiums,” Financial Management 18, 97-110.
    Zhang, Hua, 2005, “Share Price Performance Following Actual Share Repurchases,”
    Journal of Banking and Finance 29, 1887-1901.
    Description: 碩士
    國立政治大學
    財務管理研究所
    97357012
    98
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0097357012
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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