English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 110394/141319 (78%)
Visitors : 46969059      Online Users : 174
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/6048

    Title: 股票購回對股利政策變動宣告效果之影響
    Other Titles: The Effect of Stock Repurchase on Dividend Announcement
    Authors: 王錦瑩;陳隆麒;劉玉珍
    Wang, Jin-Ying;Chen, Long-Chi;Liu, Yu-Jane
    Keywords: 股票購回;股利;宣告效果;信號放射;自由現金流量
    Stock Repurchase;Dividend;Announcement effect;Information signalling;Free cash flow
    Date: 2006
    Issue Date: 2008-11-05 16:40:33 (UTC+8)
    Abstract: 股利與股票購回都是公司採行的盈餘分配方式,有些文獻用資訊信號假說以及自由現金流量假說解釋其宣告效果。鑑於股票購回已實施數年,本文欲探討股票購回是否會影響股利政策變動的宣告效果,以了解股票購回是否為現金股利的替代政策。研究結果發現,股票購回會增強股利增發的正面宣告效果,並緩和股利減發的負面宣告效果,而且,股票購回對現金股利變動宣告效果的影響較其對股票股利的影響大。此外,資訊信號假說、自由現金流量假說以及公司規模對於股利政策變動的宣告效果都有解釋能力,尤其是在價值股時最為明顯。
    Since both dividend and stock repurchases are ways corporate to pay, some studies explain the announcement results by information signalling and free cash flow hypotheses. The stock repurchases have been implemented in Taiwan over many years, and therefore this paper explores whether stock repurchase will affect the result of dividend announcement. The goal of this paper is to investigate whether stock repurchase is a substitute of cash dividends. We find stock repurchase will strengthen the positive result of dividend increasing and reduce the negative impact of dividend decreasing. In addition, we find that the effect of stock repurchase on cash dividend announcement result is larger than that on stock dividend. Besides, information signalling, free cash flow, and firm size can explain the results of dividend announcement, especially in value stocks.
    Relation: 管理評論, 25(3), 93-117
    Data Type: article
    Appears in Collections:[財務管理學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    93117.pdf372KbAdobe PDF2817View/Open

    All items in 政大典藏 are protected by copyright, with all rights reserved.

    社群 sharing

    著作權政策宣告 Copyright Announcement
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback