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題 名 | 庫藏股制度對股票價格的宣告效果--臺灣上市公司的實證研究=The Announcement Effect of Stock Repurchase on Share Prices: An Empirical Analysis on The Taiwan Stock Exchange |
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作 者 | 陳達新; | 書刊名 | 商管科技季刊 |
卷 期 | 4:4 2003.12[民92.12] |
頁 次 | 頁377-398 |
分類號 | 563.538 |
關鍵詞 | 庫藏股; 事件研究; 多元迴歸模型; 超額報酬; Stock repurchase; Event study; Multivariate regression model; Abnormal return; |
語 文 | 中文(Chinese) |
中文摘要 | 本文的主要目的在研究庫藏股制度對臺灣上市公司股票價格的宣告效果,第一個部分為相關庫藏股法案事件對整體股票上市產業的影響,而第二個部分則為庫藏股宣告效應的實證。實證結果發現庫藏股法案的事件的確對上市各產業產生影響,但不同產業所受到影響也不同。本研究同時發現就宣告之前的股價表現來看,公司購回股票主要目的應該是在自家股票價格的穩定與維持上,並以電子業與傳統產業在此方面的效果較強烈。就庫藏股的宣告對股價的穩定效果方面,庫藏股的宣告可以使股價擺脫低迷走勢而有回升穩定的趨向,所以以庫藏股作為穩定股價的機制,其效果基本上是顯著且有效的。 |
英文摘要 | The main purpose of this paper is to investigate the announcement effects of stock repurchase on the share prices of firms listed on the Taiwan Stock Exchange. We empirically evaluate the price effects of a series of legal events leading to the passage of the Stock Repurchase Act in August 2000 and also examine the stock repurchase announcement effects across firms and different industries. We observe that those legislation events affect stock prices but the degree of influence is varied across industries. Also, based on the stock price performance, we find that the stock repurchases are mostly motivated by the intention of stabilizing and maintaining firm's stock prices. This phenomenon is more apparent in the electrical and traditional industries. The stock repurchase announcement can boost the stock price as well and its function as a price stabilization mechanism is basically successful. |
本系統中英文摘要資訊取自各篇刊載內容。