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題名 | 股票買回、訊號發送與自由現金流量=Share Repurchases, Signalling, and Free Cash Flow |
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作者 | 陳泰源; 何文榮; | 書刊名 | 華人前瞻研究 |
卷期 | 6:1 2010.05[民99.05] |
頁次 | 頁65-79 |
分類號 | 563.54 |
關鍵詞 | 股票買回; 庫藏股; 現金股利; 訊號發送; 自由現金流量; Share repurchases; Payout policy; Signalling; Free cash flow; |
語文 | 中文(Chinese) |
中文摘要 | 「股票買回」近幾年已發展為公司支出政策的主要工具之一,但其動機卻始終有不同的議論,本研究利用多元迴歸與多元Logit模型,並以2000年至2006年問台灣上市公司庫藏股宣告為樣本,檢驗訊號發送假說與自由現金流量假說對於庫藏股之解釋能力。證據顯示訊號發送假說與剩餘資金假說對庫藏股都有預測能力,但訊號發送假說之解釋能力較為顯著,庫藏股前後之營業利益可同時解釋庫藏股金額與支付政策。自由現金流量假說,特別是利息與特別股股利支出,則在支付決策上有顯著預測能力。更甚者,本研究發現實施庫藏股公司有高營業利益與營業外收支淨額,顯示業外收入亦可能為庫藏股決策時的考量。 |
英文摘要 | Share repurchase was legalized for the firms listed on the Taiwan Stock Exchange in 2000. Recently, it has been emerged as one of the primary payout devices, but the motivation of share repurchase is still ambiguous. This research focuses on examining whether share repurchases are executed to signal operating performance or reduce free cash flow. Our evidence shows that both the signalling hypothesis and the excess capital hypothesis, particularly the former, predict share repurchases well. Both repurchasing firms and dividend-paying firms appear to have higher operating profits than the firms that do not pay. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。