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實證台灣股市影響股票購回比例之因素 = Testing the Dete...

國立高雄大學金融管理學系碩士班

實證台灣股市影響股票購回比例之因素 = Testing the Determinants of Actual Share Repurchase in Taiwan

Record Type:	Language materials, printed : monographic
Paralel Title:	Testing the Determinants of Actual Share Repurchase in Taiwan
Author:	趙敏超,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	民99[2010]
Description:	92面圖，表 : 30公分;
Subject:	股票購回
Subject:	Share repurchase
Online resource:	http://handle.ncl.edu.tw/11296/ndltd/87044021175269970385
Summary:	本研究分開檢測台灣上市與上櫃公司可能影響股票購回比例的諸多因素，在此利用道德危機假說、管理防禦假說、股利避稅假說、閒置資金假說、最適負債假說等六種假說找尋可能存在之因素，並進一步依公司規模分為大規模、中規模、小規模及依據行政院經濟建設委員會所公佈景氣對應燈號定義本研究之景氣佳、正常、景氣差股票市場，檢測各假說在台灣上市(上櫃)公司的成立是否會因公司規模大小及景氣榮枯有所差異，迴歸分析結果發現，上市公司隨著公司規模愈大及景氣較差時，其依假說要素實行股票購回比例越高，反之上櫃公司無論在總樣本、公司規模區分及景氣差異劃分之下，利用本研究假說要素實行股票購回比例均不比上市公司來的高。 This research studied whether Taiwan Stock Exchange（TSE）and Over-the-Counter（OTC）companies have factors to repurchase stocks in the Taiwan stocks market. We detected the following hypothesis: moral hazard hypothesis, managerial entrenchment hypothesis, dividend tax avoidance hypothesis, dividend substitution hypothesis, free cash flow hypothesis and optimal debt-ratio hypothesis. Additionally, accounting to company size and monitoring indicator based on Council for Economic Planning and Development, we detected validity of the above hypotheses in Taiwan stock market, when the sizes of companies and prosperities are different. The regression results show that in the larger size of the company and the weaker economy, TSE companies’ percentage to repurchase stock bases on the above hypothesis. On the contrast, we find that the percentage of OTC companies to implement the stock repurchase was less than TSE companies regardless of the total sample, company size and economic conditions.

實證台灣股市影響股票購回比例之因素 = Testing the Determinants of Actual Share Repurchase in Taiwan
趙, 敏超

實證台灣股市影響股票購回比例之因素 = Testing the Determinants of Actual Share Repurchase in Taiwan / 趙敏超撰 - [高雄市] : 撰者, 民99[2010]. - 92面 ; 圖，表 ; 30公分.
參考書目：面.
股票購回Share repurchase

實證台灣股市影響股票購回比例之因素 = Testing the Determinants of Actual Share Repurchase in Taiwan
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330 $a 本研究分開檢測台灣上市與上櫃公司可能影響股票購回比例的諸多因素，在此利用道德危機假說、管理防禦假說、股利避稅假說、閒置資金假說、最適負債假說等六種假說找尋可能存在之因素，並進一步依公司規模分為大規模、中規模、小規模及依據行政院經濟建設委員會所公佈景氣對應燈號定義本研究之景氣佳、正常、景氣差股票市場，檢測各假說在台灣上市(上櫃)公司的成立是否會因公司規模大小及景氣榮枯有所差異，迴歸分析結果發現，上市公司隨著公司規模愈大及景氣較差時，其依假說要素實行股票購回比例越高，反之上櫃公司無論在總樣本、公司規模區分及景氣差異劃分之下，利用本研究假說要素實行股票購回比例均不比上市公司來的高。 This research studied whether Taiwan Stock Exchange（TSE）and Over-the-Counter（OTC）companies have factors to repurchase stocks in the Taiwan stocks market. We detected the following hypothesis: moral hazard hypothesis, managerial entrenchment hypothesis, dividend tax avoidance hypothesis, dividend substitution hypothesis, free cash flow hypothesis and optimal debt-ratio hypothesis. Additionally, accounting to company size and monitoring indicator based on Council for Economic Planning and Development, we detected validity of the above hypotheses in Taiwan stock market, when the sizes of companies and prosperities are different. The regression results show that in the larger size of the company and the weaker economy, TSE companies’ percentage to repurchase stock bases on the above hypothesis. On the contrast, we find that the percentage of OTC companies to implement the stock repurchase was less than TSE companies regardless of the total sample, company size and economic conditions.
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