| dc.contributor.advisor | 許崇源 | zh_TW |
| dc.contributor.author (Authors) | 林易靖 | zh_TW |
| dc.creator (作者) | 林易靖 | zh_TW |
| dc.date (日期) | 2008 | en_US |
| dc.date.accessioned | 11-Sep-2009 17:40:53 (UTC+8) | - |
| dc.date.available | 11-Sep-2009 17:40:53 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Sep-2009 17:40:53 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0963530221 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30332 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 96353022 | zh_TW |
| dc.description (描述) | 97 | zh_TW |
| dc.description.abstract (摘要) | 本研究首先針對台灣上市公司宣告買回庫藏股後之長期營運績效表現作探討，藉由公司宣告買回後之長期績效表現來探討公司宣告買回庫藏股之主要動機以及資訊意涵，究竟為傳遞公司價值受到低估之訊號或是將多餘現金還給股東，以降低代理成本。接著探討公司宣告買回庫藏股前之盈餘管理行為，發現宣告公司宣告前存在顯著負的異常應計，且與宣告後之營運績效表現呈現負相關。盈餘管理之程度隨著公司買回比率以及宣告前經理人持股增加。宣告前之異常應計數與宣告後之營運績效表現呈現顯著負相關，同時也發現公司宣告買回庫藏股後之長期營運績效表現成長，受到宣告前盈餘管理行為之影響，並非宣告公司真實的營運績效成長。 因此本研究發現台灣上市公司宣告買回庫藏股整體而言雖有宣告後之績效成長，尤以買回意圖強烈之宣告公司成長幅度最明顯，但是並非代表宣告公司之真實成長，而是受到宣告公司宣告前盈餘管理行為之影響；買回意圖低之宣告公司，其宣告後績效表現並無進步(甚至退步)，表示從長期營運績效之角度而言其宣告動機並非價值受到低估。且無論買回意圖為何，宣告前均存在顯著負的異常應計。綜合上述本研究推論，就長期營運績效的角度來看，台灣上市公司宣告買回庫藏股並非主要以傳遞公司價值受到低估為主要目的。就宣告後之長期績效表現以及宣告前之異常應計變化而言，宣告動機較可能符合現金流量假說、盈餘管理動機假說以及經理人動機假說。 | zh_TW |
| dc.description.abstract (摘要) | This study examine the long-term operation and stock performance after open-market repurchases of Taiwan company in order to find out the information content of open-market repurchase decisions.We also examine the earning management behavior before open-market repurchase, and find that the average firm report significantly negative abnormal accruals prior to open-market repurchases. The extent of the downward earnings management increases with the volume of the company repurchase and CEO ownership.The pre-repurchase abnormal accruals are also significantly associated with future operating performance. We find that the operation performance of the company improve after open-market repurchase program,especially the companies with actual buyback behavior. The post-repurchase performance of the firm that don’t have buyback intend does not improve,even regress.This study provide evidence suggesting that the post-repurchase long-term operation performance improvement is partly driven by pre-repurchase downward earnings management,rather than genuine grouth of the company. Thus,we provide evidence suggesting that the motive of the Taiwan companies to repurchase stock is not consist with the information signaling hypothesis.The results of this study support implication of free cash hypothesis、earnming management incentive hypothesis and management incentive hypothesis. | en_US |
| dc.description.tableofcontents | 第壹章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與研究問題 3 第三節 研究架構與流程 6 第貳章 文獻探討 8 第一節 台灣庫藏股制度簡介 8 第二節 各國庫藏股制度比較 14 第三節 庫藏股購回動機及後續績效 表現相關文獻探討 20 第四節 國內外相關文獻 28 第參章 研究設計 37 第一節 樣本來源以及取樣期間 37 第二節 研究假說 37 第三節 研究變數 43 第四節 分析方法與實證模型 48 第肆章 實證結果 56 第一節 買回樣本基本分析 56 第二節 敘述統計 61 第三節 假說1之實證結果 68 第四節 假說2實證結果 77 第五節 假說3之實證結果 86 第六節 假說4之實證結果 90 第伍章 結論與建議 95 第一節 結論 95 第二節 研究限制與建議 97 參考文獻 99 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0963530221 | en_US |
| dc.subject (關鍵詞) | 公開市場買回庫藏股 | zh_TW |
| dc.subject (關鍵詞) | 盈餘管理 | zh_TW |
| dc.subject (關鍵詞) | 營運績效 | zh_TW |
| dc.subject (關鍵詞) | 差異中之差異 | zh_TW |
| dc.title (題名) | 盈餘管理與買回庫藏股後公司績效之關聯性 | zh_TW |
| dc.type (資料類型) | thesis | en |
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