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題名 台灣上市公司盈餘分配行為對股價影響之研究
作者 王錦瑩
Jin-Ying Wang
貢獻者 陳隆麒<br>劉玉珍
<br>
王錦瑩
Jin-Ying Wang
關鍵詞 股利
股票購回
信號放射
日期 2002
上傳時間 18-Sep-2009 13:20:43 (UTC+8)
摘要 摘要
台灣庫藏股制度自民國89年8月7日開始實施以後,公司可以自公開市場買回自家公司股票,公司在進行盈餘分配時,除了股利以外,又多了一項選擇方式---股票購回。
本研究由理論模式推導中了解股票購回與股利政策變動都有傳遞公司價值資訊內涵的功能,也由文獻回顧中了解股票購回與股利政策變動之宣告效果受到相同的因素影響,因此,以股票購回與股利政策變動為研究對象,以民國88年至91年為研究期間,發展出兩個實證目的,其一為比較股票購回與股利增發宣告效果,其二為探討股票購回對股利變動宣告效果的影響。
選取條件相當的股票購回與現金股利增發樣本進行比較,研究結果發現,公司在進行股票購回宣告前股價有下跌的現象,在進行股票購回宣告後股價有上升的現象,而且此一上升現象可以維持一個月的時間。相反地,公司在進行現金股利增發宣告前股價有上升的現象,在進行現金股利增發宣告後股價有下跌的現象,而且此一下跌現象會持續四個月以上。因此,投資人對於公司的股票購回與股利增發宣告有反應不足的現象,而且,股票購回比現金股利增發更能創造股東財富。
在股票購回對股利政策變動宣告效果之影響方面,比較有無進行股票購回公司的股利變動宣告效果,以及公司在進行股票購回前後的股利變動宣告效果,研究結果發現,股票購回會增強公司股利增發的正面宣告效果,也會減弱公司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最為明顯。
因此,本研究認為股票購回宣告不僅對公司價值有正面影響,也對公司股利政策變動的宣告效果有正面影響。
The Effect of Corporation Payout in Taiwan

Abstract
Taiwan’s corporations can buyback stock from open market as treasury stock beginning at 8/7,2000. Henceforward, in addition to dividend, stock repurchase became an alternative when corporation decide to payout. Stock repurchase and dividend both can signal the value of the firm. There are some factors that can affect both the result of stock repurchase and dividend announcement. This paper will study both stock repurchase and dividend in the period of 1999 to 2002 in Taiwan. There are two empirical purposes in this paper. One is to compare the announcement result of stock repurchase and dividend. The other is to explore the impact of stock repurchase on dividend announcement result.
This paper selects some samples of stock repurchase and cash dividend increased which has similar condition. There are some findings. Stock price will come down before firms announce stock repurchase. Stock price will bound up after firms announce stock repurchase and stock price will continue rise about one month. In contrary, stock price will rise before firms announce to increase cash dividend. Stock price will decay at least four months after firms announce to increase cash dividend. Therefore, investors underreact about the announcement of stock repurchase and cash dividend increased. In addition, it is stock repurchase that can create more wealth of stockholders.
This paper compare the announce result of the firms which has repurchased stock and the firms which has not repurchased stock, and compare the firms before and after stock repurchase. There are some findings. Stock repurchase will strengthen the positive result of dividend increased and reduce the negative impact of dividend of dividend decreased. In addition, the effect of stock repurchase on cash dividend announcement is larger than that on stock dividend.
Therefore, stock repurchase announcement not only has positive effect on the value of corporations, but also has positive effect on the announcement result of dividend.
參考文獻 參考文獻
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描述 博士
國立政治大學
企業管理研究所
88355506
91
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0088355506
資料類型 thesis
dc.contributor.advisor 陳隆麒<br>劉玉珍zh_TW
dc.contributor.advisor <br>en_US
dc.contributor.author (Authors) 王錦瑩zh_TW
dc.contributor.author (Authors) Jin-Ying Wangen_US
dc.creator (作者) 王錦瑩zh_TW
dc.creator (作者) Jin-Ying Wangen_US
dc.date (日期) 2002en_US
dc.date.accessioned 18-Sep-2009 13:20:43 (UTC+8)-
dc.date.available 18-Sep-2009 13:20:43 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 13:20:43 (UTC+8)-
dc.identifier (Other Identifiers) G0088355506en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34928-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所zh_TW
dc.description (描述) 88355506zh_TW
dc.description (描述) 91zh_TW
dc.description.abstract (摘要) 摘要
台灣庫藏股制度自民國89年8月7日開始實施以後,公司可以自公開市場買回自家公司股票,公司在進行盈餘分配時,除了股利以外,又多了一項選擇方式---股票購回。
本研究由理論模式推導中了解股票購回與股利政策變動都有傳遞公司價值資訊內涵的功能,也由文獻回顧中了解股票購回與股利政策變動之宣告效果受到相同的因素影響,因此,以股票購回與股利政策變動為研究對象,以民國88年至91年為研究期間,發展出兩個實證目的,其一為比較股票購回與股利增發宣告效果,其二為探討股票購回對股利變動宣告效果的影響。
選取條件相當的股票購回與現金股利增發樣本進行比較,研究結果發現,公司在進行股票購回宣告前股價有下跌的現象,在進行股票購回宣告後股價有上升的現象,而且此一上升現象可以維持一個月的時間。相反地,公司在進行現金股利增發宣告前股價有上升的現象,在進行現金股利增發宣告後股價有下跌的現象,而且此一下跌現象會持續四個月以上。因此,投資人對於公司的股票購回與股利增發宣告有反應不足的現象,而且,股票購回比現金股利增發更能創造股東財富。
在股票購回對股利政策變動宣告效果之影響方面,比較有無進行股票購回公司的股利變動宣告效果,以及公司在進行股票購回前後的股利變動宣告效果,研究結果發現,股票購回會增強公司股利增發的正面宣告效果,也會減弱公司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最為明顯。
因此,本研究認為股票購回宣告不僅對公司價值有正面影響,也對公司股利政策變動的宣告效果有正面影響。
zh_TW
dc.description.abstract (摘要) The Effect of Corporation Payout in Taiwan

Abstract
Taiwan’s corporations can buyback stock from open market as treasury stock beginning at 8/7,2000. Henceforward, in addition to dividend, stock repurchase became an alternative when corporation decide to payout. Stock repurchase and dividend both can signal the value of the firm. There are some factors that can affect both the result of stock repurchase and dividend announcement. This paper will study both stock repurchase and dividend in the period of 1999 to 2002 in Taiwan. There are two empirical purposes in this paper. One is to compare the announcement result of stock repurchase and dividend. The other is to explore the impact of stock repurchase on dividend announcement result.
This paper selects some samples of stock repurchase and cash dividend increased which has similar condition. There are some findings. Stock price will come down before firms announce stock repurchase. Stock price will bound up after firms announce stock repurchase and stock price will continue rise about one month. In contrary, stock price will rise before firms announce to increase cash dividend. Stock price will decay at least four months after firms announce to increase cash dividend. Therefore, investors underreact about the announcement of stock repurchase and cash dividend increased. In addition, it is stock repurchase that can create more wealth of stockholders.
This paper compare the announce result of the firms which has repurchased stock and the firms which has not repurchased stock, and compare the firms before and after stock repurchase. There are some findings. Stock repurchase will strengthen the positive result of dividend increased and reduce the negative impact of dividend of dividend decreased. In addition, the effect of stock repurchase on cash dividend announcement is larger than that on stock dividend.
Therefore, stock repurchase announcement not only has positive effect on the value of corporations, but also has positive effect on the announcement result of dividend.
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dc.description.tableofcontents 目 錄
章節次 頁次
圖目錄…………………………………………………………iii
表目錄…………………………………………………………iv
第壹章 緒論…………………………………………………………….1
第一節 研究動機與研究目的………………………………..3
第二節 研究範圍與研究限制 ……………………………..6
第三節 研究流程與論文架構………………………………..8
第貳章 文獻探討與個案分析…………………………………………15
第一節 股利政策變動對股東財富的影響…………………16
第二節 股票購回對股東財富的影響..……………………..27
第三節 股利政策與股票購回之比較………………………34
第四節 文獻探討對本研究的涵意…………………………37
第五節 個案訪談分析………………………………………40
第參章 理論模式建立…………………………………………………46
第一節 股利政策資訊內涵之理論模式……………………47
第二節 股票購回資訊內涵之理論模式……………………54
第肆章 研究設計………………………………………………………61
第一節 實證架構……………………………………………62
第二節 研究假說……………………………………………65
第三節 變數的操作性定義…………………………………68
第四節 實證分析方法………………………………………73
第五節 資料來源與樣本選取………………………………83
第伍章 實證結果分析………………………………………………..88
第一節 股票購回與股利增發宣告效果之比較…………….89
第二節 股票購回對股利政策變動宣告效果之影響………115
第陸章 結論與建議…………………………………………………140
第一節 結論………………………………………………141
第二節 建議………………………………………………144
參考文獻………………………………………………………………147
附錄……………………………………………………………………155

圖 目次
圖次 頁次
圖1-1 研究流程………………………………………………………. 9
圖3-1 投資與現金流量之關係……………………………………....47
圖4-1 股利的發放過程………………………………………………62
圖4-2 實證架構………………………………………………………64
圖4-3 事件研究各時間參數的關係…………………………………73
圖5-1 股票購回與股利增發宣告之股票報酬率……………………99



表 目次
表次 頁次
表4-1 股利政策內容變化類型………………………………………63
表4-2 迴歸模式中各解釋變數的預期方向…………………………82
表5-1 假說一研究樣本依產業別分類………………………………90
表5-2 股票購回與股利增發樣本之基本特性………………………92
表5-3 假說一研究樣本依公司規模分類……………………………93
表5-4 假說一股票購回樣本之相關資料……………………………95
表5-5 股票購回宣告與股利增發宣告之股票報酬(平均數)…….98
表5-6 股票購回宣告與股利增發宣告之股票報酬(中位數)……101
表5-7 不同購回目的之股票購回樣本與配對樣本之宣告效果
比較(平均數)……………………………………………104
表5-8 不同購回目的之股票購回樣本與配對樣本之宣告效果
比較(中位數)……………………………………………106
表5-9 假說一迴歸式各自變數之VIF檢定……………………….109
表5-10 假說一各迴歸式之異質變異數檢定………………………110
表5-11 股票購回與股利增發宣告效果比較之迴歸模式………....113
表5-12 假說一檢定結果彙總………………………………………114
表5-13 各組樣本CAR(-1,1)敘述性統計資料……………………..117
表5-14 假說二研究樣本依產業別分類……………………………118
表5-15 假說二研究樣本依據股利變動宣告與股票購回
宣告之時間差距分類……………………………………120
表5-16 股票購回對股利政策變動宣告效果之t統計量檢定…….123
表5-17 股票購回對股利政策變動宣告效果之Wilcoxon檢定……124
表5-18 假說2各迴歸式中各自變數之VIF檢定…………………128
表5-19 假說2各迴歸式之異質變異數檢定………….……………129
表5-20 有無進行股票購回之股利增發公司迴歸式………………131
表5-21 有無進行股票購回之股利減發公司迴歸式………………133
表5-22 股利增發公司進行股票購回前後之迴歸式………………135
表5-23 股利減發公司進行股票購回前後之迴歸式………………137
表5-24 假說二檢定結果彙總………………………………………138
表6-1 研究假說之實證結果………………………………………142
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0088355506en_US
dc.subject (關鍵詞) 股利zh_TW
dc.subject (關鍵詞) 股票購回zh_TW
dc.subject (關鍵詞) 信號放射zh_TW
dc.title (題名) 台灣上市公司盈餘分配行為對股價影響之研究zh_TW
dc.type (資料類型) thesisen
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