| 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 Wang | en_US |
| dc.creator (作者) | 王錦瑩 | zh_TW |
| dc.creator (作者) | Jin-Ying Wang | en_US |
| dc.date (日期) | 2002 | en_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) | G0088355506 | en_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) | 88355506 | zh_TW |
| dc.description (描述) | 91 | zh_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 TaiwanAbstractTaiwan’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. | en_US |
| 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 | zh_TW |
| dc.format.extent | 13698 bytes | - |
| dc.format.extent | 17685 bytes | - |
| dc.format.extent | 19506 bytes | - |
| dc.format.extent | 34840 bytes | - |
| dc.format.extent | 78940 bytes | - |
| dc.format.extent | 53877 bytes | - |
| dc.format.extent | 86221 bytes | - |
| dc.format.extent | 154656 bytes | - |
| dc.format.extent | 22681 bytes | - |
| dc.format.extent | 37413 bytes | - |
| dc.format.extent | 88548 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0088355506 | en_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) | thesis | en |
| dc.relation.reference (參考文獻) | 參考文獻 | zh_TW |
| dc.relation.reference (參考文獻) | 一、中文部分 | zh_TW |
| dc.relation.reference (參考文獻) | 沈中華與李建然，「事件研究法」，台北市：華泰書局，民國89年9月。 | zh_TW |
| dc.relation.reference (參考文獻) | 林宜勉與潘昭儀，「股利宣告內涵與Tobin’s Q理論」，管理學報，第十五卷，第四期，民國87年12月，587-621。 | zh_TW |
| dc.relation.reference (參考文獻) | 周賓凰、池祥萱、周冠男與龔怡霖，「行為財務學：文獻回顧與展望」，證券市場發展季刊，第十四卷，第二期，民國91年，1-48。 | zh_TW |
| dc.relation.reference (參考文獻) | 陳世新，「我國上市公司購回庫藏股資訊內涵之實證研究」，國立政治大學財務管理研究所碩士論文，民國91年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 陳振遠與吳香蘭，「台灣上市公司庫藏股購回宣告資訊內涵之研究」，中山管理評論，第十卷，第一期，民國91年春，127-154。 | zh_TW |
| dc.relation.reference (參考文獻) | 陳隆麒，「當代財務管理」，台北市：華泰書局，民國88年1月。 | zh_TW |
| dc.relation.reference (參考文獻) | 陳隆麒、闕河士、黃國誠與黃旭輝，「公司上市後首次支付股利對股東財富影響之研究」，中山管理評論，第四卷，第一期，民國85年3月，135-152。 | zh_TW |
| dc.relation.reference (參考文獻) | 彭昭英，「SAS與統計分析」，台北市：儒林出版社，民國82年。 | zh_TW |
| dc.relation.reference (參考文獻) | 黃國誠，「聲譽模式下股利宣告與成長機會對股價影響之研究」，國立政治大學企業管理研究所博士論文，民國86年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 黃慶堂與張文惠，「股利宣告的資訊內涵差異性之探討」，證券市場發展季刊，第七卷，第一期，民國84年1月，27-61。 | zh_TW |
| dc.relation.reference (參考文獻) | 劉玉珍與魏國強，「股市EQ」，台北市：智勝文化事業有限公司，民國89年2月。 | zh_TW |
| dc.relation.reference (參考文獻) | 鄭桂蕙，「公司買回庫藏股之資訊內涵：投資人觀點」，國立政治大學會計研究所博士論文，民國91年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 鍾惠民、吳壽山、周賓凰以及范懷文，「財金計量」，台北市：雙葉書廊，民國91年1月。 | zh_TW |
| dc.relation.reference (參考文獻) | 顏月珠，「商用統計學」，三民書局，民國81年。 | zh_TW |
| dc.relation.reference (參考文獻) | 闕河士，「股票股利信號發射模式與宣告效果之研究」，國立政治大學企業管理研究所博士論文，民國85年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 二、英文部分 | zh_TW |
| dc.relation.reference (參考文獻) | Aharony,J.and A.Dotan,1994,“Regular Dividend Announcements and Future Unexpected Earnings: An Empirical Analysis,” the Financial Review,29(1),125-151. | zh_TW |
| dc.relation.reference (參考文獻) | Akerlof,G.A.,1970,“the Market for “LEMONS” Quality Uncertainty and the Market Mechanism,” Quarterly Journal of Economics,89,488-500. | zh_TW |
| dc.relation.reference (參考文獻) | Akhigbe,A. and J.Madura,1996,“Dividend Policy and Corporate Performance,” Journal of Business Finance & Accounting, 23(9)&(10),1267-1287. | zh_TW |
| dc.relation.reference (參考文獻) | Asquith P.,P.Healy,and K.Palepu,1989,“Earnings and Stock Splits,” the Accounting Review,64(3),387-403. | zh_TW |
| dc.relation.reference (參考文獻) | Asquith P. and D.W.Mullins,1983,“The Impact of Initiating Dividend Payments on Shareholders’ Wealth,” Journal of Business,56(1),77-96. | zh_TW |
| dc.relation.reference (參考文獻) | ---------------------------------,1986 ,“Signalling with Dividends, Stock Repurchases, and Equity Issues,” Financial Management,27-44. | zh_TW |
| dc.relation.reference (參考文獻) | Bajai M. and Vijh A.M.,1990,“Dividend Clienteles and the Information Content of Dividend Changes,” Journal of Financial Economics,26,193-219. | zh_TW |
| dc.relation.reference (參考文獻) | Banker,R.D.,S.Das,and S.M.Datar,1993,“Complementarity of Prior Accounting Information: the Case of Stock Dividends Announcements,” the Accounting Review,68(1),28-47. | zh_TW |
| dc.relation.reference (參考文獻) | Barckay,M.J. and C.W.Smith,1988,“Corporate Payout Policy: Cash Dividends VS. Open-Market Repurchase,” Journal of Financial Economics,22,61-82. | zh_TW |
| dc.relation.reference (參考文獻) | Bartov,E.,1991,²Open-market Stock Repurchases as Signals for Earnings and Risk Changes,” Journal of Accounting and Economics,14,275-294. | zh_TW |
| dc.relation.reference (參考文獻) | Bartov,E.,I.Krinsky and J.Lee,1998,“ Evidence on How Companies Choose Between Dividends and Open-Market Stock Repurchases,” Journal of Applied Corporate Finance,11(1),89-96. | zh_TW |
| dc.relation.reference (參考文獻) | Benartzi,S.,R. Michaely, and R.Thaler,1997,“Do Changes in Dividends Signal the Future or the Past?,” Journal of Finance, 52(3),1007-1034. | zh_TW |
| dc.relation.reference (參考文獻) | Bhattacharya,S.,1979,“Imperfect Information, Dividend Policy, and “the Bird in the Hand” Fallacy,” Bell Journal of Economics,10,259-270. | zh_TW |
| dc.relation.reference (參考文獻) | Boehme,R.D.and S.M.Sorescu,2002,²the Long-run Performance Following Dividend Initiations and Resumptions: Underreaction or Product of Chance,” the Journal of Finance,57(2),871-900. | zh_TW |
| dc.relation.reference (參考文獻) | Brennan,M.J. and T.E.Copeland,1988, “Stock Splits, Stock Prices, and Transaction Costs,” Journal of financial Economics,22,83-101. | zh_TW |
| dc.relation.reference (參考文獻) | Brockman and Chung,2001,“Managerial Timing and Corporate Liquidity: Evidence from Actual Share Repurchases,” Journal of Financial Economics,61,417-448. | zh_TW |
| dc.relation.reference (參考文獻) | Brook,Y., W.T. Charlton and R.J. Hendershott,1998,“Do Firms Use Dividends to Signal Large Future Cash Flow Increases?,” Financial Management,27(3),46-57. | zh_TW |
| dc.relation.reference (參考文獻) | Charest,G.,1978a,“Split Information, Stock Returns and Market Efficiency ---I,” Journal of Financial Economics,6,265-296. | zh_TW |
| dc.relation.reference (參考文獻) | --------------,1978b,“Dividend Information, Stock Returns and Market Efficiency---II,” Journal of Financial Economics,6,297-330. | zh_TW |
| dc.relation.reference (參考文獻) | Choi,D. and S.Chen,1997,²the Differential Information Conveyed by Share Repurchase Tender Offers and Dividend Increases,” the Journal of Financial Research,20(4),529-543. | zh_TW |
| dc.relation.reference (參考文獻) | Dann,L.Y.,1981,²Common Stock Repurchases: An Analysis of Returns to Bondholders and Stockholders,” Journal of Financial Economics,9,113-138. | zh_TW |
| dc.relation.reference (參考文獻) | Dann,L.Y.,Masulis R.W. and D.Mayers,1991,²Repurchase Tender Offers and Earnings Information,” Journal of Accounting and Economics,14,217-251. | zh_TW |
| dc.relation.reference (參考文獻) | DeAngelo,H.,L,DeAngelo,and D.J.Skinner,1996,“Reversal of Fortune: Dividend Signaling and the Disappearance of Sustained Earnings Growth,” Journal of Financial Economics,40,341-371. | zh_TW |
| dc.relation.reference (參考文獻) | Denis,D.,1990,²Defensive Changes in Corporate Payout Policy: Share Repurchases and Special Dividends,” the Journal of Finance,65(5),1433-1456. | zh_TW |
| dc.relation.reference (參考文獻) | Denis,D.,D.Denis,D. and A.Sarin,1994,“The Information Content of Dividend Changes: Cash Flow Signaling, Overinvestment, and Dividends Clienteles,” Journal of Financial and Quantitative Analysis,29(4),567-587. | zh_TW |
| dc.relation.reference (參考文獻) | Dewenter K.L. and V.A. Warther,1998,“Dividends, Asymmetric Information, and Agency Conflicts: Evidence from a Comparison of the Dividend Policies of Japanese and U.S. Firms,” the Journal of Finance,53(3),879-904. | zh_TW |
| dc.relation.reference (參考文獻) | Dittmar,A.K.,2000,²Why Do Firms Repurchase Stock?,” Journal of Business, 73(3),331-355. | zh_TW |
| dc.relation.reference (參考文獻) | Divecha A. and D.Morse,1983,“Market Responses to Dividend Increases and Changes in Payout Ratios,” Journal of Financial and Quantitative Analysis,18(2),163-173. | zh_TW |
| dc.relation.reference (參考文獻) | Easterbrook F.H.,1984,“Two Agency-cost Explanations of Dividends,” American Economic Review,74(4),650-659. | zh_TW |
| dc.relation.reference (參考文獻) | Eddy,A. and B.Seifert,1988,“Firm Size and Dividend Announcements,” the Journal of Financial Research,11(4),295-302. | zh_TW |
| dc.relation.reference (參考文獻) | Elton,E.and M.Gruber,1970,”Marginal Stockholder Tax Rates and The Clientele Effect,” Review of Economics and Statistics ,52,pp.68-74. | zh_TW |
| dc.relation.reference (參考文獻) | Fama,E.F.,L.Fisher,M.C.Jensen,and R.Roll,1969,“the Adjustment of Stock Prices to New Information,” International Economic Review,10(1),1-21. | zh_TW |
| dc.relation.reference (參考文獻) | Foster III,T.W. and D. Vickrey,1978, “The Information Content of Stock Dividend announcements,” the Accounting Review, 53(2),360-370. | zh_TW |
| dc.relation.reference (參考文獻) | Ghosh,C. and J.R.Woolridge,1988,“An Analysis of Shareholder Reaction to Dividend Cuts and Omissions,” the Journal of Financial Research,11(4),281-294. | zh_TW |
| dc.relation.reference (參考文獻) | Grinblatt,M., R.W.Masulis and S. Titman,,1984, “The Valuation Effects of Stock Splits and Stock Dividends,” Journal of Financial Economics,13,461-490. | zh_TW |
| dc.relation.reference (參考文獻) | Grinblatt,M. and S.Titman,1998,Financial Markets and Corporate Strategy, McGraw Hill Press. | zh_TW |
| dc.relation.reference (參考文獻) | Grullon,G. and R.Michaely,2002,“Dividends, Share Repurchases, and the Substitution Hypothesis,” the Journal of Finance,57(4),1649-1684. | zh_TW |
| dc.relation.reference (參考文獻) | Grullon,G.,R.Michaely and B.Swaminathan,2002,“Are Dividend Changes a Sign of Firm Maturity?,” Journal of Business, 75(3),387-424. | zh_TW |
| dc.relation.reference (參考文獻) | Guay, W. and J. Harford,2000, “The Cash-Flow Permanence and Information Content of Dividend Increases Versus Repurchases,” Journal of Financial Economics,57,385-415. | zh_TW |
| dc.relation.reference (參考文獻) | Handjinicolaou and Kalay,1984,“Wealth Redistributions or Change in Firm Value---An Analysis of Returns to Bondholders and Stockholders around Dividend Announcements,” Journal of Financial Economics,13,35-63. | zh_TW |
| dc.relation.reference (參考文獻) | Healy,P.M. and Palepu,K.G.,1988,“Earnings Information Conveyed by Dividend Initiations and Omissions,” Journal of Financial Economics,21,149-175. | zh_TW |
| dc.relation.reference (參考文獻) | Howe,H.M. J.He and G.W.Kao,1992,²One-Time Cash Flow Announcements and Free Cash-Flow Theory: Share Special Dividends,” the Journal of Finance, 67(5),1963-1975. | zh_TW |
| dc.relation.reference (參考文獻) | Ikenberry,D.,J.Lakonishok and T.Vermaelen,1995,“Market Underreaction to Open Market Share Repurchases,” Journal of Financial Economics,39,pp.181-208. | zh_TW |
| dc.relation.reference (參考文獻) | -----------------------------------------------------,2000,“Stock Repurchases in Canada: Performance and Strategic Trading,” the Journal of Finance,55(5),2373-2397. | zh_TW |
| dc.relation.reference (參考文獻) | Ikenberry,D.L.,G.Rankine,and E.K.Stice,1996,“What Do Stock Splits Really Signal？,”Journal of Financial and Quantitative Analysis,31(3),357-375. | zh_TW |
| dc.relation.reference (參考文獻) | Jagannathan,M.,C.P.Stephens and M.S.Weisbach,2000,“Financial Flexibility and the Choice between Dividends and Stock Repurchases,” Journal of Financial Economics,57,355-384. | zh_TW |
| dc.relation.reference (參考文獻) | Jensen,G.R.and J.M.Johnson,1995 ,“the Dynamics of Corporate Dividend Reductions,” Financial Management,24(4),31-51. | zh_TW |
| dc.relation.reference (參考文獻) | Jensen, M.C., 1986,“Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,” American Economic Review,76(2),323-329. | zh_TW |
| dc.relation.reference (參考文獻) | John,K. and L.H.P.Lang,1991,²Insider Trading around Dividend Announcement: Theory and Evidence,” the Journal of Finance,46,1361-1389. | zh_TW |
| dc.relation.reference (參考文獻) | John, K. and J.Williams,1985,“Dividends,Dilution,and Taxes: A Signalling Equilibrium,” the Journal of Finance,60(4),1053-1070. | zh_TW |
| dc.relation.reference (參考文獻) | Kane,A.,Y.K.Lee and A.Marcus,1984, “Earnings and Dividend Announcements: Is There a Corroboration Effects?,” the Journal of Finance,39(4),pp.1091-1099. | zh_TW |
| dc.relation.reference (參考文獻) | Lakonishok J. and B. Lev ,1987, “Stock Splits and Stock Dividends: Why, Who, and When,” the Journal of Finance,62(4),913-931. | zh_TW |
| dc.relation.reference (參考文獻) | Lang,L.H.P. and R.H. Litzenberger,1989,“Dividend Announcements: Cash Flow Signalling V.S. Free Cash Flow Hypothesis?,” Journal of Financial Economics,24,181-191. | zh_TW |
| dc.relation.reference (參考文獻) | Lie,E. and H.J.Lie,1999,²the Role of Personal Taxes in Corporate Decisions: An Empirical Analysis of Share Repurchases and Dividends,” Journal of Financial and Quantitative Analysis,34(4),533-552. | zh_TW |
| dc.relation.reference (參考文獻) | Liljeblom,E.,1989, “The Informational Impact of Announcements of Stock Dividends and Stock Splits,” Journal of Business Finance & Accounting,16(5),681-697. | zh_TW |
| dc.relation.reference (參考文獻) | Lintner,J.,1956,“Distribution of Income of Corporations Among Dividends, Retained Earnings, and Taxes,” American Economic Review(May),46,97-113. | zh_TW |
| dc.relation.reference (參考文獻) | Lipson,M.L.,C.P.Maquieria,and W.Megginson,1998,“Dividend Initiations and Earnings Surprises,” Financial Management,27(3),36-45. | zh_TW |
| dc.relation.reference (參考文獻) | McNally,W.J.,1999,²Open Market Stock Repurchase Signaling,” Financial Management,28(2),55-67. | zh_TW |
| dc.relation.reference (參考文獻) | Michaelly,R.,R.H.Thaler,and K.L.Womack(1995),“Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?,” the Journal of Finance,50(2),573-608. | zh_TW |
| dc.relation.reference (參考文獻) | McNichols,M, and A. Dravid ,1990, “Stock Dividends Stock Splits, and Signaling,” the Journal of Finance,65(3).857-879. | zh_TW |
| dc.relation.reference (參考文獻) | Miller,J.M. and J.J.McConnell,1995,²Open-Market Share Repurchase Programs and Bid-Ask Spreads on the NYSE: Implications for Corporate Payout Policy,” Journal of Financial and Quantitative Analysis,30(3),365-382. | zh_TW |
| dc.relation.reference (參考文獻) | Miller,M.H. and F. Modigliani,1961,“Dividend Policy, Growth, and the Valuation of Shares,” the Journal of Business,34(4),411-433. | zh_TW |
| dc.relation.reference (參考文獻) | Miller.M.H. and Rock,1985, “Dividend Policy under Asymmetric Information,” the Journal of Finance, 60(4),1031-1051. | zh_TW |
| dc.relation.reference (參考文獻) | Netter,J.M. and M.L.Mitchell,1989,²Stock-Repurchase Announcements and Insider Transactions After the October 1987 Stock Market Crash,” Financial Management,84-96. | zh_TW |
| dc.relation.reference (參考文獻) | Nissim,D. and A.Ziv,2001,“Dividend Change and Future Profitability,” the Journal of Finance,56(6),2111-2133. | zh_TW |
| dc.relation.reference (參考文獻) | Nohel,T. and V.Tarhan,1998,²Share Repurchases and Firm Performance: New Evidence on the Agency Costs of Free Cash Flow,” Journal of Financial Economics,49,187-222. | zh_TW |
| dc.relation.reference (參考文獻) | Ofer,A.R. and A.V.Thakor,1987,“A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends,” the Journal of Finance,62(2),365-394. | zh_TW |
| dc.relation.reference (參考文獻) | Pugh,W. and J.S. Jahera,Jr.,1990,²Stock Repurchases and Excess Returns: An Empirical Examination,” the Financial Review,25(1),127-142. | zh_TW |
| dc.relation.reference (參考文獻) | Penman,S.H.,1983,“The Predictive Content of Earnings Forecasts and Dividends,” the Journal of Finance,38(4),1181-1199. | zh_TW |
| dc.relation.reference (參考文獻) | Phillips,A.L.,H.K.Baker and R.B.Edelman,1997,“The Market Reaction to Discontinuing Regular Stock Dividends,” the Financial Review, 32(3),801-820. | zh_TW |
| dc.relation.reference (參考文獻) | Raad,E. and H.K.Wu,1995,²Insider Trading Effects on Stock Returns Around Open-Market Stock Repurchase Announcements: an Empirical Study,” the Journal of Financial Research,18(1),45-57. | zh_TW |
| dc.relation.reference (參考文獻) | Sant,R. and A.R.Cowan,1994,“Do dividends Signal Earnings? The Case of Omitted Dividends,” Journal of Banking & Finance,18,1113-1133. | zh_TW |
| dc.relation.reference (參考文獻) | Singh,A.K.,M.A.Zaman and C.Krishnamurti,1994,²Liquidity Changes Associated with Open Market Repurchases,” Financial Management,47-55. | zh_TW |
| dc.relation.reference (參考文獻) | Spence,M.,1973, “Job Market Signaling,” the Quarterly Journal of Economics, 87(3),355-374. | zh_TW |
| dc.relation.reference (參考文獻) | Stephens,C.P. and M.S.Weisbach,1998,²Actual Share Reacquisitions in Open-Market Repurchase Programs,” the Journal of Finance,53(1),313-333. | zh_TW |
| dc.relation.reference (參考文獻) | Stewart,S.,1976, “Should a Corporation Repurchase Its Own Stock?,” the Journal of Finance,31(3),911-921. | zh_TW |
| dc.relation.reference (參考文獻) | Vafeas,N. and O.M. Joy,1995,²Open Market Share Repurchases and the Free Cash Flow Hypothesis G35,” Economics Letters,48,405-410. | zh_TW |
| dc.relation.reference (參考文獻) | Vermaelen,T.,1981,“Common Stock Repurchases and Market Signalling,” Journal of Financial Economics,9,139-183. | zh_TW |
| dc.relation.reference (參考文獻) | ----------------,1984, “Repurchase Tender Offers, Signaling and Managerial Incentives,” Journal of Financial and Quantitative Analysis,19(2),163-181. | zh_TW |
| dc.relation.reference (參考文獻) | Watts,R.,1973,“The Information Content of Dividends,” the Journal of Business,191-211. | zh_TW |
| dc.relation.reference (參考文獻) | Wansley,J.W.,W.R.Lane and S.Sarkar,1989,“Managements’View on Share Repurchase and Tender Offer Premiums,” Financial Management,97-110. | zh_TW |
| dc.relation.reference (參考文獻) | White,H.,1980,“A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity,” Econometrica,48(4),817-838. | zh_TW |
| dc.relation.reference (參考文獻) | Yoon,P.S.and L.T.Starks,1995,“Signaling, Investment Opportunities, and Dividend Announcement,” Review of Financial Studies,8(4), 995-1018. | zh_TW |
