庫藏股買回與股價淨值比對企業股價影響之研究

Abstract

本研究以2009年至2014年台灣上市公司宣告買回庫藏股資料為研究對象，探討企業股價淨值比高低與庫藏股宣告效應之間關聯性，並以無母數統計符號檢定予以驗證。實證結果顯示不論企業股價淨值比高低，台灣股票市場對於公司宣告買回庫藏股之反應皆為正面評價，而對於穩定公司短期股價表現也確實存在顯著效果。其中，又以公司特質為「股價淨值比小於1」、「股本規模與資產規模較大者」，以及「買回庫藏股實際執行率高者」，其穩定股價效果較顯著。 本研究實證結果與過去大部分學者之研究與文獻相符，即公司可透過宣告買回庫藏股以穩定公司短期股價表現。

This study examines the correlation between treasury stock announcement effects and Price-Book Ratio in Taiwan Listed Companies. The sampling period is from 2009 to 2014 with a hundred and fifteen companies are involved. Using the sign test for empirical study, the empirical results show that: (i) There is positive market response and price effect after treasury stock announcement (ii) There is no significant correlation between treasury stock announcement effects and Price-Book Ratio in Taiwan Listed Companies (iii) Announcement effect of treasury stock is significant positive among those companies with lower PBR, large-cap and higher implementation rate.