實施庫藏股對企業經營績效之影響-以台灣電子資訊廠商為例

Abstract

近年來，台灣政府推行許多金融改革與立法工作:於民國89年，開放企業可以買回自家公司股票，至今已有許多企業實施此措施，亦引起許多廣泛的研究與討論。現行實證研究的焦點，多集中於各種不同買回動機假說、不同買回方式之驗證與其對股價的影響等，然而，鮮少有文獻研究庫藏股實施對企業經營績效之影響。本研究的目的在於分析企業透過買回自家股票之財務操作，是否可改善企業經營績效，我們以資料包絡分析法( DEA )衡量之效率與生產力指標，另外，也考慮資產報酬率與股東權益報酬率等財務性指標來代表廠商經營績效。本研究樣本為民國89年至91年期間，61家台灣上市櫃電子資訊廠商，共183個決策單位( DMU )，驗證買回庫藏股對企業經營績效之影響。研究結果顯示：(1)有實施庫藏股買回之廠商群組，在多數效率與生產力指標上普遍較無實施庫藏股買回之廠商群組差。(2)廻歸分析結果則顯示廠商買回庫藏股對各項效率指標沒有顯著影響。(3)對股東權益報酬率則有正向影響。

The stock repurchases in Taiwan increase drastically in the recent years because of the new regulation effective from August 7, 2000. Most conventional studies focused on examining various motivation hypotheses, different methods of buying back and stock price return. There is no related literature about effect of repurchase on business performance. However, whether or not stock repurchases improve performance of companies which buying back their shares from open market is an important and interesting issue. The paper comes up with empirical evidence to clarify how does stock repurchases affect the performance of companies. we collect data of 61 Taiwan electronic and information technology companies from 2000 to 2002, making a sample set of 183 decision making units (DMU). The data envelopment analysis (DEA) and some financial ratios are used to measure performance of these sample companies. Regression methods are then applied to estimate the effects of stock repurchases on business performance. The major findings are as follows: (1) Non-repurchasing stock companies have better efficiency and productivity performance. (2) Regression results show that repurchasing decisions have no significant effect on cost efficiency. (3)However, stock repurchases do improve the financial indices such as returns on equity.