上市公司庫藏股買回動機與效益探討--以S公司為例

Abstract

依照公司法之傳統思維，對於公司買回自己股份係採取「原則禁止、例外許可」之原則，我國庫藏股制度之建立係因86年間亞洲發生金融風暴，基於穩定股市之考量，乃於89年間修法通過並正式實施。而於2008年，全球經濟面臨前所未有之金融風暴，庫藏股制度是否亦發揮其原先設定之目標與功效，值得探討。本論文即於此背景下，探討並檢視庫藏股制度是否能確實發揮拯救公司股價之功能，並選擇一間IC設計公司作為個案研究之對象 本文第一章為緒論，主要介紹研究背景以及選題之動機，本研究之研究方法，以及研究架構。第二章則介紹我國目前上市公司買回庫藏股之制度與現況，除就法令面為介紹外，並說明外國法之規範模式，供讀者了解外國法規範之現況，並作為檢視我國現行法之對象。同時，並說明公司實施庫藏股時應有之會計處理，以及評析我國庫藏股之現行制度。最後，並以統計方法分析自庫藏股實施以來，所有曾實施庫藏股制度之上市公司以及買回目的等，以供讀者參考。

第三章則說明庫藏股實施之動機。如：過剩資本假說（Excess Capital Hypothesis）、股價低估假說（Undervaluation Hypothesis）、最適槓桿比率假說（Optimal Leverage Ratio Hypothesis）、經營者誘因假說（Management Incentive Hypothesis）等。

第四章為個案研討。並以S公司為研究對象。除介紹該公司買回庫藏股之程序、決策模型等外，並說明、評估S公司實施庫藏股之條件，以及分析S公司於2008年全球金融風暴下所實施之庫藏股買回制度，其買回前後對公司財務狀況之影響。

第五章為結論。

In accordance with the traditional thinking of the Company Law, the "principle of the prohibition, with the exception of permit" is adopted for buying back shares of its own principles. Due to the Asian financial turmoil during year 1986, the law to Taiwan’s system of treasury stock was amended and implemented in 1989 considering the stability of stock market. In 2008, the global economy is facing unprecedented financial crisis, this study is to explore whether or not the treasury stock system can indeed play a role to save the company's share price. An IC design company was selected as a case study of this study. The first chapter is to introduce the study background, motivation of the research methodology, and research framework. The second chapter describes the current status and system of buying back treasury stock in listing companies. In addition to introduce the present regulations of Taiwan, as well as describing the foreign law for readers to survey the difference between Taiwan’s law and foreign. In the mean time, the accounting processes that treasury stock companies should have when buying back treasury stock were described. The assessment of Taiwan's present system of treasury stock was also conducted. Finally, all the listing companies who have implemented treasury stock system, as well as their purpose of repurchase were analyzed by statistical methods. Chapter three describes the motivations of buying back shares. For example, Excess Capital Hypothesis, Undervaluation Hypothesis, Optimal Leverage Ratio Hypothesis, Management Incentive Hypothesis, and etc. Chapter four is the case study of S company. In addition to introducing the company's treasury stock repurchase program, decision-making model, demonstration and assessment of the implementation giving conditions of treasury stock in S company, as well as the analysis of S company implementing treasury stock system under the global financial crisis in 2008, and the impact of the company's financial circumstances before and after buy-back were also conducted. Chapter five is the conclusion.