金融海嘯期間台灣上市公司買回庫藏股的效益分析

Abstract

2008年金融海嘯襲擊全球，這場由美國次級房貸問題而衍生的金融風暴，造成全球主要資產價值崩跌，房地產市場、債券市場及股票市場連續重挫，我國經濟因此面臨嚴重衰退，台股大盤加權指數也大幅走跌。2000年8月財政部證券暨期貨管理委員會公布「上市上櫃公司買回本公司股票辦法」，成為我國實施庫藏股制度的法源依據，在金融海嘯襲擊股市的期間，台灣上市公司紛紛宣告買回庫藏股，企圖嚇止公司股價持續走跌的劣勢，針對金融海嘯期間台灣上市公司買回庫藏股的效益，本研究以事件研究法及平均數差異檢定進行分析，探討庫藏股訊號發布對公司股價所造成的影響，以及宣告買回庫藏股對公司股價淨值比的影響，經實證結果分析，金融海嘯期間台灣上市公司買回庫藏股僅具有短暫的宣告效益，低股價淨值比的公司庫藏股宣告效果較顯著，而買回庫藏股對公司股價淨值比並無正向助益，但低股價淨值比的公司在宣告買回後，其股價淨值比波動幅度小於高股價淨值比的公司。

In 2008, Financial Tsunami has attacked the whole world, this financial crisis derived from the issue of subprime mortgage in U.S. which has caused crush of global major asset value, continuous setback in real estate market, bond and stock markets, and subsequently resulted in critical economic recession in Taiwan, as well as TSEC Weighted Stock Index has substantially dropped. In August 2000, Securities and Futures Commission, Ministry of Finance, has promulgated the “Guidelines for Repurchasing Back Company Shares by TSEC-Listed and OTC-Listed Companies”, and it has become the legal basis of implementing the treasury stock system in Taiwan. Therefore, during the attack of Financial Tsunami on the stock market, numerous Taiwan’s TSEC-listed companies have announced to repurchase back their treasury stock to attempt to halt the inferiority of continuous falling for their company stock. With aiming at the benefit of repurchasing back the treasury stock by those TSEC-listed companies in Taiwan during the period of Financial Tsunami, this study is adopted the Event Study Method and Mean Difference Test to carry out the analysis, as well as to explore the influence on company stock after announced the signal of treasury stock, and the impact on company’s Price/Book Ratio (PBR) while they announced to repurchase back their treasury stock. After analyzed the empirical result, it only possessed temporary announcement benefit of repurchasing back the treasury stock by those TSEC-listed companies in Taiwan during the period of Financial Tsunami; in addition, significant announcement result of repurchasing back the treasury stock for those companies with low PBR; however, repurchased treasury stock didn’t have positive benefit for company’s PBR, and yet after companies with low PBR announced their repurchase, the fluctuation range in those companies’ PBR will be smaller than companies with high PBR.