股票購回是否剝削債權人財富？

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葉春岑(Chun-Tsen Yeh) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

股票購回是否剝削債權人財富？
(Do stock repurchases expropriate wealth from bondholders?)

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摘要(中)

本研究以庫藏股法開始實施至2005年12月31日止實施庫藏股之上市（櫃）公司為基礎樣本，再進一步蒐集各公司在庫藏股宣告前發行公司債者深入分析，使庫藏股制度對公司價值的影響，能在結合債券下提供不同的看法。透過投資不足的問題，實證探討公司可能藉由股票購回以剝削債權人財富。實證結果發現在控制時間與產業效果後，相較於未舉債融資者，公司以舉債融資方式進行股票購回者市場會給予較低的市場反應。與訊號假說、自由現金流量假說相左，實證結果支持財富剝削假說，我們發現股票購回前發行公司債的公司後續伴隨資本支出與營運績效的降低，且控制股東會降低其持股。且此類型的公司未來其系統風險與現金準備率會明顯地提高。最後，實證發現庫藏股宣告效果與未來績效、自由現金流量、內部人士持股具有正向關係，並與系統風險及負債比率具有負向關係。

摘要(英)

This paper empirically examines the underinvestment problem and the use of repurchase to expropriate lenders’ wealth. This paper find that, after controlling for timing and industry effects, the repurchasing firm with debt financing has a much smaller stock price response than those without debt financing. Contrary to the implications of many payout theories, the announcements of share repurchases with previous debt issues are followed by reductions in investments, in operating performance, and in insider holdings. Results also indicate that firms with debt financing experience a significant increase in systematic risk relative to those without. Finally, evidences indicate that the short-term market reactions are positively associated with future changes in profitability and free cash flows, and negatively associated with future changes in risk, insider net selling activities and debt ratios.

關鍵字(中)

★ 債券
★ 舉債融資
★ 財富移轉
★ 投資不足
★ 庫藏股
★ 股票購回

關鍵字(英)

★ debt financing
★ underinvestment
★ wealth transfer
★ stock repurchase

論文目次

ABSTRACT II
ACKNOWLEDGMENTS III
TABLE OF CONTENTS V
LIST OF FIGURES VI
LIST OF TABLES VII
LIST OF TABLES VII
Chapter 1 Introduction 1
1.1. Motivation and Research Purpose 1
1.2. Thesis Structure 7
Chapter 2 Theoretical Framework 8
2.1. Implications of Information/Signaling Hypothesis 8
2.2. Implications of Free Cash Flow Hypothesis 10
2.3. Implications of Wealth Transfer Hypothesis 12
Chapter 3 Data and Methodology 17
3.1. Sample and Data Description 17
3.2. Methodology 27
Chapter 4 Discussion of Empirical Results 29
4.1. Abnormal Returns and the Announcement of Repurchase Programs after Debt Issues 29
4.2. Operating Performance of Repurchasing Firms Following Debt Issues 34
4.3. Changes in Capital Expenditures, Research and Development Expenses, and Cash Reserves 37
4.4. Risk Changes 42
4.5. Changes in Insider Trading 45
4.6. Change in Risk, Profitability, Insider Holding, and Stock Price Reactions 50
Chapter 5 Conclusions and Future Research 55
5.1. Conclusions and Implications 55
5.2. Limitations and Future Research 56
References 58

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指導教授

羅庚辛、王克陸
(Keng-Hsin Lo、Kehluh Wang)

審核日期

2007-4-3

推文