公司治理對於庫藏股回購之影響

Abstract

本研究探討臺灣上市、櫃企業公司治理對庫藏股回購動機之影響，關於庫藏股回購動機，研究結果顯示，企業在持有現金金額高時傾向會回購庫藏股，表示持有現金金額對庫藏股回購為正向影響；而企業在財務槓桿比率低、現金股利發放少、股價淨值比低的情況下傾向會回購庫藏股，表示財務槓桿比率、現金股利發放、股價淨值比對庫藏股回購為負向影響。關於公司治理對庫藏股回購動機的影響，研究結果顯示，當公司治理愈好，亦即經理人持股比率愈高、大股東持股比率愈高、董監事持股比率愈高、董監質押比例愈低，經理人在做財務決策如回購庫藏股決策時，較容易考量股東利益，因此愈傾向在合理的情況下回購庫藏股，亦即愈傾向在持有現金金額高、現金股利發放少、股價淨值比低的情況下實施庫藏股，代表公司治理好會強化持有現金金額對庫藏股回購的正向影響力，亦會強化現金股利發放、股價淨值比對庫藏股回購的負向影響力。

This thesis discusses the effect of corporate governance on the motivations of treasury stock repurchase of publicly traded companies in Taiwan. Regarding the motivation of treasury stock repurchase, the study shows that enterprises tend to repurchase treasury stocks when they hold a large amount of cash, indicating that the amount of cash has a positive effect on treasury stock repurchase. Besides, enterprises tend to repurchase treasury stock when the leverage ratio is low, the cash dividends are paid less, and the price-to-book ratio is low. This shows that leverage ratio, cash dividend distribution, and price-to-book ratio have negative effects on treasury stock repurchase. Regarding the effect of corporate governance on the motivation of treasury stock repurchase, the study shows that enterprises with better corporate governance, that is, enterprises with higher percentage of shares held by firm managers, major shareholders, directors and supervisors, and a lower pledge ratio of directors and supervisors, tend to care more about the interest of shareholders when making an important financial decision like treasury stock repurchase. Therefore, enterprises with better corporate governance are more likely to repurchase treasury stock under suitable conditions, i.e. when the amount of cash is large, fewer cash dividends are paid, and the price-to-book ratio is low. In conclusion, good corporate governance strengthens not only the positive effect of the amount of cash on treasury stock repurchase but also the negative effect of cash dividends distribution and price-to-book ratio on treasury stock repurchase.