企業庫藏股買回執行率及買回比例之研究

Abstract

庫藏股買回在近年已經成為公司護盤、救股價重要工具之一。依《上市上櫃公司買回本公司股份辦法》第5條公司應於董事會通過後向金管會證期局申報，並於申報日起二個月內執行完畢，在買回期間屆滿或執行完畢後五日，將執行情形申報並公告。本研究擬就不同的角度探討買回庫藏股公司的哪些特性可能影響執行率? 而這些特性是否也會影響公司買回股份的比例? 本研究針對2004 年至2009年6月間宣告實施庫藏股，且公告買回目的為維護股東權益的上市櫃公司，進行多元迴歸分析，其對執行率研究結果顯示，公司決定實施庫藏股時預計買回比例愈高，執行率愈低；公司規模愈小，執行率愈高。實際買回比例的研究結果則為董監事持股比例愈低，公司實際買回比例愈高；買回價格區間愈大，實際買回比例會較高;表示速動比例愈高，公司的流動資金愈充足，實際買回的比例愈高；公司的投資愈高，實際買回的比例愈低；公司規模愈大，實際買回的比例愈低。

Share purchase has been 10 years since the official regulation was announced by Security and Future Committee, Ministry of Finance (now Security and Future Bureau) in 2000 and became the important tool for stabilizing the share price of listed companies. The Company shall complete its share buyback program within 2 months, and shall make the announcement within 5 days either the expiry date or the completion date of the program in accordance with the “Regulation Governing Share Repurchase by listed in Taiwan Stock Exchange and Gretai Security Market”. The study aims to figure out the determinants of the execution rate as well as the buyback ratio. The study examined the sample of repurchase program announced from 2004 through June, 2009 with securing stockholders’ equity as buyback purpose via multiple regression analysis. The findings regarding execution rate are the planned buyback ratio is negatively related to execution ratio and the small scale companies have high execution rates in their buyback programs. Furthermore, the holding of directors and supervisors, the future investment and the scale of the company are negatively related to the actual buyback ratio, and the range of buyback price, quick ratio are positively related to the actual buyback ratio.