美國金融控股公司是否宣告買回庫藏股之再研究

Abstract

本論文蒐集美國380家金融控股公司1993到2006年的資料，研究美國金融控股公司是否宣告買回庫藏股。除了之前研究中已討論過的因素（或假說）：股利替代假說、風險、股價低估價說、公司規模、併購防禦假說、最適資本適足率假說、自由現金流量假說、投資機會，本論文還提出了三個新的因素：會計放款違約變數、放款組合、景氣循環。 實證的結果顯示，內部因素--如一家金控公司的會計放款違約變數、放款組合、股利政策、風險、規模、自由現金流量及投資機會和外部因素--如併購的威脅和景氣循環都會影響金融控股公司是否宣告買回庫藏股；此外，本論文沒有顯著的實證結果支持股價低估假說和最適資本比率假說。

A sample of 380 U.S. bank holding companies from 1993 to 2006 is collected to study whether the U.S bank holding companies announce to repurchase shares. In addition to previously-mentioned factors (or hypotheses): substitution hypothesis, risk, undervaluation hypothesis, size, takeover deterrence hypothesis, optimal capital ratio hypothesis, free cash flow hypothesis, and investment opportunities, this study come up with three new factors: the accounting loan default variables, the loan composition and the business cycle. The empirical results show that internal factors such as, a bank holding company’s accounting loan default variables, loan composition, dividend payout, risk, size, free cash flow, and investment opportunities, and external factors like business cycle and takeover threat, both have influence on the bank holding companies’ share repurchase announcements, while no significant evidence to support the undervaluation hypothesis and optimal capital ratio hypothesis.