美國金融控股公司是否宣告庫藏股：規範與動機

Abstract

本研究針對美國380家金融控股公司於1994至2004年是否宣告庫藏股加以探究其動機。茲以二項Logit模型同時檢驗下列假說與公司特性：股利替代假說、股價低估假說、最適資本適足率假說、經理人動機假說、併購防禦假說、自由現金流量假說、證券化、風險、投資機會等。 實證結果顯示金融控股公司因複雜動機而宣告庫藏股，蓋與高額股息、低估報酬、可觀規模、過剩資本、少額高階主管認股權、併購威脅、自由現金流量、低度系統風險、有限成長機會等因素相關。

This study examines the decision of stock repurchase announcements specifically for U.S. bank holding companies. A sample of 380 U.S. bank holding companies over the period from 1994 to 2004 is investigated. All of the motives for share repurchase announcement are simultaneously captured and analyzed by binary Logit regression. The following hypotheses are tested: substitution hypothesis, undervaluation hypothesis, takeover deterrence hypothesis, optimal capital ratio hypothesis, management incentive hypothesis, and free cash flow hypothesis. In addition, bank characteristics as securitization, risk, and investment opportunity are also thoroughly researched factors. The results reveal diverse motivations behind share repurchase announcements by bank holding companies. Whether bank holding companies announce to repurchase is related with generous dividend payout policy, undervalued return, large size, takeover threat, excessive capitalization, lower level of management incentives, free cash flow, low systematic risk, and limited growth opportunity.