The Determinants of the Purposes of Stock Repurchase

• Main Authors: Tung-Pao Wu, 吳宗保
• Other Authors: Cho-Min Lin
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/35201746057996882447

碩士 === 嶺東技術學院 === 財務金融研究所 === 92 === This study adopts the Multinomial Logit Model (MNLM) to analyze the influencing factors of the purposes of stock repurchases in Taiwan''s listed companies from 2000 to 2003. There is strong evidence that the key factor to affect the purposes of stock repurchases is the industry type from our empirical results, regardless of the discrete change analysis or odds ratio analysis. For both of financial industry and electronic industry, the purpose of stock repurchases is to transfer shares to their own employees (that is to maintain the optimal capital structure) instead of maintaining company value.