The research of specific firm stock information that influence stock repurchase policy

• Main Authors: Chia-Yi Lin, 林佳儀
• Other Authors: Chia-Chung Chan
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/34277707979273701752

碩士 === 東海大學 === 國際貿易學系 === 93 === Unlike other study methods of stock repurchase motive, the study adopts the method of stock repurchase motive in advance to verify whether to imply information asymmetry. This text in order with systematic factors, industrial factors and firm-specific news to relate to probes into whether stock repurchase motive implies information asymmetry. The study adapts the method that P/E ratio matches samples, including 113 match samples as research samples from August 9 1989 to December 31 1992.When single factor or three-factor model under systematic factors tests the consideration of industry and specific company news, the result confirms the establishment of stock-repurchase motive that implies information asymmetry and eliminates the relation with size effect. Market factors and industrial factors influence the adoption of stock-repurchase policy only in small-scale companies that may have size effects. Furthermore, in the correlation between stock-repurchase and performances the result reveals that the stock prices do not have significant difference, after the companies announce that they will repurchase stocks and operate in follow-up periods. However, companies administers suppose that long-term performance not reveal significant differences if information asymmetries that result in underestimate stock prices were the close information. Finally, robust test reveals that stock-repurchase motives depend on the information asymmetries between companies and investors, and that stock-repurchase motives imply the establishment of leverage hypothesis.