| Summary: | 碩士 === 嶺東科技大學 === 財務金融研究所 === 96 === In this study, 89 to 95 listed companies in Taiwan to study. First, the existence of substitution or complement effect between the stock repurchases and cash dividend and company characteristic to influence of stock repurchases. The results showed: In bear, bull market not effect of the stock repurchase ratio and cash dividend payment ratio is complementary to each other. When the lower company price, or if a company implements employee stock ownership in this year, the company will adopt the stock repurchases. And further, in bear market and bull market the different for purpose of stock repurchases whether effect of the stock repurchase and cash dividend of substitution or complement and company characteristic to influence of stock repurchase. The results showed: Bull market: Stock repurchase ratio and cash dividend payment ratio was positive relationship implied a complement effect but not statistically significant level. The different for purpose of stock repurchases not effect of the implied complementary effect. When the lower company price, a lot of free cash flow and the smaller of the company size, the company will adopt the stock repurchases. Bear market: Stock repurchase ratio and cash dividend payment ratio was negative relationship implied a substitution effect but not statistically significant level. The different for purpose of stock repurchases not effect of the implied substitution effect. When the smaller of the company size, the company will adopt the stock repurchases.
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