| Summary: | 碩士 === 逢甲大學 === 會計所 === 100 === The aim of this study from the perspective of the book value per share changes, investigate the company declared treasury shares, the actual redemption and
subsequent cancellation of treasury shares of its stock performance response. This article focuses on the cancellation of shares in treasury, the per share net change and the stock price reaction to explore. Event Study Evidence found that the declaration and cancellation of significant abnormal returns, and to declare that the abnormal returns than buy back the cut-off and canceled. In addition, the equity valuation model proposed by Ohlson (1995) empirical, cancellation of treasury shares are released from the net change in a positive significant impact on share price performance, that is, when the cancellation of treasury shares are released from the net change is positive help to improve the stock price up changes the contrary, if canceled the release of a decrease in net, caused the stock price downward revision. Above, this study found that the company declared a stock repurchase when the stock performance better. When the Company for cancellation to recover the cost of treasury stock is lower than the net, help to enhance the stock price, past research did not address some of the, also the greatest contribution of this paper, while investors may be as an investment decision making.
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