庫藏股買回與企業權益價值錯價之關聯性

The Correlation between the Treasury Stock and the Misprice of Equity Value

庫藏股為企業公司作為調節流通在外股數或股價的策略之一，當公司認為自己股價偏低或是為了刺激股票的交易量與股價，可藉由買回庫藏股策略與宣告傳遞投資者股價低估之訊息，然而市場企業買回庫藏股行為的反應是否會因為企業價值錯價而有所不同，亦或受到企業買回庫藏股目的而有不同的股價反應，實證結果顯示，公司宣告實施買回庫藏股時，前期企業之權益錯價高估情形對宣告日後10日之累積異常報酬呈顯著負向影響，電子產業相較於其他產業的宣告效果較高，企業買回目的為轉讓股份予員工較其他目的對於股票的宣告效果較大。本研究結果支持訊號發射假說，顯示企業會於價值低估時宣告庫藏股買回，以維持其價值。

Treasury stocks are one of the strategies used by corporate companies to adjust the number of shares or stock prices in circulation. When the company believes that its stock price is low or in order to stimulate the trading volume and stock price of stocks, it can pass investors information through announcements of buying back treasury stocks. However, will the response of market investors regarding the message of announcing stocks repurchase be different due to the misprice of the enterprise value or due to repurchasing purposes? The empirical results show that the company with over-mispriced equity in a previous year has a significant negative accumulated abnormal return after the days of announcing stock repurchase. Moreover, the announcement effect of the electronics industry is higher than that of other industries. The repurchase purpose of company is to transfer shares to employees has a greater effect on the days after announcement than with other purposes the results of this research support the signaling hypothesis, which shows that companies will announce treasury stocks buying back when the equity values are underestimated.