股票購回與現金增資宣告之資訊內涵

The Information Content of Stock Repurchases and Seasoned Equity Offerings Announcements

本研究主要結合股票購回與現金增資，分析其未來經營績效、研發支出、內部人士持股和系統風險之異動程度。利用採用事件研究法、t檢定，以2000年到2008年台灣上市、櫃公司購回庫藏股後對進行現金增資宣告與進行現金增資後股票購回宣告者為研究對象。實證結果發現：曾購回庫藏股的公司其後續進行現金增資宣告效果比未曾購回庫藏股的公司有較少負向市場反應，營運績效、研發支出和系統風險則無顯著差異，內部人持股比率有顯著的下降趨勢。

The purpose of this study examines the combination of stock repurchases and seasonedequityofferings for future operating performance, R&D expenses, insider ownership, and systematic risk changes of the degree of use eventstudy method, t-test discussion from 2000 to 2008 years in Taiwan listed companies for season equity offers following stock repurchases and stock repurchases following season equity offers announcements. As the result from the research:seasonedequity offers (SEO) following repurchases less than non-repurchasing firm’s to the negative market reaction, there was no significant difference in operating performance, R&D expenses and systematic risk, insider’s ownership has a significant downward trend.