股票買回決策與資金成本等相關因素之研究──以台灣上市公司為例

The Research between Stock Buyback Strategy with Cost of Fund and Related Issues

筆者係以臺灣地區上市公司為例，探討金融海嘯前後權益資金與負債資金成本等因數對股票買回決策之影響。並與Blundell-Wignall & Rouletz（2013）所研究負債資金成本、權益資金成本之漲跌，是否會對MSCI將近5,000家上市公司股票買回決策造成影響之研究結論作為對照。本論文基於前述研究背景與動機提出四項研究目的，一是負債及權益資金成本之變動，對買回股票決策之影響。二是公司董監事持股情形，對股票買回決策影響關係之比較。三是公司之自由現金流量率高低，是否對股票買回決策有影響。四是公司之每股現金股利率高低，是否對股票買回決策有影響。本研究包含有關金融海嘯增額測試假說，採用LOGIT、PROBIT或TOBIT等間斷資料（discrete data）的統計模型，並運用邏輯檢定（LOGIT model）方法進行實證研究與分析，得出研究結論與說明。實證結果與Blundell研究美國與歐洲等樣本獲得之結論於債務成本之結論有所不同。

Referred to the article of Blundell- Wignall & Roulet published in OECD Journal 2013, their empirical evidence proved the variety of cost of equity and debt will have influence on the strategy of capital expenditure and stock repurchase when take nearly 5000 companies as example among MSCI & USA etc. According to their empirical evidence shown the growth rate of GDP did not rise as the money supply increased. This study try to focus on the stock repurchase strategy issue, and the motivation in this essay followed the infrastructure of Blundell's, and take the stock --listed companies in Taiwan as the samples to search the relation and influence caused by cost of equity and cost of debt etc. to stock buyback. In the beginning, we propose 4 kinds of study purposes and core of the essay as follows. Then the empirical proceed to test the hypotheses. Following are four purposes and objectives of our study based on the background information and motivation: 1. To explore the effect on the change of cost of equity and debt respectively on stock repurchase strategy. 2. To explore the effect on the decision making of stock repurchase upon the case of high percentage of shareholding of directors and supervisors. 3. To explore the effect on the decision making of stock repurchase upon the case of high percentage of collateral by shares of directors and supervisors. 4. To explore the effect of Free Cash Flow of company on stock repurchase decision making.