編製合併報表被銷除關係人銷貨交易與股票買回決策之關係

The Eliminated Related Party Sales and Share Repurchasesy.

本研究以1999年至2021年之我國上市櫃公司為研究對象，檢測公司在編製合併報表過程中，被銷除的關係人銷貨交易與股票買回決策之關係，進而檢測家族控制公司在兩者間所扮演之角色。實證結果顯示編製合併報表被銷除關係人銷貨交易與公司股票買回決策呈現正向關係，意味此類型關係人銷貨交易係屬於公司效率契約安排，然在編製合併報表時被銷除，不影響公司報導盈餘，導致公司股價容易被低估，進而提高公司從事股票買回交易之可能性。進一步測試顯示，編製合併報表被銷除關係人銷貨交易與公司股票買回決策的正向關係，在非家族控制公司次樣本較為顯著顯示家族控制公司著重公司中長期利益及永續發展，比較不會以股票買回方式影響公司股價。本研究進行若干敏感性測試，實證結果具備穩固性。

This study uses the listed firms in Taiwan stock market during 1999-2021 to examine the relationship between related party sales that are eliminated in the preparation of consolidated financial statements (denoted as ERPTs) and share repurchases. We further explore whether family-controlled characteristics play a role in relationship between ERPTs and share repurchases. Empirical results document that ERPTs are positively associated with the firm’s share repurchases. This result suggests that some of the ERPTs are attributed to firms’efficient contracting arrangement. However, this type of related party transactions does not affect the firm’s reported earnings, thereby causing stock price to be undervalued and thus increasing the possibility to share repurchases. Further evidence documents that the positive relationship between ERPTs and share repurchases is more pronounced in the subsample of non-family-controlled firms. It suggests that family-controlled firms focus on the long-term benefits and sustainability of the firms, thereby are less likely using share repurchases to influence their stock price. The empirical results are robust to several diagnostic tests in the analysis.