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系統識別號 U0026-2406201112020900
論文名稱(中文) 股票購回與公司治理之探討
論文名稱(英文) Stock Repurchase and Corporate Governance
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance & Banking
學年度 99
學期 2
出版年 100
研究生(中文) 江雯琪
研究生(英文) Wen-Chi Chiang
學號 r86981051
學位類別 碩士
語文別 英文
論文頁數 31頁
口試委員 指導教授-黃炳勳
口試委員-楊朝旭
口試委員-陳政芳
中文關鍵字 股票購回  公司治理 
英文關鍵字 Stock Repurchase  Corporate Governance 
學科別分類
中文摘要 本篇論文在探討公司治理是否會影響股票購回對於現金流量之敏感性。本篇研究廣泛地放入多個公司治理變數,包含董事會規模、獨立董事、董事會開會次數、經理人持有股數、經理人薪酬、股東權力強弱、股東表決權和負債比率。資料以2002年至2009年美國上市公司為樣本。
結果發現除了經理人薪酬變數不顯著外,其餘的公司治理變數如:董事會規模、獨立董事、董事會開會次數、經理人持有股數、股東表決權和負債比率都呈顯著正相關。而股東權力強弱則為顯著負相關。
整體來說,實證結果支持公司治理好的公司將在公司持有較多的現金流量時較願意作股票購回。
英文摘要 This thesis investigates whether corporate governance affects the sensitivity of stock repurchase to cash flow. A spectrum of variables such as board size, board independence, number of meetings, managerial ownership, management remuneration, the strength of shareholder’ rights, shareholder’s voting power, and leverage ratio are used to measure corporate governance. The sample size is derived from the period 2002 to 2009 in the US market. With the exception of management remuneration, other corporate governance variables such as board size, board independence, number of meetings, managerial ownership, shareholders’ voting power, and leverage ratio have significant and positive relation with the sensitivity of stock repurchase to cash flow. High Governance Index (poor governance) has significant negative relation with the sensitivity of stock repurchase to cash flow. Overall, the findings support the premise that companies with good corporate governance repurchase stock more when these corporations have larger amount of excess cash flow.
論文目次 Contents
Abstract I
摘要 II
致謝 III
Contents IV
Table of Contents V
Chapter 1 Introduction 1
Chapter 2 Literature Review 4
2.1 Stock repurchases 4
2.2 Hypothesis 7
Chapter 3 Data and Methodology 8
3.1 Data selection 8
3.2 Variable Definitions 8
3.3 Empirical Model and Methodology 12
Chapter 4 Empirical Results 15
4.1 Descriptive analysis 15
4.2 Mean difference test 16
4.3 Pearson correlation 16
4.4 Multiple regression analysis 16
Chapter 5 Conclusions and Suggestions 19
5.1 Conclusions 19
5.2 Suggestions 20
Reference 28
Appendix: Independent variables and the result in this study 31

Table of Contents
Table 1: Individual governance provisions employed in the construction of the Governance Index 21
Table 2: Descriptive Statistic 22
Table 3: Mean Difference Test 23
Table 4: Pearson correlation matrix 24
Table 5: The OLS Regression Analysis-Board Structure and Number of Meetings 25
Table 6: The OLS Regression Analysis- Ownership Concentration and Compensation 26
Table 7: The OLS Regression Analysis-Takeover Provision, Voting, and Leverage 27
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