台灣上市公司購回庫藏股目的決定因素 : 多元名義分對數模型之應用

Abstract

本研究首次採用多元名義分對數模型（Multinomial Logit Model, MNLM）實證分析2000年至2003年我國上市公司購回庫藏股目的的影響因子。實証結果發現，不論就間距改變或差異比率分析皆顯示影響台灣地區上市公司購回庫藏股目的的關鍵因素為市價與淨值比率、負債比率及產業別。而無論是金融業或電子業其購回庫藏股的目的主要為轉讓股份予員工，因此，上市公司購回庫藏股是以維護最適資本結構為主，而非以護盤為主。

This study adopts the Multinomial Logit Model (MNLM) to analyze the influencing factors of the purposes of stock repurchases in Taiwan's listed companies from 2000 to 2003. There is strong evidence that the key factor to affect the purposes of stock repurchases are the price-book value ratio (P/B ration), debt ratio and industry type from our empirical results, regardless of the discrete change analysis or odds ratio analysis. For both of financial industry and electronic industry, the purpose of stock repurchases is to transfer shares to their own employees (that is to maintain the optimal capital structure) instead of maintaining company value.