自2000年引進庫藏股制度至今，庫藏股交易和股票購回的操作相當常見。CEO常利用股票購回做為提昇公司股價及膨脹每股盈餘的手段。本研究主要探討CEO薪酬績效敏感度與CEO持股如何影響股票購回的執行。我們嘗試回答相關股票購回的重要議題：首先為高薪酬績效敏感度的公司是否傾向購回更多股票。第二，有高持股的CEO是否購回更多股票。最後為薪酬績效敏感與CEO持股如何共同影響股票購回。本研究以2005到2012年之台灣上市和上櫃企業為樣本，納入所有產業。測試薪酬績效敏感度與CEO持股對股票購回的影響。實證結果顯示：薪酬績效敏感度與股票購回無顯著正相關。但CEO持股程度與股票購回金額呈顯著正相關，顯示CEO進行股票購回以增加持股價值和個人財富。此外，我們也發現，若同時考慮薪酬績效敏感度與CEO持股對於股票購回的影響，兩者之間存在替代關係。可能在稅負的考量下，資本利得稅負低於個人綜合所得稅，CEO傾向增加個人持股價值

The purpose of this study is to examine the relationship of stock repurchase, pay-performance sensitivity and CEO ownership. We try to answer three important repurchase questions: First, whether firms with greater pay-for-performance sensitivity tend to repurchase more. Second, whether firms with higher CEO ownership tend to buy back more. Finally, how pay-performance sensitivity and ownership together affect repurchase. We test sample comprising all TSE and over-the-counter (OTC) firms in Taiwan from 1998 to 2011 with empirical research. I find that pay-performance sensitivity does not significantly affect the stock repurchase. However, I do find a strong positive association between CEO ownership and stock repurchase. In addition, if we consider the effect of pay-performance sensitivity and CEO ownership simultaneously, the findings reveal a positive effect for pay-performance sensitivity, but a negative effect for CEO holding, suggesting a substitution effect.

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