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研究生： 江雯琪
Chiang, Wen-Chi
論文名稱： 股票購回與公司治理之探討
Stock Repurchase and Corporate Governance
指導教授： 黃炳勳
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年： 2011
畢業學年度： 99
語文別： 英文
論文頁數： 31
中文關鍵詞： 股票購回 、公司治理
外文關鍵詞： Stock Repurchase, Corporate Governance
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    • 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。

    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.

    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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