之前對於所謂的買回庫藏股收購的研究文章，仍就是著重於事件宣布當下的市場反應，尤其是在公開市場收購方面的相關文獻。然而對於公開市場買回股票而言，其並沒有固定的買回量、區間以及價格，因此增加了探討買回庫藏股背後動機的難度。鑒於之前有探討過如何衡量公司實際購買庫藏股的方法，本文延續此衡量方法並加入本文的研究。而當本文把實際購買量納為探討傳訊機制以及現金流量控管理機制的討論，將會使我們在這兩個庫藏股背後隱藏的動機探討上獲得更精確以及突破性的實證結果，因為實際庫藏股買回量是最能代表公司經營者對於其宣告買回庫藏股動機的信心。而鑒於 Jagannathan and Stephan (2003) 的文章，我們可得知若公司宣告買回的次數不同，也意涵著不同的購回動機，因此在本文經過修正此篇文章的篩選方法，並把宣告次數納為考量，因而獲得更進一步的不同宣告頻率公司背後所透露出的傳訊或是現金控管機制。最後於本文我們要運用所謂的季資料取代之前許多文獻所使用的年資料，前者較能帶給我們本實證研究更精確的分辨宣告買回庫藏股之前與之後的影響效果。因此本研究加入實際購買量以及以宣告次數做為區分來探討所謂的傳訊以及現金流量控管機制，並以季資料做更精確的探討。

The prior authors focus on the market reaction around repurchase program announcements and expect to find the motivation behind open-market repurchase (OMR) programs depending on performance of repurchasing firms following buyback announcements. However, due to special characteristics of OMR, researchers could not measure the quantity of real buyback easily, which represents the managers’ confidence on motivation of repurchase announcements. Hence, we use two proxies (Shares Outstanding from CRSP and Purchase of Common and Preferred Stock from Compustat) to reexamine the signaling hypothesis and the free cash flow hypothesis. With the variable of real buyback, our empirical results are more precisely and credible than other literature without taking actual reacquisition into consideration. Besides that, Jagannathan and Stephan (2003) find that repurchasing firms with different announcement frequency have different buyback motivation. Hence, before reexamining these hypotheses, we would separate repurchasing firms into three groups according to their announcement frequency. The research design definitely could bring us more insight among firms with different repurchase frequency. Finally, we also replace the yearly data with quarterly data. The modification definitely separates the effect before or after repurchase programs more efficiently and absolutely supplies the more credible and precise results.

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