買回庫藏股之宣告對資金成本的影響

• Main Author: 彪士偉
• Other Authors: 李怡宗
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/57109682410350486418

碩士 === 國立政治大學 === 會計研究所 === 94 === Share repurchase system was formally implemented in Taiwan in 2000 , when the TSEC & OTC listed companies announce that they will repurchase shares , it changes the composition of assets held by the firm , revising the ownership proportions of each of their shareholders and interests of each of their creditors. Thus, their cost of equity capital and debt capital may change . When companies announce to repurchase shares , results show that : (1)their cost of debt capital will increase and their cost of equity capital will decrease. (2)the more percentage of shares companies expect to repurchase , the more their cost of debt capital increase. (3)the different profitability before announcement has no significant effect to companies’ cost of debt capital. (4)repurchase in order to conserve companies’ credibility and shareholders’ equity will increase less cost of debt capital and decrease more cost of equity capital than that in order to reach other two purposes .(5) the more increase of percentage of shares companies’ insiders’ hold before announce, the more their cost of equity capital decrease. (6) the more symmetrical information companies obtain , the less their cost of equity capital decrease.