研究建議

依據本研究所得出的結論，並和國外研究相比較，本研究對此研究所得結果以及研 究限制提出幾點建議，供後續研究股票購回學者參考。

一、本研究僅以台灣上市公司為研究樣本，並未採用上櫃公司的資料，由於在台灣股票 買回有買回數量以及執行期間的限制，公司在短期間內重複宣告實施的頻率很頻 繁，因此在研究樣本中只納入初次宣告買回股票的上市公司為樣本，該限制有可能 造成無法顯現整體施行股票買回公司對股價績效反應的完整面貌，因此未來研究可 加入上櫃公司及更長的研究時間，則更能全面地探討股票買回後的長期報酬現象。

二、本研究雖然有將有實施股票買回公司與未實施股票買回公司作一比較，也發現有股 票買回的公司宣告買回後股價績效表現普遍來說都比未實施股票買回的公司差，但 是背後的原因是否與宣告買回股票公司本身的營運狀況與財務體質有關，則有待後 續研究者的分析與探討。甚至可以考慮股市多空條件與產業類別等條件，透過多樣 的檢定方法，如無母數等檢定方法，以進一步分析股票買回所產生的長短期效應。

參考文獻

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15. 張雅琳（民 93），「我國企業獨立董事機制與經營績效之關聯性研究」，大葉大學會 計資訊研究所碩士論文。

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17. 楊文振（民 91），「股票買回對股價行為之影響考量宣告效果與執行效果下的實證結 果」，朝陽科技大學財務金融研究所碩士論文。

18. 劉綠萍（民 92），「董監事股權質押的代理問題與公司價值關聯性之研究」，國立台 北大學企業管理系博士論文。

19. 蔡嘉惠（民 93），「台灣上市公司宣告購回庫藏股後股價之長短期表現」，長榮大學 經營管理研究所碩士論文。

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