第五章 結論與研究限制
第二節 研究限制
1.本文是以上市公司作研究，故可能並不適用於上櫃或興櫃公司。
2.本研究為避免公司短期內多次宣告庫藏股買回，造成事件間交互影響而干擾實 證結果，且考量到若僅選取初次買回將面臨到樣本過少之問題，故本文選取公司 每年第一次買回宣告為樣本。因此，並未比較多次宣告對股價之影響。
3.國內股市有漲跌停之限制且對庫藏股運用限制和國外不盡相同，以國外方法進 行檢定推論可能結果會有不同。
4.由於本研究實證資料多取自台灣經濟新報，故資料真實性或遺漏並非本研究所 能控制。
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