[[alternative]]An Analysis of Event Study of Stock Repurchase in Different Industries

[[abstract]] 本文利用事件研究法探討公司實施庫藏股策略，是否因產業特性差異而有不同的影響，研究設計以台灣七項產業為實證標的，並以是否符合訊號發射假說做為公司實施庫藏股事件效應的分析依據。實證結果顯示金融業未符合訊號發射假說，生技醫產業部分符合;半導體業、通信網路業、光電業、電子零組件業和傳統產業則符合訊號發射假說，佐證公司實施庫藏股會因產業屬性差異而有不同影響之推論。[[abstract]] Event study method is employed by this study to examine whether the effect of Stock Repurchases strategy adopted by the company will be different with the industries characteristics. Seven industries in Taiwan stock market are evidenced to test whether the Signaling Hypothesis suggested by Miller and Modiglian (1961) can be supported. According to the empirical result, the industries of semiconductor, communication network, optoelectronics, electronic components and traditional industry and part of biotechnology industry are in line with the signaling hypothesis but the results of financial industry are not. It is consistent with the inference of this study which infers that the effect of the repurchase stock are different with their industrial property