本研究以台灣股票市場為研究樣本分析經理人能力是否影響公司股票買回的時機。本研究的樣本期間為2000年8月台灣開始執行日至2016年12月，並進一步將樣本期間依金融海嘯發生時間分成三個子樣本期間。主要研究結果顯示，整體而言，台灣公司以高於平均市場價格的價格買回股票，未有明顯證據指出經理人能力越高會選擇較好的市場時機。進一步的研究發現，金融海嘯前，經理人能力越高，市場時機選擇能力較好，然而金融海嘯發生當時，經理人能力越高，反而以高於平均市場價格買回股票。另一方面，金融海嘯期間，當經理人能力越高，經營績效越高，從這裡可以發現在面對危機的情況下，經理人能力對於公司績效有顯著正向影響，因此，本研究推論經理人在金融海嘯期間以高於平均市場價格買回股票可能有其他的考量因素。

We uses the data from Taiwan’s stock market to analyze whether the managerial ability to influence the company's stock buying time. The sample period was from August 2000 to December 2016 in Taiwan, and further divided the sample period into three sub-sample periods according to the time of the financial crisis. The study show that, overall, Taiwanese companies bought stocks at a price higher than the average market price, and there was no clear evidence that the higher the manager’s ability, the better the market timing. A further study found that before the financial crisis, the higher the managerial ability, the better the market timing ability. However, at the time of the financial crisis, the higher the managerial ability, the more they bought the stock at a higher than average market price. On the other hand, during the financial crisis, when the managerial ability is higher and the business performance is higher, it can be found here that in the face of crisis, the managerial ability has a significant positive effect on the company's performance. In addition, it can be seen that Managers who buy stocks above the average market price during the financial crisis may have other considerations.

第一章 前言 1
第一節 研究動機與目的 1
第二節 研究架構與流程 4
第二章 文獻回顧 5
第一節 公開市場買回與市場時機選擇 5
第二節 經理人能力衡量 7
第三節 經理人能力與公開市場買回 9
第三章 研究方法 11
第一節 資料來源及樣本選取 11
第二節 市場時機選擇能力之衡量 11
第三節 經理人能力之衡量 12
第四節 OMR宣告效果之衡量 14
第五節 控制變數之衡量 15
第六節 統計方法及研究模型 15
第四章 實證結果與分析 17
第一節 樣本分布 17
第二節 敘述統計與相關分析 18
第三節 經理人能力對於市場時機選擇能力之影響 21
第四節 經理人能力對於宣告績效之影響 22
第五節 經理人能力對於經營績效之影響 23
第五章 結論 25
參考文獻 27

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