我國採行加速購回庫藏股法評議

劉啟群臺灣大學:會計學研究所簡建益Jian, Jian-YiJian-YiJian2010-05-052018-06-292010-05-052018-06-292008U0001-1507200802314100http://ntur.lib.ntu.edu.tw//handle/246246/179879本研究主旨為介紹近年來美國盛行的加速購回庫藏股法，並經由我國庫藏股制度的利弊分析來評論未來我國是否適合開放此購買方式供企業選擇，而所謂加速購回庫藏股法主要是指企業經由投資銀行的協助得以在短期內取回本身大量的股份，此種股份購買方式的主要的優點顧名思義為縮短企業取得股份的時間並藉由投資銀行證券投資之專業降低購買股份之成本，但難以避免地也可能發生傷害股東權益的弊端，在本研究中將針對加速購回庫藏股法的利弊得失做進一步的討論，提出防範措施的建議以避免發生損害股東權益之情事，後面的章節則介紹在我國現行庫藏股與會計制度下開放加速購回方式可能遭遇之阻礙與我國社會文化所形成的特有庫藏股弊病，最後對我國是否適合採此制度做出本文之評論。The primary purpose of this thesis is to introduce the emerging stock repurchase method-namely the Accelerated Share Repurchases (ASRS) – which has been quickly growing in US and make comments whether the new method can be implemented in Taiwan. In an ASRS, a company buys back its own shares of stock from investment bank at a set price and immediately recognizes a huge growth in EPS. In the same time, the company enters into a forward contract with the investment bank, if the settlement price of forward contract is higher than initial set price, the company must compensate the investment bank. he thesis will discuss the advantages and drawbacks of accelerated share repurchases method and make suggestions to protect stockholders’ right. Besides, it will also compare the differences of treasury stock system between US and Taiwan, and explain what potential hurdles will happen, resulting from the different legal regulations. Finally, the thesis makes a conclusion if the ASRS is beneficial to improve efficiency of present treasury stock system.中文摘要 i文摘要 iv一章緒論 1一節研究背景 1二節研究動機與目的 3三節研究架構與流程 4二章理論與文獻探討 5一節庫藏股的發展 5二節庫藏股假說與目的 9三節庫藏股制度之利弊評析 12三章美國庫藏股制度與實施現況 14一節發展沿革與立法 14二節購回庫藏股方式介紹 19四章加速購回庫藏股法之探討 23一節發展架構與特性 23二節文獻探討 28三節案例介紹 30四節會計處理與衍生議題分析 33五節管理階層、股東與投資銀行立場評析 38五章我國庫藏股制度與實施現況 47一節庫藏股制度發展背景 47二節制度面介紹與實施現況 48三節我國與美國庫藏股制度比較 53六章我國庫藏股制度採行加速購回法評議 55一節會計與制度面的差異 55二節我國採行加速購回庫藏股法分析 60七章結論 74考文獻 75application/pdf764041 bytesapplication/pdfen-US加速購回公開市場買回庫藏股執行比率內線交易Accelerated share repurchasesinsider tradingtender offerforward contract我國採行加速購回庫藏股法評議Comments on The Implementation of Accelerated Share epurchases Method in Taiwanhttp://ntur.lib.ntu.edu.tw/bitstream/246246/179879/1/ntu-97-R95722028-1.pdf