Share Repurchase Tender Offers and Relationship-Specific Investments: Evidence on Corporate Suppliers and Customers

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Project title

Code/計畫編號

NSC100-2410-H424-007

Translated Name/計畫中文名

公開收購庫藏股與關係特定投資：以客戶與供應商關係為例

Project Coordinator/計畫主持人

Shu-Miao Lai

Funding Organization/主管機關

National Science and Technology Center for Disaster Reduction

Department/Unit

Department of Accounting, KNU

Website

https://www.grb.gov.tw/search/planDetail?id=2312176

Year

2011

Start date/計畫起

01-08-2011

Expected Completion/計畫迄

31-07-2012

Bugetid/研究經費

247千元

ResearchField/研究領域

財政（含金融，保險）

本研究計劃探討公開收購庫藏股宣告是否影響宣告公司的顧客與供應商之關係特定投資決策。本研究假設，如果公開收購庫藏股宣告傳遞有關買回公司未來盈餘前景的正面消息，將誘發其顧客與供應商修正對投入關係特定投資所能獲得未來收益之預期，進而改變其關係特定投資決策。本研究檢驗並預期，買回公司之顧客與供應商將於買回宣告後增加其研究發展支出，且此研究發展支出之變動與公開收購庫藏股宣告時所誘發的股價變動具顯著關聯性。此外，本研究預期買回公司之顧客與供應商將於買回宣告後增加其與買回公司的商業交易。最後，本研究預期買回公司之顧客與供應商的營運績效於買回宣告後將顯著改善。整體而言，本研究計劃提供一新證據顯示，公開收購庫藏股宣告對其供應鏈夥伴具有實質的外溢效果，買回宣告將誘發顧客與供應商改變其對宣告公司未來前景之預期，進而影響其關係特定投資決策。 This study investigates whether and how stock repurchase tender offer announcement at one firm affects relationship-specific investments of its customers and suppliers. If repurchase tender offer announcements are informative about future earnings prospects of the firm, then information in repurchase tend offers could affect relationship-specific investment decisions made by the repurchasing firm’s customers/suppliers following the repurchase announcement. I expect that customers/suppliers of the repurchasing firm will increase their relationship-specific investments following the repurchase tender offer announcement. I also expect that the change in customers’/suppliers’ relationship-specific investment is related to news conveyed by repurchase tender offer announcements. Furthermore, I expect that customers/suppliers will increase their business truncations with the repurchasing firm and they will experience operating performance improvement following the repurchase tender offer announcement. Overall, my study attempt to provide evidence that repurchase tender offer announcements at one firm have effect on relationship-specific investments by suppliers/customers through its effect on the perception of its suppliers/customers about the benefits of such specific investments.

Keyword(s)

公開收購庫藏股
關係特定投資
顧客
供應商

DSpace CRIS

Share Repurchase Tender Offers and Relationship-Specific Investments: Evidence on Corporate Suppliers and Customers

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