本研究旨在探討台灣股市庫藏股買回宣告對股票報酬的影響；2013年1月至2022年12月；以台灣生技醫療公司為研究樣本，透過事件研究法來分析製藥與非製藥及新藥與非新藥之庫藏股買回宣告對其股價報酬率之影響。 實證結果顯示，在平均異常報酬率方面，非製藥類股、製藥類股、新藥類股在宣告日股價均具有正向之宣告效果，而在平均累計異常報酬方面，以非製藥類股之宣告效果大於製藥類股。 The purpose of this study is to explore the impact of the announcement of treasury stock buybacks in the Taiwan stock market on stock returns; the study period is January 2013 to December 2022. The research samples are biotechnology and medical listed companies in Taiwan Stock Exchange. We used Event Study Method to explore the effect of the announcement of stock repurchase on its stock price return between pharmaceuticals, non-pharmaceuticals and new drugs companies. The empirical results show that, in terms of average abnormal returns, non-pharmaceutical stocks, pharmaceutical stocks, and new drug stocks all have positive announcement effects on the announcement day. In terms of average cumulative abnormal returns, The effect of the announcement of non-pharmaceutical stocks is greater than that of pharmaceutical stocks.
