本研究的主題著重在探討公司自由現金持有的多寡對於股票回購的動機是否具有影響性，因國外實行庫藏股制度有較長的歷史，所以相關的文獻以及討論都頗為廣泛，國外的學者們對於股票回購背後的動機有眾多的論點，亦嘗試分析實行股票回購的公司具備何種特性，近幾年來也有些學者針對股票回購的公司進行研究，比較這些公司在執行股票回購之後，公司的營運績效是否產生明顯的變化。
研究對象為台灣2010年至2016年的上市公司，除了敘述性統計外也透過t檢定、皮爾森相關係數分析及Tobit 迴歸模型進行實證分析，實證結果假設公司持有自由流動現金確實對股票回購產生顯著的正向影響力，公司自由流動現金持有越多，就越可能進行股票回購的動作。
The theme of this essay focuses on whether the amount of free cash held by the company is influential in the motivations for stock repurchases.
For the implementation of foreign treasury stock system has a long history, so the relevant literature and discussions are quite extensive, foreign scholars on the stock repurchase motivation behind there are many arguments, also try to analyze what characteristics implementation of stock repurchase of the company, in recent years some scholars have studied the stock repurchase company. Comparison of these companies in the implementation of the stock repurchase, the company's operating performance will produce significant changes
The research object is the listed companies in Taiwan from 2010 to 2016, in addition to descriptive statistics which are also analyzed by t-test, Pearson correlation coefficient analysis and Tobit regression model. The results assume that the company holds free-flowing cash certainty have significant positive impact to stock repurchase, the more free cash holding, the more possibility to carry out stock repurchase.
