本文擬針對上市公司實行庫藏股的動機與成效作一深入的探討和分析，並從中找出影響其成效之因素。文中首先先以迴歸分析來測試剩餘資產假說、價值低估假說、最適槓桿率假說等是否成立，以了解在庫藏股制度剛開始實施的初期，影響公司宣告或購回庫藏股數量的原因為何。再者，我們用市場模式來求出公司購回股票是否能有超常報酬，且超常報酬在事件期分佈的情況為何，以做為實施庫藏股成效的依據。最後，則以超常報酬的迴歸模式來解釋影響公司購回庫藏股的超常報酬因素有哪些，並更進一步地指出哪一類公司較易產生超常報酬。以連結公司股票回購的動機，而對整體庫藏股實施初期的概況做一通盤而具體的了解。

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