This paper will study the effect of both stock repurchase and cash dividend announcement first. Secondly, it will continue to study the impact of stock repurchase on cash dividend announcement.

• 本研究以股票购回公司与现金股利政策变动公司为研究对象，探究两大研究主题，首先比较股票购回宣告与现金股利增发宣告之宣告效果，而后再探讨股票购回对现金股利变动宣告效果的影响。