The cumulated abnormal return in stock price following the announcement date deems to be 8.312%.This result suggests that the stock price of sample has increased after the announcement date.3.

• 二、本研究实证结果显示，公司在宣告购回库藏股后，样本之累积平均异常报酬率呈现上升的趋势，其宣告后之累积平均异常报酬率更高达8.；3120%25，显示股价有显著回升的现象。