彌補虧損減資與企業長期發展：南亞科技之個案研究

企業可因應本身現況與對產業前景觀察，選擇不同的資本調整行為。南亞科技為知名DRAM製造商，自2007 年開始，南亞科技營收逐年下滑，造成帳上嚴重虧損，故南亞科技於2009 年由董事會決議通過減資 311.78 億元以彌補累積虧損，減資幅度達 66.43%。本文分析南亞科技採取資本減除行為之產業環境與背景，探討公司財務調整面臨的考驗，從教學輔助角度與觀點，分析公司減資前後的財務狀況，探究減資相關法令依據、作業時程、市場反應與長期投資績效影響。實證結果顯示，南亞科技之負向宣告效果僅持續三天，且減資後新股上市之長期投資績效不錯，分析師亦給予正面評價，顯示南亞科技虧損減資暨新募資金挹注下，對於穩定公司營運與財務結構，及提升公司價值，具正面助益。

關鍵字

減資；彌補虧損；南亞科技；個案研究；事件研究

並列摘要

Enterprises can choose among different capital adjusting approach that fits their own status and the prospects of industries. This case study examines the 2009 capital reduction event by Nanya Technology, a worldwide famous DRAM manufacturer. Since year 2007, the decreasing revenue resulted in significant accumulated losses on its balance sheet. In response, Nanya's board of directors decided to reduce $31.18 billion in capital (or 66.43% of its capital) to offset the reported accumulated losses. We present a case study of Nanya to explore the task of its capital reduction decision. From the case teaching point of view, we discuss the industrial background and its financial status to enhance students understanding of the legal aspects and institutions for firm's capital reduction. We also examine the stock market reaction accompanying Nanya's announcement as well as the stock price behavior subsequent to its recapitalization. The empirical findings show that the negative announcement effects only lasted for three days and analysts made positive recommendation after Nanya's recapitalization. These phenomena show the positive impact on the stability of Nanya's operating and financing, as well as to its enhancing the corporate value via capital reduction and raising new capital after capital adjustment.