台灣上市(櫃)公司現金減資後長期績效之探討

本研究目的在探討台灣上市(櫃)公司現金減資後之長期投資績效與長期營運績效。長期投資績效分析顯示不同的績效衡量方法會產生不一致之檢定結果，但仍可歸納出公司現金減資對股價產生長期正面的影響效果。此亦顯示公司管理當局辦理現金減資之決策，長期平均而言，可增加股東財富。長期營運績效分析得知台灣上市(櫃)公司辦理現金減資對其自身獲利能力並無明顯之影響。不過，如預期發現辦理現金減資後的獲利能力是優於同產業公司。又辦理現金減資的公司的營運效率是相對高於同產業公司，而其現金減資當年度的平均總資產週轉率顯著優於前一年度，但其後年度則沒有顯著之變化。最後，辦理現金減資後的長期償債能力有逐漸相對變差之趨勢。

關鍵字

現金減資；長期投資績效；長期營運績效

並列摘要

The purpose of this study is to explore the long-term investment performance and long-term operational performance of Taiwan listed companies after capital reduction by cash. The long-term investment performance analysis shows that different performance measurement methods will produce inconsistent results of statistical tests but it can still be concluded that capital reduction by cash has a long-term positive effect on stock prices. This also shows that the company's management decision to handle capital reduction by cash, on average, can increase shareholder wealth. The long-term operational performance analysis shows that Taiwan's listed companies have no significant effect on their profitability. However, it is expected that the profitability after capital reduction by cash is better than that of the same industry company. The operating efficiency of the company that capital reduction by cash is relatively higher than that of the same industry company, and when the capital is reduced, the average total asset turnover ratio of the year is significantly better than the previous year, but there is no significant change in the following years. Finally, the long-term solvency after capital reduction by cash has gradually become relatively poor.