上市公司實施減資之長期績效研究

The Long-term Performance Research of Capital Reduction in Taiwan’s Public-Listed Companies

陳志昂(Chih-Ang Chen)

指導教授 ： 林允永

共同指導教授 ： 李進生

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.01116

摘要

本研究主要探討自89年8月7日至96年7月31日止宣告減資的公司，在完成減資宣告後，是否具有長期超額報酬；並依各種不同的減資方式，運用事件研究法，檢視何種減資方式最具長期效果，以供管理當局或投資人作為管理或投資的參考。實證結果發現：
一、依公司法減資以彌補虧損的企業，在減資宣告後一年，將出現正向的累積超額報酬。但長期而言，是否呈現負的累積超額報酬，因檢定結果不顯著，無法做出一致的結論。二、依證交法實施庫藏股減資的企業，有正的長期超額報酬。
三、若以產業別來分析
１、依公司法減資以彌補虧損：電子工業在減資宣告後一年有正向的累積超額報酬。２、依證交法實施庫藏股減資：
（1）在減資宣告後一年，塑膠工業、鋼鐵工業、建材營造及電子工業等行業均有顯著的正向累積超額報酬，並以鋼鐵工業最具減資效果。
（2）長期而言，鋼鐵工業、建材營造及電子工業均有顯著的長期超額報酬。
四、公司規模較小者宣告實施庫藏股買回減資，累積超額報酬較公司規模較大者為高。
五、若依減資比率（買回比率）來分析：
１、公司法彌補虧損減資：減資比率愈低的公司，在減資宣告後一年其累積超額報酬較高，兩者呈現負相關；但長期持續性效果並不顯著。
2、庫藏股減資：買回比率較高的公司，其長期超額報酬亦較高。
六、不論是公司法彌補虧損減資或庫藏股減資，淨值市價比較高之公司，長期超額報酬均較淨值市價比低之公司為高，顯示淨值市價比較高的公司其股價被低估較為嚴重。

關鍵字

事件研究法 ； 減資 ； 累積超額報酬

並列摘要

The main purpose of this thesis is to examine the long-run abnormal returns after the companies declared for capital-reducing from August 7,2000 to July 31,2007.Use different kind of capital reduction by event study，find which kind of capital reduction had long-run abnormal returns , and this conclusion may give the regulatory authority either the investors a reference of management or investment.
The empirical results show below:
1. The companies declared for capital-reducing by the Corporate Law, in one year after their announcement, their cumulative abnormal returns were significant positive. But in the long-term, because the result of statistical testing was not significant，whether the cumulative abnormal returns were negative or not was unable to draw the consist-
ent conclusion.

2. The companies repurchase their own stock by the Securities Exchange Law, their cumulative abnormal returns were significant positive no matter is one year or three years.
3. If we analysis by different kinds of industries, the electronic industry declared for capital-reducing by the Corporate Law one year later had significant positive cumu-
lative abnormal returns. But in the long-term sustainability effect is not significant. The companies repurchase their own stock by the Securities Exchange Law, in one year after their resolution, the cumulative abnormal returns were significant positive in plastics industry、iron & steel industry、building material & construction industry and electronic industry. The iron & steel industry had the most significant result among them. In the long-term the cumulative abnormal returns were significant positive in iron & steel industry、building material & construction industry and electronic industry. As for which kind of industries had the most significant result was not identified since the result of statistical testing was not significant.
4. In those companies that repurchase their own stock by the Securities Exchange Law, the company of smaller scale had significant positive cumulative abnormal returns than bigger scale. As to the companies that declared for capital-reducing by the Corporate Law, the result of statistical testing was not significant
5. If we used capital-reducing ratio to analysis, the ratio was lower the cumulative abnormal returns was significant positive after declared one year by the Corporate Law, both present the negative correlation. But in the long-term sustainability effect was not significant. The ratio of repurchase was higher the cumulative abnormal returns was significant positive in the long-term by the Securities Exchange Law.
6. No matter which kind of capital reduction, the companies had higher book-value-
to-price ratio had significant positive cumulative abnormal returns in the long-term. It shows that the companies had higher book-value-to-price ratoo its stock price was underestimated seriously.

並列關鍵字

Event Study ； Capital Reduction ； Cumulative Abnormal Returns

參考文獻

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