公司辦理減資彌補虧損之個案研究

Case Study: Capital reduction to make up for losses

張瑞玲(Jui-Ling Chang)

指導教授 ： 丘邦翰

元智大學/管理學院/管理碩士在職專班/碩士(2011年)

摘要

為研究辦理減資彌補虧損之上市及上櫃公司在減資彌補虧損訊息宣告前、後之股價，減資後之長期投資績效及經營績效是否有影響，本研究採用事件研究法及財務報表分析二種方式進行個案研究。研究結果發現，在減資彌補虧損訊息宣告後均造成股價下跌及產生負平均累積異常報酬，代表市場對減資彌補虧損解讀為負面訊息。而在計算減資彌補虧損後之長期投資績效方面，發現減資後依然繼續虧損的宇加公司之長期投資績效，平均累積異常報酬率(CAR)為負值；而減資後轉虧為盈的商丞公司之長期投資績效，平均累積異常報酬率(CAR)，為正值。最後，虧損的宇加公司經營績效之財務狀況，改善效果不顯著。而減資後轉虧為盈的商丞公司經營績效之財務狀況，呈現改善多於惡化的效果。因此，推估發行公司如果希望藉由減資彌補虧損來改善經營績效、或藉由股本減少使每股獲利提升、帶動股價上漲、使投資人獲取正向長期累積異常報酬之目標似乎達成效果有限。最終仍應以公司之經營改善才能提昇經營績效，使投資人長期得以獲取正向之累積異常報酬。

關鍵字

減資 ； 股價 ； 異常報酬 ； 長期投資績效 ； 經營績效 ； 事件研究法

並列摘要

In order to learn about the stock price before and after the listed companies have their decisions of implementing capital reduction to make up for losses, and if the result due to reduction has ever affected the long-term investment performance and operating performance, this study has adopted two methods: event study and financial statement analysis. According to the results of study, after the decision of capital reduction has been made public, stock prices then have declined, and negative cumulative average abnormal returns have occurred as well, this means capital reduction to make up for losses on behalf of the market is interpreted as a negative signal. As for the long-term investment performance after calculating the capital reduction make up for losses, we have learned that the long-term investment performance of UNION PLUS TECHNOLOGY CO., LTD, for it continues to suffer from losses after it has implemented capital reduction, its cumulative average abnormal return (CAR) turns out to be negative; and as for the long-term investment performance of the turnaround after capital reduction, UNIFOSA CORP., its CAR turns out to be positive. At last, the financial position of operating performance of UNION PLUS TECHNOLOGY CO., LTD, which suffers from losses, has no significant improvement results. On the other hand, the turnaround after capital reduction, UNIFOSA CORP., its financial position of operating performance shows improvement over the deteriorating effects. Therefore, we can assume, if an issuing company wishes to make up for losses via capital reduction, or enhance earnings per share and promote stock price via reduction of share capital, its goal of enabling its investors to receive positive CAR would seem less effective. Ultimately, a company can only enhance its operating performance by improving its operation, so that investors may obtain positive cumulative average abnormal returns in the long run.

並列關鍵字

long-term investment performance ； operating performance ； event study ； Capital reduction ； stock price ； abnormal returns

參考文獻

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