本研究以企業進行減資彌補虧損為主軸作深入探討。樣本以1990年1月1日至2010年08月31日之間宣告財務危機後進行減資彌補虧損之台灣上市公司為主,檢視企業發生財務危機進行減資彌補虧損後之績效。 研究結果顯示,公司發生財務危機後整體的績效下滑;發生財務危機後再進行減資彌補虧損的公司,其短期績效比公司發生危機後到減資前的績效差;長期績效比公司發生危機後到減資前的績效佳。危機出事後有進行減資彌補虧損之公司與同產業短期之市場績效顯著上升,從某些會計變數來看,會計績效顯著上升,而某些會計變數則呈現顯著下滑的趨勢,公司治理績效亦是如此。無母數分析結果發現減資次數與績效呈現顯著負向關係;發生危機後的首次減資期間與績效呈現顯著正向關係。羅吉斯迴歸亦證實減資次數與公司績效呈負向關係。OLS大部分的結果顯示發生危機後首次減資期間與公司績效呈負向關係,與無母數分析結果不同。
In this essay, we examine the performance change, includes financial, market, and corporate governance, in publicly-listed firms that went through business crisis and then followed by capital reduction during the period of 1990 to 2010. The empirical results indicate, as compared to the firm performance between crisis and capital reduction, decreased short-term performance and increased long-term performance after firms took capital reduction. As compared to firms in the same industry, firms took capital reduction after crisis yield increased market performance but mixed results on accounting and corporate governance performance. Based on the results of nonparametric analysis, we find that the firm performance is negatively related to the number of capital reduction and positively related to the period between crisis and capital reduction. The results from logistic regression indicate that the number of capital reduction is negatively associated with firm performance. The negative association between the period of capital reduction after crisis and firm performance, as indicated in most OLS regression results, is different from the results found in nonparametric analysis.