信用評等與財務指標對公司採行減資與庫藏股政策的影響

The Effects of Credit Rating and Financial Indices on Reducing Capital and Treasury Stock Policies

陳淑華(Shu-Hua Chen)

指導教授 ： 吳博欽

中原大學/商學院/國際貿易研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500114

摘要

摘要
由於近年來大環境的不景氣，一些產業面對外在的環境而快速外移與產
業面臨結構調整的衝擊之下，導致許多公司面臨虧損，紛紛進行減資以求解決困境，以及自2000年政府立法開放庫藏股制度以後，實行庫藏股制度的公司也是
以非常快的速度成長。再加上，近幾年國內公司的信用評等不佳逐漸受到外國法人的重視等因素。使本文欲利用Logit迥歸模型分析公司信用評等及財務比率對於公司採行庫藏股與減資措施的影響。分別將樣本區分為三組配樣本－「採行減資與未採行減資公司」、「採行庫藏股與未採行庫藏股公司」、「採行減資與採行庫藏股公司」。而在解釋變數中所選用的財務指標包括：獲利能力指標（總資產報酬率、淨值報酬率、股本報酬率等）；償債能力指標（流動比率、負債比率、利息保障倍數等）；經營能力指標（總資產週轉率、應收款週轉等）；資本結構（負債比率、營運資金對總資產等），以及公司信用評等變數。
根據本研究進行實證後，得到以下結論：
1.「採行減資與未採行減資公司」的樣本中，不管是前半年、前一年、前一年半、
前二年的結果皆顯示，淨值報酬率與信用評等皆具有較顯著的結果。而前三年的樣本中，負債比率與信用評等皆具有顯著性。
2.「採行減資與採行庫藏股公司」的樣本前半年、前一年、前一年半、前三年有淨值報酬率及信用評等變數具有顯著的解釋能力，而在採行政策前二年的樣本有負債比率和信用評等變數具有顯著性。

關鍵字

財務指標 ； 減資 ； 庫藏股 ； 信用評等

並列摘要

abstract
The purpose of this study is to develop a Logit regression model for predicting effects of credit rating and financial indices on reducing capital and treasury stock policies. The sample was divided into three parts: “26 companies which reduce their capital and 26 companies which does not reduce their capital. ", "26 companies which buy back their stock and 26 buy back their stock." and "26 companies which reduce their capital and 26 companies does not buy back their stock". The explanatory variables of the model include "profitability index (return on assets, return on equity)", "debt ability index (current ratio, liability ratio, times interest earned), "productivity index (total assets turnover, receivable turnover), "capital structure (liability ratio, working capital).
The major findings of the result of the empirical examination are as follows:
1. The explanatory of ratio of equity and credit rating have more significant effects for the past half, one, one and half, two years respectively, and debt ratio and credit rating have more significant effects for the past three years in 26 companies which reduce their capital and 26 companies which does not reduce their capital.
2.The explanatory of ratio of equity and credit rating have more significant effects for the past half, one, one and half, three years, but the explanatory of liability ratio and credit rating have more significant effects in 26 companies which reduce their capital and 26 companies which buy back their stock.

並列關鍵字

credit rating ； reducing capital ； treasury stock ； financial index

參考文獻

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20. Martin, D., 1977, Early Warning of Banking Failure, Journal of Banking and

Finance, 1, 249-276.

21. Ohlson, J.a., 1980, Financial Ratios Rations and the Probabilistic Prediction of Bankruptcy, Journal of Accounting Research, 163-168.

參考文獻