我國上市(櫃)公司施實彌補虧損、買回庫藏股、與現金返還等三種減資方式對公司財務績效影響之實證研究

Empirical study about the influence on financial performance of capital deduction,purchases of treasury stock and cash refund done by listed companies in Taiwan Stock Market

吳淑娟(Shu-Chuan Wu)

指導教授 ： 楊葉承 ； 廖益興

中原大學/商學院/會計研究所/碩士(2008年)

https://doi.org/10.6840/cycu200800398

摘要

有不少企業因面臨長期的虧損，而採取公司法減資行為企業來強化財務結構。此乃因公司辦理減資後可使股本減少，若企業整體獲利情形維持不變的情況下，則每股盈餘、每股淨值、及股東權益報酬率等項目，預期均會有所提升。晶華酒店於2002年進行現金減資為國內上市櫃公司首例，也是極為成功的一個案例，由於晶華酒店產業特性成熟，整體獲利穩定，公司有充裕的資金且無借款；加上短、中期又無重大資本支出規劃，因此辦理減資來強化財務結構是個不錯的方案。有鑑於晶華的成功案例，自2006年起，台灣上市櫃公司，便開始盛行現金減資，將閒置的資金退還給股東，不但可提升每股淨值與股東權益報酬率，更可讓公司與股東能達到雙贏。
本研究以成對樣本 t檢定驗證企業辦理彌補虧損減資、實施庫藏股、現金返還等三種減資方式，確認各項減資方式實施前後公司財務績效是否有顯著差異。
實證分析結果顯示，企業辦理彌補虧損減資後其負債比率有顯著下降，支持假説1-1；帳面價值市價比有顯著下降，支持假說1-2；、營收成長率有顯著上升，支持假說1-3；每股盈餘有顯著上升，支持假說1-4；股東權益報酬率有顯著上升，支持假說1-5。
企業實施庫藏股減資後其負債比率有顯著下降，支持假說2-1；帳面價值市價比有顯著上升，支持假說2-2；營收成長率有顯著下降，支持假說2-3；每股盈餘有顯著上升，支持假說2-4；股東權益報酬率有顯著上升，支持假說2-5。
企業辦理現金減資後其負債比率有上升，不支持假說3-1結果未達顯著；帳面價值市價比有下降，不支持假說3-2結果未達顯著；營收成長率有下降不支持假說3-3結果未達顯著、每股盈餘有顯著上升，支持假說3-4；股東權益報酬率有上升，不支持假說3-5結果未達顯著。

關鍵字

t檢定 ； 減資 ； 現金減資 ； 庫藏股

並列摘要

Recently, as a result of remaining in the state of financial loss over a long period, many companies have conducted capital deduction according to Company Law to fortify their financial structure. This is due to the fact that capital reduction may result in a decrease in capitalization; thus if a company’s overall profit status remains unchanged, then profit related calculations, such as EPS, NAVPS and return on shareholders’ equity, etc., will be expected to rise. As the first example among local TSEC and OTC-listed companies, Grand Formosa Regent Taipei performed a capital reduction by cash in 2002, and it turned out to be a successful story. Due to its maturity in the hotel industry, its overall stable profit, its sufficient capital without debts, and the fact that it has no short-term and mid-term material capital disbursement plan, using capital reduction to strengthen its financial structure was an appropriate method. In light of Grand Formosa Regent’s successful story, capital reduction by cash has started to make its way through Taiwan’s TESC and OTC-listed companies as of 2006. Returning idle capital to shareholders can not only elevate NAVPS and the return on shareholders’ equity, but also create a win-win scenario for both the company and its shareholders.
This study used a two-sample t-test to verify if there is significant variance in corporate financial performance for companies using any of the following three capital reduction methods: reduction of capital to cover losses, purchase of treasury stock, and reduction of capital by returning cash.
The empirical results indicated that, following a capital reduction to cover losses, a company’s debit ratio showed a significant decline, which supported Hypothesis 1-1; book-to-market ratio showed a significant decline, which supported Hypothesis 1-2; revenue growth showed a significant rise, which supported Hypothesis 1-3, EPS showed a significant rise, which supported Hypothesis 1-4, and return on shareholders’ equity also showed a significant rise, which supported Hypothesis 1-5.
After purchase of treasury stock, a company’s debit ratio showed a significant decline, which supported Hypothesis 2-1; book-to-market ratio showed a significant rise, which supported Hypothesis 2-2; revenue growth showed a significant decline, which supported Hypothesis 2-3, EPS showed a significant rise, which supported Hypothesis 2-4, and return on shareholders’ equity showed a significant rise, which supported Hypothesis 2-5.
Following a capital reduction by cash, a company’s debit ratio was raised, which failed to support Hypothesis 3-1; book-to-market ratio declined, which did not support Hypothesis 3-2; revenue growth declined, which did not support Hypothesis 3-3, EPS was raised, which did not support Hypothesis 3-4, and return on shareholders’ equity was also raised, which did not support Hypothesis 3-5.

並列關鍵字

capital reduction by cash ； Capital reduction ； treasury stock ； t-test

參考文獻

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