公司減資之影響因子分析

本研究主要討論企業為何採行「減資_彌補虧損」、「現金減資返還股東股款」及實施「庫藏股—維護公司信用及股東權益」註銷公司股本之不同減資方式的影響因子。根據研究結果發現，當公司規模最大、負債比率最低、Z-score 較高的公司會選擇以現金減資返還股東的方式減少股本，避免因股本過大致使每股盈餘遭到稀釋。而每股盈餘(EPS)較高、市價淨值比(M/B)較低、負債比率較低的公司會傾向以股票購回註銷股本的方式來提昇股東權益，維護公司股價。另外，在負債比率最高、公司規模最小、Z-score最低、每股盈餘(EPS)最小或甚至為負值，公司較可能發生財務危機或依主管機關法令規定必須選擇以彌補虧損的方式減資。

關鍵字

減資；庫藏股；現金減資；彌補虧損

並列摘要

This paper mainly analyzes the factors of effects on capital reduction through different methods by firms. “Capital reduction_corporate law to cover deficit”, ”corporate law to distribute cash” and “write off treasury stock – to maintain the credit of a firm and stockholder's equity” are adopted as the methods. From the result of the examination, when a firm with a large size, a low leverage ratio, a high z-score, corporate law to distribute cash would be chosen as the method of capital reduction, in order to avoid a low EPS causing by a high capital. On the contrary, a firm with a high EPS, a low M/B ratio and a low leverage ratio would prefer to reduce capital through stock repurchases for stockholder’s equity and stock price. Moreover, with a small size, a high leverage ratio, a low z-score and a low EPS (the EPS even is a minus), a firm might encounter financial crisis, or according to the law, corporate law to cover deficit should be the method of capital reduction.