本研究係以事件研究法與多變量Logit迴歸模型進行分析,探討不同減資方式之股價反應與企業選擇現金減資與庫藏股減資之影響因素,研究樣本為2002年1月1日至2008年12月31日間辦理現金減資或庫藏股減資之上市櫃公司。實證結果顯示,實施現金減資之公司不論平均異常報酬或累積平均異常報酬,均明顯高於實施庫藏股減資之公司,亦即市場對於企業辦理現金減資仍給予較高的評價。而在選擇不同減資方式之影響因素方面,股價被低估或擁有較高現金流量比率的公司會選擇實施庫藏股減資;經營者持有股票選擇權、權益比率較高、大股東持股比率較高、規模較大的公司則會選擇辦理現金減資。除此之外,現金減資與發放股利間亦具有替代效果。
This paper investigates why firm using different capital reducing method and their effect on stock price by using event study and multi-regression analyses. Sample period from January 1, 2002 to December 31, 2008. The result show that using Corporate Law capital reducing firm it’s average abnormal returns(AAR) and cumulative average abnormal returns(CAAR) is higher than firm using Securities and Exchange Law capital reducing. Firm which undervaluation and keep higher cash flow ratio prefer Securities and Exchange Law capital reducing. And management stock option、equity ratio、shareholder ratio and company size higher prefer Corporate Law capital reducing. Furthermore, Corporate Law capital reducing and cash dividends have substitute effect.