國內上市櫃公司依公司法辦理減資對其股價報酬之影響

王星皓(Wang.hsing-hwa)

指導教授 ： 賴靖宜

國立中正大學/管理學院/財務金融學系/碩士(2012年)

摘要

現金減資是臺灣企業近年來新興議題。過去，一家企業可能因產生虧損需要彌補辦理減資，但現在卻可能因現金過多無法有效運用，而決定退還股東現金並縮減股本。本研究採用事件研究法與迴歸模型探討2002年至今發生的數件以「返還股款」為由宣告依公司法進行現金減資，以及彌補虧損的事件對於市場之宣告效果；並探討上市櫃公司宣告現金減資，減資比例越高是否具有較高之正向異常報酬？資料來源係透過台灣經濟新報資料庫與公開資訊觀測站取得臺灣上市櫃公司首次宣告減資之資料。
實證結果發現：
1.彌補虧損減資：上市櫃公司事件日當天宣告資訊無顯著反應，事件日後1~4日均具顯著負向異常報酬；累計異常報酬於事件日後有顯著向下的趨勢。
2.現金減資：
(1)上市櫃公司事件日當天與事件日後1日均具正向異常報酬，表示宣告現金減資之公司，股價短期內均具有正向宣告效果，但資訊動能持續性相當短。
(2)上市櫃公司現金減資30%以上，事件日當天與事件日後1日具正向異常報酬，且其異常報酬及累積異常報酬明顯多於整體上市櫃公司。
（3）上市櫃公司現金減資30%以下公司，事件日當天與事件日後1日具正向異常報酬，其平均異常報酬低於整體上市櫃公司。

關鍵字

現金減資

並列摘要

Our study investigates the developing issue concerning the corporation’s capital deduction by returning cash to stockholders in Taiwan. In the past, a deduction of capital suggests that the company have a lot of accumulated loss to accommodate, while it is more likely now that the company intends to return the cash not being used effectively back to shareholders in order to reduce the equity. This is an empirical study to discuss whether the first announcement of the capital reduction will affect the stock prices of the other companies. We further investigate if the abnormal is positively related to the size of capital reduction. The method of event study and the regression model are used, and the data is collected from TEJ and MOPS with the sample firms being TSEC & OTC-listed companies. Only the first announcement is considered.

The major findings can be summarized as follows：
1. Capital reduction in order to recover losses: It is found that there exist significant and negative abnormal returns on the event day to day 3; The cumulative abnormal returns is going downward.
2. Capital reduction in order to size down the equity: It is found that there exist significant positive abnormal returns from the event day to day 1, which indicates that the stock price increases during the event period.
3. As the company reduces capital by over 30%, significant positive abnormal returns on the event day to day 1 are found, which is obviously higher than the whole sample. On the other hand, as the company reduces capital by less than 30%, significant positive abnormal returns on the event day to day 1 are also identified, which however is lower than whole sample.

參考文獻

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