庫藏股及現金減資宣告效果及其比較

本研究利用事件研究法探討2013年01月01日至2017年12月31日伍年期間電子類股上市上櫃公司現金減資與庫藏股減資宣告前和宣告後的反應效果，並探討短期流動比率、存貨週轉率、股東權益報酬率、現金流量比率、負債占資產比率等五項財務指標之變化加上上市(LIST)、現金減資(REDUC) 虛擬變數對宣告效果之影響。實證結果顯示：上市上櫃公司現金減資宣告效果股價在宣告日後第2天有負向的顯著水準。上市上櫃公司庫藏股減資宣告效果股價在宣告日後第6天有正向的顯著水準。用財務比率對平均標準化累積異常報酬率(SCAR)研究分析：現金減資宣告效果受到現金流量比率負向顯著，負債占資產比率負向顯著變數影響。庫藏股减資宣告效果受股東權益報酬率正向顯著變數影響。部分現金減資在證券市場上反應效果大於庫藏股減資宣告效果。上櫃公司現金減資在證券市場的顯著性大於上市公司現金減資。上市公司庫藏股減資在證券市場的顯著性大於上櫃公司庫藏股減資。

關鍵字

事件研究法；宣告效果；庫藏股減資；現金減資

並列摘要

This study uses the event study analysis to explore the effects of cash capital reduction and stocks repurchase on the electronic stocks of Taiwan during the period from 2013 to 2017. A regression of cumulative abnormal returns on the inventory turnover rate, return on equity, cash flow ratio, and debt-to-asset ratio was also applied. The empirical results show that there were significantly negative abnormal returns on the second day after the cash reduction announcement. There were significantly positive abnormal returns on the 6th day after the stocks repurchase announcement. Finally, the regression results show that the cash capital reduction announcement effect was negatively affected by the cash flow ratio, and the debt ratio. The effect of the treasury stocks repurchase announcement was positively affected by the return on equity. Sometimes, the effect of cash capital reduction was greater than that of the treasury stock reduction. The cash capital reduction announcement effect of listed company at stock exchange market was greater than that at over-the-counter market. The stock repurchase announce effect of listed company at stock exchange market was greater than that at over-the-counter market.