本研究主要在探討減資宣告對公司股價的影響效果,接著就是國內企業伴隨減資的作法,對該公司股價所造成之影響作比較分析。為求對該議題有相關認識及進一步了解,本研究採用事件研究法,主要目的在探討當某一事件或資訊發生時,是否會產生異常變動,並使用「市場模型」來分析減資後是否會有異常報酬。 所選擇樣本為2000年1月1日至2008年12月31日止,依規定宣告彌補虧損資減和返還現金減資之上市電子公司。 根據本研究進行實證後,得到結果如下: 1.彌補虧損減資: 由於彌補虧損減資已是體質不全的企業,因此在樣本方面的報酬率多數呈現為負數的現象,以平均標準化累積異常報酬率SCAR,+1日至+15日更有1%以上的顯著水準,顯示市場上投資者對於彌補虧損之減資給予負面的評價,而紛紛出脫持股。 2.返還現金減資: 在返還現金減資方面,在公告日後報酬隨即轉為正的,且SCAR正的報酬猶為明顯,觀看t值方面,即在+1當天有1%以上顯著水準,可卻維持了兩天,顯示市場上投資人對於返還現金給予正面的評價,但為期不久。
This research confers the effect of the capital reduction announced on the stock performance. It compares and analyzes the impact of Taiwan public listed companies reducing capital on their stock performance. For the purpose of having a better understanding of this subject, this research uses Event Study to confer some event or message will cause unusual changes when they happen, and use Market Model to analyze whether capital reduction causes unusual return or not. Samples are drawn from Taiwan public listed electronic companies, which executed capital reduction to cover losses and capital reduction by returning cash from January 1st, 2000 to December 31, 2008. The empirical results of this research are as follows: 1.Capital reduction to cover losses: Due to capital reduction to cover losses announced by worse companies, it shows the return of most samples tell a negative signal in the above 1% significant level from +1 to +15 by SCAR. The investors in the market downgrade the companies which executed capital reduction to cover losses and sell their stocks. 2.Capital reduction by returning cash: In the way of capital reduction by returning cash, it shows getting positive return on the declared day by positive SCAR. Keeping an eye on the change of T, it tells the above 1% significant level on +1 day but it only remains two days. This conclusion shows the investors in the market will upgrade the companies which executed capital reduction by returning cash, but not last too long.