公司重整對股東財富之影響：資料更新下之實證結果

The Impact of Corporate Reorganization on Shareholders’ Wealth: Empirical Findings from Up-dated Empirical Data

吳彥勳(Wu Yen-Hsun)

指導教授 ： 顏吉利

朝陽科技大學/管理學院/財務金融系/碩士(2009年)

摘要

本篇論文為Yen, Chen & Lee (2008)之後續研究，嘗試於更新資料後，剖析股東財富在重整過程中之變化。本論文之主要研究目的，即在經由實證資料之更新，以確認Yen, Chen & Lee (2008)之實證結果是否依然可以成立。另本後續研究同時蒐集在重整聲請過程中曾提出抗告之公司，以瞭解抗告對股東財富之可能影響。
自民國55年設置重整制度以降，至民國97年這段期間，臺灣地區曾提出重整聲請之公司，經由三個事件日，即重整聲請日、法院裁定日以及重整終結日(完成重整日或終止重整日)，觀察這三個事件日附近之平均累積異常報酬(ACAR)變動，本論文獲致如下之實證發現：一、就第一個事件日，即重整聲請日而言，公司重整之聲請，並未能產生「資產再生」效果。二、就第二個事件日，即法院裁定日而言，法院裁定重整的公司之平均累積異常報酬之跌幅明顯小於法院駁回重整的公司之跌幅，對股東而言，較為有利。另就「自行撤回組」與「核准重整組」之比較而言，「自行撤回組」擁有優於但未顯著異於「核准重整組」之股東財富變動。三、就第三個事件日，即重整終結日而言，重整完成組平均累積異常報酬大幅翻升，而重整終止組平均累積異常報酬出現持續下滑。上述這三個事件日於更新實證資料下之實證結果，皆與Yen, Chen & Lee (2008)之實證結果完全一致，且皆與預期相符。另就抗告效果而言，重整聲請公司提出抗告後，平均累積異常報酬仍持續下滑，造成股東財富持續減少。

關鍵字

重整終結 ； 股東股富 ； 公司重整 ； 重整聲請

並列摘要

The master thesis is a follow-up study of Yen, Chen & Lee (2008). The major purpose of the present study is to ascertain whether or not the empirical findings reported in Yen, Chen & Lee (2008) are re-confirmed. In this follow-up study, the author also collects the sample firms which have launched a contest in the wake of corporate reorganization.

Ever since the enforcement of the law of corporate reorganization in 1966, the present study follows suit Yen, Chen & Lee (2008) and identifies three important event days such as filing for corporate reorganization, court’s decision and finalization, and re-examines shareholders’ wealth changes around the chosen event days. The major findings are as follows: As for the first event day, the present study finds no asset-rebirth effect. As for the second event day, the shareholders’ wealth changes as expected are most favorable for self-withdrawn sub-group, most unfavorable for the dismissed sub-group, while shareholders’ wealth changes for the approved group falls somewhere in between. As for the third event day, as expected that positive shareholders’ wealth gains are associated with the completion of corporate reorganization, whereas wealth losses are associated with the termination of corporate reorganization. In essence, the present study obtain empirical findings which are similar to what abnormal are reported in Yen, Chen & Lee (2008). As for the contest during corporate reorganization, a continuous deterioration in cumulative average returns is found which implies shareholders’ wealth is further reduced.

並列關鍵字

Shareholders’ Wealth ； Filing for corporate reorganization ； Corporate reorganization ； Reorganization Finalization

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