減資效益及決定因素之探討-以台灣上市公司為例

The Effects and Determinants for Firms Selecting Capital Reduction – Evidence from TSE Manufacturing Firms

徐淑芳(Shu-Fang Hsu)

指導教授 ： 林嘉慧

台南應用科技大學/管理學院/商學與管理研究所/碩士(2011年)

摘要

近年來上市公司紛紛利用減資方式來調整其資本結構，此是否藉以再展新生？而又對股價造成什麼影響？因此，本研究主要想探討上市公司在面對不同的經濟環境（多頭市場或空頭市場）、不同的減資目的（減資彌補虧損、現金減資、減資後引入新資金）、不同的產業類別（電子業及非電子業），其減資效益是否有別？又到底是何因素（如：每股淨值、每股累虧損、負債比率、流動比率、利息保障倍數、普通股股本）影響公司選擇減資之決策。
為探討上述事項，本研究採用事件研究法，以實證方式分析上市公司減資宣告後股票異常報酬之變化來判斷公司減資效益；再透過羅吉斯迴歸探討那些特性因素影響公司減資的機率？
實證結果發現如下：
1.投資人對上市公司之減資宣告，不論在股市空頭期間或多頭期間，均認定是負面消息，並給予負面評價；但在股市多頭期間其減資宣告效益較空投期間為佳。
2.上市公司若採「現金減資」宣告，相對於「減資彌補虧損」及「減資後再引入新資金」宣告，投資人所給予之評價較佳；故「現金減資」宣告效益佳，「減資後再引入新資金」宣告次之，「減資彌補虧損」宣告減資效益最差。
3.一般投資人認為電子業相對於非電子業，其產業循環週期短、資金需求大，投資風險高，對其減資宣告給予較低評價，故電子業之減資宣告效益較非電子業之減資宣告效益為差。
4.在有關影響公司減資因素方面，經實證分析發現，公司每股淨值（NA）及流動比率（CR）越小者，及普通股股本（CS）越大者，選擇減資之機率越高；反之，則選擇減資之機率越低。這也顯示虧損公司若資金需求越強，或為避免公司股票被打入全額交割股，或避免被暫停擴張信用之融資融券交易，其選擇進行虧損減資之機率越大。

關鍵字

企業減資 ； 現金減資 ； 減資彌補虧損 ； 減資因素

並列摘要

Capital reductions have been used to adjust financial structure and to improvement operating performance for many listed company in recent years. This paper attempts to study the effects of capital reduction on abnormal returns under different economic environment (bull and bear markets), different capital reduction purposes (capital reduction for eliminate accumulated losses (CREL),capital reduction for return cash to shareholder (CRRS) and capital reduction for eliminate losses and lead into new capita(CRNC)) and different industry (electronics industry or non-electronics industry). This paper also discusses capital reduction decisions and the determinants of alternative capital reduction.
This paper uses event study to explore the effects of capital reduction on abnormal return under different markets, purposes and industry. The logistic model is used to estimate the probability of selecting a type of capital reduction.
The evidence suggests that:
1. The announcement of capital reduction will result in negative abnormal returns whenever in bull or bear market. The negative abnormal returns will be more serious in bear market.
2. In regard to the announcement of CRRS, CREL and CRNC, The investor view that the effect of CRRS is batter than CREL and CRNC.
3. The electronics industry has some characteristics, including shorter industrial cycle, larger capital requirements and higher risk in Taiwan. The negative abnormal returns will be more serious in electronics industry than non- electronics industry.
4. The listed company with low per share of net assets, debt ratio, and higher common stock tend to select eliminating losses by reducing capital. This also shows that has stronger demand of operation funds for loosed company. To avoid the loss of company, the stop trading or financing trading of stock, the loss company will rise in the probability of capital reduction.

並列關鍵字

Capital Reduction ； Capital reduction for return cash to shareholder ； Capital reduction for eliminate accumulated losses ； Capital reduction factors

參考文獻

中文部分：

1.呂佳真(2002)台灣上市公司減資訊內涵之研究，銘傳大學碩士論文。

2.呂宗益(2010)企業減肥：來自台灣上市上櫃公司現金減資、庫藏股減資之比較分析，暨南國際大學碩士論文。

3.呂曉雯(2006)企業減資對股票價格之影響，國立成功大學碩士論文。

4.李正瑄(2009)金融海嘯時期台灣上市公司實質減資宣告減資比率之實證研究，世新大學碩士論文。