淡江大學會計學系

:::

CLOSE

activity Image

:::

出版期刊目錄

期刊

項目	資料
卷期 Vol. & No.	第12卷第1期 Vol 12 No. 1
標題 Title	現金減資之宣告效果 The Announcement Effects of Capital Reduction by Cash
作者 Authors	林有志　陳筱平 Yu-Chih Lin　Shaw-Ping Chen
出版日期 Publish Date	2011-05-31
摘要 Abstract	本研究以我國上市櫃公司 2009 年 4 月 30 日以前所有之現金減資宣告為樣本，採用事件研究法探討市場對現金減資宣告之反應。本研究也以迴歸模式檢測我國市場反應是由那些現金減資宣告的動機所驅動，並檢定第一次現金減資宣告和多次減資宣告之平均累積異常報酬是否有顯著差異。研究結果發現在事件窗期，現金減資宣告具有正的平均異常報酬；關於企業減資宣告的動機方面，訊號發射假說和價值低估假說獲得支持。此外投資人並未將多次現金減資宣告與初次現金減資宣告混同視之，投資人認為多次減資宣告品質更佳，而有更大的正向反應。 This paper examines the announcement effects of the capital reduction by cash on the stock price of listed firms in Taiwan. The announcements made before April 30, 2009 are selected. Event study is used to examine the market response toward the announcements. We also use a multiple regression model to investigate the motivations for the announcements. In addition, we test the difference in cumulative abnormal returns (CAR) between first and repeat announcements. The empirical results show that there is positive CAR during the narrow announcement window. For the motivations, our findings support the signaling hypothesis and undervaluing hypothesis. Furthermore, the investor reaction is significantly different between first and repeat announcements, indicating the higher perceived quality of repeat announcements.
關鍵字 KeyWords	現金減資宣告、事件研究、異常報酬 announcements of capital reduction by cash, event study, abnormal return
DOI (全文下載 Download)	DOI: 10.6675/JCA.2011.12.1.02
相關文章 Related Articles	土地增值稅政策對股市之影響(Stock Market Reactions to the Land Value Increment Tax Policy) 現金增資採用詢價圈購方式對外部股東財富之影響(The Effect on Wealth of Outside Stockholders Resulting from Adopting Bookbuilding when Seasoned Equity Offerings) 企業社會責任事件宣告與股價異常報酬之研究(The Relationship between CSR Announcements and Abnormal Stock Returns) 租稅政策變動與市場反應－公司治理調節效果(The Effect of Changes in Taxes Policy on Equity Prices: Adjustment Effect of Corporate Governance)