本研究以2002年至2021年間曾辦理現金增資或現金減資之台灣上市(櫃)公司為研究對象,使用事件研究法探討公告日或除權日前後10個交易日之普通股股價變化。本文分別針對全部樣本、上市和上櫃子樣本、以及電子業和非電子業子樣本進行比較分析。 結果顯示,台灣上市(櫃)公司辦理現金增資或現金減資對其股價會產生顯著的影響效果,其股價對現金增資公告訊息存在顯著負向反應,以及股價對現金減資公告訊息存在顯著正向反應,但注意現金減資公告後曾出現價格修正反轉。然而,不論現金增資或現金減資,其股價在除權日(含)前存在顯著正向反應,而除權日後存在顯著負向反應,以及除了非電子業現金減資外,其餘樣本股價在除權前第3日左右曾出現棄權賣壓之異常下跌。
This study focuses on Taiwan listed companies with seasoned equity offerings and cash refund capital Reductions from 2002 to 2021. The event study method is used to analyze price changes of common stock in the 10 trading days before and after the announcement date or ex-right date. This article compares and analyzes all samples, sub-samples listed on the TWSE and the TPEx, and sub-samples of electronics and non-electronics industries. The results show that seasoned equity offering and cash refund capital reduction have significant effects on their stock prices for Taiwan listed companies. The stock price has a significant negative effect to the announcement of seasoned equity offering, and the stock price has a significant positive response to the announcement of cash refund capital reduction, but note that there has been a price correction and reversal after the announcement of cash refund capital reduction. However, regardless of seasoned equity offering or cash refund capital reduction, its stock price has a significant positive effect before the ex-right date, and a significant negative effect after the ex-right date. Except for sub-sample of cash refund capital reduction of non-electronics industry, stock prices of the rest of the samples experienced abnormal declines to the abandonment right on selling pressure on the 3rd day before the ex-right date.