現金減資及庫藏股減資之個案研究-以中華電及宏達電為例

A Study on Cash Refund Capital Reduction and Stock Repurchase:Using Chunghwa Telecom Corporation and HTC Corporation as Cases

石桂連(Kuei-Lien Shih)

指導教授 ： 高儷華博士

中原大學/商學院/會計研究所/碩士(2011年)

https://doi.org/10.6840/cycu201100752

摘要

在整體經濟景氣繁榮的環境下，資本的累積是企業賴以成長之要素之一，企業通常會轉向社會大眾募集資金充實資本，而股數的增加卻意謂著股本膨脹，倘若股本在過度擴張下，而再投資的效應小於股本膨脹率，反而會造成企業經營績效下降。而當產業面臨蕭條或金融海嘯之際，企業的經營及獲利能力有別以往時，企業會為了維護公司聲譽、股東權益及留住人才等實施減資策略。近年來公司實施減資大部份以選擇返還現金減少資本及買回庫藏股等減資方式為主，以提高公司的每股盈餘及健全財務結構。
本研究以個案分析現金減資及庫藏股減資。其中以資本公積轉增資再以現金返還股東以減少股本以中華電信股份有限公司為代表，買回庫藏股減少股本則以宏達國際電子股份有限公司。研究設計主要分為三部份:(1)個案公司之財務報表分析。(2)個案公司之減資宣告前後一個月之內部人持股變動、內部人持股及設質情形。(3)個案公司現金減資宣告日前後及買回庫庫藏股區間之股價反應。
實證結果發現：(1)中華電以資本公積增資而後同比率現金減資對財務結構分析，順利的將資本公積及股本減少約19%，中華電2010年實施單純的現金減資後，則可改善總資產報酬率及股東權益報酬率。中華電之內部人持股變動情形無太大變化。另外，中華電從2006至2010年間實施4次資本公積轉增資再現金減資宣告後對股價並無太大影響，反而是中華電實施2次庫藏股減資後對股價報酬產生遞增之影響。(2)宏達電買回庫藏股分析，該公司買回庫藏股共七次，其買回目的前六次為註銷股票，最後一次為員工認股。宏達電每年均配發股票股利，其買回庫藏股無讓股本變小。宏達電之內部人持股變動情形亦無太大變化。另外，宏達電實施庫藏股減資宣告後股價產生遞增的影響，其中以2010年實施4次庫藏股減資後最為明顯。再進一步將2010年宏達電宣告庫藏股買回後的股價報酬與大盤報酬相比較後，發現2010年宏達電宣告庫藏股買回後的股價報酬與大盤漲跌方向大致相同，因此推測其宏達電股價上揚是受整體大盤之影響，並非宏達電庫藏股減資造成的影響。

關鍵字

庫藏股減資 ； 現金減資

並列摘要

ABSTRACT
The capital accumulation is one of the elements of the growth of an enterprise during economic prosperity, and the enterprises normally raise funds from general public to increase its capital. This will cause its share capital expansion and might downgrade its management performance if the capital is over-expanded and the effect of reinvestment is less than the expansion rate of subscribed capital of a business firm. However, an enterprise will implement a capital reduction strategy to maintain its reputation, protect the shareholder’s equity, and detain talented employees when confronting recession or financial crisis. In recent years, for increasing retained earning and enhancing financial system, cash refund and treasury stock repurchasing are main ways for most companies to reduce their capital.
“Capital Reduction” and “Stock Repurchasing” are analyzed via case studies herewith. Chunghwa Telecom Co., Ltd（CHT）is chosen to present a case study for Capital Reduction which companies transfer capital surplus to capital increment and then return to shareholders by cash refunds; while High Tech Computer Corp（HTC） is chosen for the case study of Stock Repurchasing. The studies are divided into three categories: the first is the financial statement analysis of the studied companies; the second is the variation of insider ownership, insider ownership and pledges of the studied company before/after a month of the declaration of capital reduction; the third is the stock price reaction before/after the declaration of reducing subscribed capital and in the period of stock repurchasing.
We find that CHT successfully reduces both capital surplus and capital at about 19% by transferring capital surplus to capital increment and then reusing cash return to shareholders； CHT improves the interest of total assets and the interest of shareholder in 2010 by reducing cash refund capital, it made few changes to the insider ownership of CHT. Moreover, CHT conducted four declarations of the capital surplus transfer to capital increment and then reused cash return to shareholders from 2006 to 2010. Those changes made no difference in stock price. On the contrary, CHT repurchased its treasury stock repurchasing twice from 2006 to 2010, and it increased its stock price. HTC had repurchased stock seven times. The purposes of the first six times were for retiring stock, while the last one was for employees’ stock ownership. HTC issues dividends every year so its capital stock won’t be lessened by the stock repurchasing. It also made few changes to the insider ownership of HTC. In addition, it increased stock price and market price after HTC implements declaration the stock repurchasing, especially the four times declarations in 2010 were effected the most. Further comparing HTC stock returns after stock repurchasing with stock market returns in 2010, we find that the line charts are approximately the same between HTC stock returns and stock market returns. It is surmised that stock price increasing of HTC is affected by market index instead of its stock repurchasing.

並列關鍵字

cash capital reduction ； stocks repurchases

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