台灣的上市櫃公司,主要採用下列三種方式進行減資:依照公司法進行減資的有虧損減資與現金減資兩種;或採用證券交易法所明訂的庫藏股買回並進行註銷減資等第三種方式。 本研究係利用事件研究法,採用自2003.01~2007.12期間曾進行減資宣告並辦理減資的國內上市公司,根據宣告減資事件為對象共計410家上市公司作為研究樣本來進行分析,並針對標的股票之標準化平均異常報酬率(SAAR)與標準化累計平均異常報酬率(SCAAR)之計算來進行檢定,主要探討國內上市公司在進行減資宣告後之股價是否具有正向異常報酬,由於股價乃反應公司營運之重要指標之一,透過累積異常報酬可得知個股之長期股價績效狀況,進而推論其營運績效。 在實證部分,以現金減資及彌補虧損減資與買回庫藏股註銷作為分類進行實證以探討其平均異常報酬與累積平均異常報酬之呈現。結果顯示,除庫藏股註銷減資在宣告日發生後之三年內具有長期正向績效外,其餘如彌補虧損與現金減資等兩種狀況,均在減資宣告後的三年期間均呈現負向的異常報酬率的結果。而且在相同區間下,整體而言,現金減資所呈現之結果較虧損減資為劣。 至於對股東所承諾的改善長期營運績效的部分,僅有買回庫藏股行註銷減資的結果符合此一宣告。其餘兩者皆因負向績效的關係,與當初對股東所承諾之預期改善有所違背。
This research uses an event study method with the year of 2001.01 to 2007.12 had announced to reduce capital on the Taiwan stock market. There are 410 samples under TSE had declared to reduce capital. In this study we use standardized average abnormal return (SAAR) and standardized cumulative average abnormal return (SCAAR) and incorporate different capital reduction, to evaluate the long run performance by differ category, like reducing capital by return cash, reducing capital to cover deficit and to repurchase stock for capital reduction after official announcement. The empirical results show that reducing capital both by cash and by cover deficit appears negative abnormal returns and continuous goes negative. It’s no commit the investor goal. The repurchase for capital reduction show the positive effects after declaration and continuous go high 3 years, of course, its fulfill investor commitment.