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  • 學位論文

返股於民─台灣與新加坡現金減資之研究

To Returm Capital to Shareholders-The Study of Capital Reduction in Taiwan and Singapore

指導教授 : 林泉源
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摘要


現金減資為近年興起的一種新型態減資方式,係將資本以現金形式直接返還於股東,與庫藏股減資並不相同。同樣的減資風潮並不僅限於台灣,新加坡於2006 年之後,亦有諸多公司選擇此種減資方式。兩國雖因公司法制度不同,使實行程序有些許差異,但實行動機卻十分類似,主要希望能消除閒置資金使資本更為靈活運用,並同時改善股東權益報酬與每股盈餘。且多數公司帳上有充足資金,以支付減資所需。 過往研究顯示台灣現金減資的宣告效果為正向,但新加坡的資本市場背景與台灣有所差異,新加坡公司多為淡馬錫國家基金所持有。且減資制度、法規並非完全相同,是否相同事件對兩國投資人有不同解讀,值得加以探討。 本文以事件研究法,探討兩國公司宣告實行現金減資,是否對股價造成影響,進而產生異常報酬。並透過相關係數分析,探討影響異常報酬的變數為何?結論如下: 一、台灣資本市場的現金減資具有正向宣告效果,但僅止於宣告隔日,激勵效果有限,並於第四日產生負向標準化異常報酬。宣告隔日的標準化異常報酬(SAR)為1.1833%,達1%顯著水準。 二、新加坡的現金減資在宣告隔日雖有0.6687%的正向標準化異常報酬,但並不顯著,無法證明現金減資具有資訊內涵。 三、在台灣樣本中,標準化累積異常報酬(SCAR)與現金殖利率、過去三年EPS 成長率呈正相關,與內部保留比率呈負相關。顯示高現金殖利率的公司實行現金減資,會有較佳的異常報酬。 四、在新加坡樣本中,標準化累積異常報酬與負債比率、公司規模呈現負相關。

並列摘要


It is an emerging topic concerning capital decrease in Taiwan. Different from stock repurchase, firms returned their capital to shareholders in cash directly. Meanwhile, Singapore firms exercised the same program called "capital reduction "or "capital reduction & cash distribution". Although the difference of rules and regulations between both countries, the rationale of capital reduction is to return excess capital and improve ROE&EPS in company's perspective. Most firms had sufficient cash to execute the capital reduction. And we also find that some firms' funds were from divesture and sells off noncore business, especially in Singapore. The main purpose of this study is to investigate the announcement effects of capital reduction on the share prices of firms listed on Taiwan and Singapore stock exchange market. We use Event Study to analyze abnormal returns of firms executed capital reduction. Also, we perform correlation analysis to measure factors related to cumulative abnormal returns. We find that the announcement effects of capital reduction in Taiwan differ from Singapore. In Taiwan, there are short-run positive announcement effects when firms announce of proposed capital reduction. Furthermore, abnormal returns turn to be negative lately. In Singapore, the announcement effects are insignificantly positive. We don’t have sufficient evidence to conclude that capital reduction conveys information in Singapore. The results show that cash dividend yield、retention ration、the compounded EPS growth rate for the past three years are related to SCAR of the Taiwan firms. However, debt ratio、firm scale are related to SCAR of the Singapore firms.

參考文獻


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被引用紀錄


邱子榕(2016)。現金減資與企業風險關聯性研究〔碩士論文,中原大學〕。華藝線上圖書館。https://doi.org/10.6840/cycu201600688
賴俞均(2011)。現金減資宣告之相關研究〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342/NTU.2011.10694
王俐丰(2017)。現金減資之資訊內容〔碩士論文,長榮大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0015-1805201721213500

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