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  • 學位論文

減資決策的經濟後果

The Economic Consequences of Capital Reduction Decisions

指導教授 : 鄭桂蕙
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摘要


由於台灣上市櫃公司越來越廣泛使用不同的減資方式辦理減資,而不同的減資方式不僅左右投資者權益,亦影響公司的營運績效、價值與成長。為探究公司的減資決策所產生之經濟後果,及檢視不同的減資方式對長短期財務及實質營運績效之影響,並比較不同的減資方式,其減資後之財務績效改善效果是否有顯著差異及減資效果之持續性,本研究採用單變量分析及多元迴歸分析,以2000年至2010年進行減資之公司為樣本,並依其減資方式區分為彌補虧損減資、現金減資及庫藏股減資等三類,檢測減資後第一年與減資前一年之短期績效是否存在差異,減資後三年之累積平均與減資前一年之長期績效是否存在差異。茲整合本研究之實證結果及結論如下: 一、減資後第一年與減資前一年之短期實證結果說明 1.整體減資樣本:股東權益報酬率、每股淨值、每股盈餘及股價淨值比顯著提升,年平均股價上升但不顯著。整體來看,公司之減資策略在短期內確實可達到改善公司以資本或股份為計算衡量基礎之財務及實質營運績效之目的。 2.彌補虧損減資:股東權益報酬率、每股淨值、每股盈餘、年平均股價及股價淨值比均顯著提升。此結果顯示出以股本來彌補虧損之減資方式在短期內確實可改善公司各項財務及實質營運績效,讓公司浴火重生,改善其財務體質,引入新資金,使公司脫胎換骨,重獲新生。 3.現金減資:股東權益報酬率、每股淨值、每股盈餘及年平均股價上升但不顯著,股價淨值比則微降亦不顯著,推測其原因可能是樣本數太少所致。 4.庫藏股減資:股價淨值比顯著提升,股東權益報酬率、每股淨值及每股盈餘上升但不顯著,不過,卻發現年平均股價為顯著下降,推測其原因可能是執行庫藏股減資之公司多因股價被低估以及影響股價之因素較多且非公司可控制而導致之結果。 5.就財務績效改善效果比較而言,彌補虧損減資之公司,其減資後短期之財務績效改善效果優於庫藏股減資之公司。 二、減資後三年累積平均與減資前一年之長期實證結果說明 1.整體減資樣本:股東權益報酬率、每股淨值、每股盈餘及股價淨值比顯著提升,年平均股價上升但不顯著。整體來說,減資策略之運用,長期來看仍屬正向。 2.彌補虧損減資:股東權益報酬率、每股淨值、每股盈餘及年平均股價顯著提升,股價淨值比上升但不顯著。這樣的結果顯示出辦理虧損減資之公司,其各項財務及實質營運績效之改善效果多能持續,長期而言應是朝正面發展。 3.現金減資:股東權益報酬率下降但不顯著,每股淨值、每股盈餘、年平均股價及股價淨值比上升但不顯著,推測其原因亦可能是樣本數太少所致。 4.庫藏股減資:股東權益報酬率、每股盈餘及年平均股價顯著下降,每股淨值下降但不顯著,股價淨值比上升亦不顯著。這樣的檢測結果顯示出辦理庫藏股減資之公司,長期而言,非但無法改善其各項財務及實質營運績效,甚至可能不如減資前一年。 5.就財務績效改善效果比較而言,彌補虧損減資之公司,其減資後長期之財務績效改善效果仍優於庫藏股減資之公司。

並列摘要


Because Taiwanese listed companies have executed more and more different methods of capital reduction, results of different methods may affect investor’s rights; corporates’ operating performance; value and growth. In order to examine the economic consequence of a corporates’ capital reduction and the impact of different capital reduction methods on both long and short term financial and actual operating performances and further, to compare if there are substantial differences and continuities of financial performances after different type of capital reduction methods were executed, this study uses single and multiple analysis. The objects of this study are corporates who executed capital reduction during 2000 to 2010 and they have been categorized into recovering loss, cash or treasury stock capital reduction. It will also examine whether there are differences in short term performances an year prior and post capital reduction and whether or not long term performances differ three years post capital reduction compare to the year prior to the execution. The summaries of the study are as follow: I.Short term performances one year prior and post capital reduction. 1.Overall capital reduction: Significant increase in return on equity; book value per share; earning per share and price to book ratio, slight increase in yearly average stock price. Overall, corporates’ capital reduction strategy does achieve goal of improving financial and actual operation performances calculated on capital or shares over a short period of time. 2.Recovering loss capital reduction: Significant increase in return on equity; book value per share; earning per share; yearly average stock price and price to book ratio. The result indicates capital reduction by means of executing stock to recover loss indeed improve corporates’ financial and actual operating performances; its financial affairs and injections of new funds to rejuvenate corporates. 3.Cash capital reduction: Slight increase in return on equity; book value per share; earning per share and yearly average stock price and slight decrease in price to book ratio. We are in the view that the reason is the lack of study objects used in this examination. 4.Treasury stock capital reduction: Significant increase in price to book ratio, slight increase in return on equity; book value per share and earning per share. However, there is a significant decrease in yearly average stock price, we are in the view that the reason is the stock price for most corporates who execute treasury capital reduction are underestimated and there are various reasons that affected the stock price which out of corporates’ control. 5.In terms of short term financial performances after capital reduction; improvements on financial performances of corporates who execute recovering loss capital reduction are better than those who execute treasury stock capital reduction. II.Long term results of average performances three years post capital reduction and one year prior to the capital reduction. 1.Overall capital reduction: Significant increase in return on equity; book value per share; earning per share and price to book ratio, slight increase in yearly average stock price. Overall, in long term, it is positive to execute capital reduction strategy. 2.Recovering loss capital reduction: Significant increase in return on equity; book value per share; earning per share and yearly average stock price and slight increase in price to book ratio. This result indicate the continuity of improvement on financial affairs and actual operating performances of most corporates who execute recovering loss capital reduction, it should develop positively in a long term. 3.Cash capital reduction: Slight decrease in return on equity, slight increase in book value per share; earning per share, yearly average stock price and price to book ratio, we are in the view that the reason is to lack of samples utilized for this examination. 4.Treasury capital reduction: Significant decrease in return on equity, earning per share and yearly average stock price, slight decrease in book value per share and slight increase in price to book ratio. This result indicates that in long term, corporates who execute treasury capital reduction will not improve its financial affairs and actual operation performances; it may even suffer decrease compare to the year prior the execution. 5.In terms of improving financial performances in the long term, corporates who execute recovering loss capital reduction will have better financial performances than corporates who execute treasury capital reduction.

參考文獻


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被引用紀錄


李怡靜(2015)。減資規範之再建構─從會計觀點出發〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2015.10309

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