現金減資對企業經營績效之實證研究-以晶華酒店個案為例

Proof research of reduction of cash capital for the enterprise management performance-take "The Regent Taipei " for example

林讚業(Tsan-Yeh Lin)

指導教授 ： 古永嘉

國立臺北大學/商學院/企業管理學系/碩士(2011年)

摘要

以往，企業若出現「減資」的狀況，通常指財務虧損，經營出現困難，為了減少資本彌補鉅額虧損所採取的策略。但是近幾年來，愈來愈多公司透過現金減資做為財報槓桿。現金減資對公司的影響有多大呢？是什麼原因使投資人將負面評價的減資轉成為正向評價呢？投資人又該如何看待企業現金減資呢？此議題引起本研究興趣，所以本論文以晶華酒店個案為例作探討。
本論文採用個案研究法及深度訪談，以2000年至2010年期間，研究晶華酒店兩次現金減資之股價及財務績效的影響。以晶華酒店與同產業平均之股價、每股盈餘(EPS)、總資產報酬率(ROA)和股東權益報酬率(ROE)等績效表現做分析。
分析結果顯示，宣告日股價有正報酬，宣告日至基準日後一年股價波動呈現Ｕ型趨勢，而同業平均之股價起伏大。每股盈餘自宣告日之宣告日後一年半持續上漲趨勢，而同業平均之每股盈餘起伏不定，表示每一普通股為公司獲得的稅後淨利持續上升，則獲利能力越強。ROA和ROE皆比同業平均高，代表晶華酒店之資產的使用效率和每一元股東權益所能創造之稅後盈餘比同業平均好。
晶華酒店第二次現金減資，宣告日股價有正報酬，宣告日至基準日後一年，晶華酒店股價報酬率比同業平均高出許多，表示每一普通股為公司獲得的稅後淨利持續上升，則獲利能力越強。每股盈餘自宣告日至宣告日後1.25年，持續上漲且上漲幅度越大，表示每一普通股為公司獲得的稅後淨利持續上升，獲利能力越強，而同業平均之每股盈餘普遍偏低。ROA和ROE皆比同業平均高出許多，代表晶華之資產使用效率和每一元股東權益所能創造之稅後盈餘皆比同業平均還要好。

關鍵字

現金減資

並列摘要

In the past,if the enterprise was in the situation of “reduction of capital”,it usually means the adopted strategy to reduce the capital to make up for huge losses when there were financial losses and operating difficulties. However,recent years more and more companies take reduction of cash as earnings leverage. How much effect does the reduction of capital have on these companies? What is the reason that let investors change negative evaluation into positive evaluation for reduction of capital?
　 How do investors look reduction of enterprise capital upon? The issue gives rise to the interest of the research；therefore,this paper takes “The Regent Taipei” as the example for the research.
　 Our paper adopts case study and in-depth interview,discussing the effect of two times of reduction of capital for the stock price and financial performance. We analyze the performances of average stock price、EPS、ROA and ROE of “The Regent Taipei” and its competitors.
The results of analyses showed that there were positive returns of stock price on the declared day. The stock price showed U type trend from the declared day to one year after the reference day, yet the competitors’ stock price fluctuated heavily.
The surplus per stock continually rose from the declared day to one year and one half after the declared day, while the surplus of competitors per stock was volatile.
The aforementioned phenomenon showed that when each ordinary share’s net income for the company continually rose, it had better profitability. The Regent Taipei’s ROA and ROE were much higher than those of competitors, showing that asset’s utilization and net income created by each shareholder were better than competitors were.
When The Regent Taipei had the second capital reduction of cash, there were positive returns of stock price on the declared day. From the declared day to one year after the reference day, The Regent Taipei’s stock returns were much high than those of competitors, showing that when each ordinary share’s net income for the company continually rises, it had better profitability. The surplus of each stock continually rose from the declared day to one year and one quarter after the declared day. The greater the surplus rose, the better the profitability was. We can understand that each ordinary share’s net income for the company continually rose, while the competitors’ surpluses tended to be low. The Regent Taipei’s ROA and ROE were much higher than those of competitors, showing that asset’s utilization and net income created by each shareholder were better than competitors were.

並列關鍵字

reduction of cash capital

參考文獻

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