庫藏股減資與現金減資之宣告效果比較－以臺灣上市上櫃公司為例

2020年二月起受新型冠狀肺炎（COVID-19，俗稱武漢肺炎）的疫情影響，台灣上市櫃公司宣布將實施庫藏股購回，以強化投資人對公司的信心；在現金減資上，自2013年1月1日起二代健保補充保費開始實施後，近年來實施現金減資之公司將較過去增加許多，在樣本數大幅提升的情況下，本研究以2015年1月1日至2020年4月30日間執行庫藏股減資及現金減資的上市上櫃公司為樣本，利用事件研究法及多元迴歸分析探討庫藏股減資及現金減資之宣告效果及影響因素，實證結果顯示：1.公司宣告庫藏股減資及現金減資在事件日當天具有顯著的正向宣告效果。2.公司宣告庫藏股減資與現金減資之間累積異常報酬率無顯著差異。3.以多元迴歸分析哪些因素影響宣告減資的累積異常報酬率，結果發現股價淨值比、負債比率、預定減資比率、庫藏股減資顯著地影響累積異常報酬率。

關鍵字

庫藏股減資；現金減資；事件研究法；多元迴歸分析

並列摘要

Since February 2020, affected by the novel coronavirus pandemic (COVID-19, commonly known as Wu-han pneumonia), Taiwan-listed cabinet companies announced that they will implement a treasury stock repurchase to strengthen investors' confidence. In terms of cash reduction, since 2013 after the second-generation National Health Insurance (NHI) program on January 1st, the number of companies that initially implemented cash reduction has increased compared to the past. In the case of a significant increase in the number of samples, this study takes January 1st, 2015 to April 30, 2020, the listed OTC companies that implemented stock repurchase and capital reduction by cash were used as a sample. This study uses the event study method and multiple regression analysis to discuss the announcement effects and influencing factors by stock repurchase and capital reduction by cash. The empirical results: 1. The announcement on the stock repurchase and capital reduction by cash has positive abnormal return rate and accumulated abnormal returns rate in the short term. 2. The company announced that there was no significant difference in the cumulative abnormal rate of return between stock repurchase and capital reduction by cash. 3. Using multiple regression analysis to find out which factors affect the cumulative abnormal return rate of the announced capital reduction. The results is the net stock price ratio, debt ratio, predetermined capital reduction rate, and treasury stock capital reduction significantly affect the cumulative abnormal return rate.