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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/105053

    Title: 上市櫃公司現金減資及虧損減資之短期績效衡量
    Other Titles: The short-run performance of capital reductions in Taiwan
    Authors: 吳敏鈺;Wu, Min-yu
    Contributors: 淡江大學財務金融學系碩士在職專班
    Keywords: 現金減資;虧損減資;事件研究;短期績效;Capital Reduction by Cash;Capital Reduction for Cover Accumulated Deficits;Event Study;Short-Run Performance
    Date: 2015
    Issue Date: 2016-01-22 14:46:39 (UTC+8)
    Abstract: 本研究以2002至2013年間,我國進行減資的上市(櫃)公司為研究樣本,採用事件研究法分別探討現金減資及虧損減資二種減資方式,在董事會宣告減資、股東會通過減資、以及減資後重新掛牌日等三個不同事件日,對其股票報酬之短期影響效果。
    This study was conducted using the listed in the Taiwan stock market that implemented capital reduction from 2002 to 2013 as samples. The event study methodology was applied to examine the short-term impact of two types of capital reduction, namely, capital reduction by cash and capital reduction by cover accumulated deficits on the stock returns on three different event dates, namely, when the capital reduction was announced by the board, when the reduction was approved by shareholders’ meeting, and when the firm was relisted after the reduction.

    The results of the study indicated that investors diametrically demonstrated opposite reactions to the two types of capital reduction, regardless of when the reduction was announced, when it was approved, or when the firm was relisted. In other words, the share prices moved in completely different directions. Investors consistently viewed capital reduction by cash as a positive signal. In contrast, they consistently viewed capital reduction by cover accumulated deficits as a negative signal. However, investors, at one time, overreacted to both types of capital decrease, which reverses at a later date once incorrect conclusions are proven false.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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