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。 本研究實證結果顯示現金減資與虧損減資宣告效果，無論是在董事會宣告減資、股東會通過減資或是減資後重新掛牌日，投資人對此兩種訊息分別出現南轅北轍之反應，即股價呈現完全不同方向之變化，其中投資人持續視現金減資為正面訊息，反之，持續視虧損減資為負面訊息。不過，在反應訊息之過程中，兩者皆一度對訊息過度反應，以致價格高估，隨後出現修正反轉之現象。 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.