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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31522

    Title: 上市櫃公司增資與減資後長期績效之比較
    Other Titles: A comparison of the long-run performance of Taiwan listed companies in seasoned equity offering and capital reduction
    Authors: 鄭有善;Cheng, Yu-shan
    Contributors: 淡江大學財務金融學系碩士在職專班
    顧廣平;Ku, Kuang-ping
    Keywords: 現金增資;減資;庫藏股;營運績效;長期績效;Cash Capital Increase;Capital Reduction;Stock Repurchases;Operating Performance;Long-run Performance
    Date: 2009
    Issue Date: 2010-01-11 00:51:32 (UTC+8)
    Abstract: 本研究係以2001年1月至2004年12月底曾進行現金增資、減資彌補虧損或買回庫藏股減資之上市櫃公司,探討其施行後三年間之長期投資績效與營運績效。



    Based on Taiwan listed companies which have been implemented in cash increase, capital reduction for making up loss or stock repurchase for capital reduction; this study discovers long term investment performance and operation performance of these companies in three years for the period of January 2001 to December 2004.

    Study found that investors that buy stocks right after a cash capital increase was implemented, there might be capital losses; and if investors buy stocks after capital reduction for making up loss, then there is no obvious sign of capital gain or loss; buying stocks when stock repurchase for capital reduction, then there will be capital gain on long-term investment performance.

    In the long-term operating performance, cash capital increase, and capital reduction for making up loss has not only failed to enhance profitability, but have a significant decline, and the company''s solvency got worse. Also, the total assets turnover ratio has slightly increased after cash capital increase, but after capital reduction for making up loss, the total asset turnover ratio did not change significantly. Stock repurchase for capital reduction significantly upgrade profitability and operating capacity, while total asset turnover ratio has slightly increased, but the company''s solvency did not change much.

    Finally, results in the differential analysis found that the long-run performance of stock repurchase for capital reduction is evidently better than the performance of cash capital increase. Profitability and asset operating efficiency of cash capital increase and stock repurchase for capital reduction is better than that of capital reduction for making up loss. In addition, the solvency of stock repurchase for capital reduction is better than cash capital increase and capital reduction for making up loss. Similarly, the solvency of cash capital increase is better than capital reduction for making up loss.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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