淡江大學機構典藏:Item 987654321/31522
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    題名: 上市櫃公司增資與減資後長期績效之比較
    其他題名: A comparison of the long-run performance of Taiwan listed companies in seasoned equity offering and capital reduction
    作者: 鄭有善;Cheng, Yu-shan
    貢獻者: 淡江大學財務金融學系碩士在職專班
    顧廣平;Ku, Kuang-ping
    關鍵詞: 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
    日期: 2009
    上傳時間: 2010-01-11 00:51:32 (UTC+8)
    摘要: 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。

    研究結果發現，投資人在上市櫃公司進行現金增資後進場買股，恐會出現投資損失；在減資彌補虧損後進場，則沒有明顯的投資獲利或損失；在買回庫藏股減資後進場，則長期投資績效表現，出現投資獲利。

    在長期營運績效方面，現金增資及減資彌補虧損後獲利能力不但沒有提升，反而有顯著下滑之趨勢，且公司之償債能力，也愈來愈差，而現金增資後總資產週轉率有小幅上升，但減資彌補虧損後，總資產週轉率則無明顯變化。買回庫藏股減資後獲利能力及經營能力均有顯著提升之趨勢，而總資產週轉率則有小幅上升，但公司之償債能力，並沒有太大變化。

    最後，在差異分析實證結果發現，買回庫藏股減資之長期投資績效明顯優於現金增資後之長期投資績效。現金增資及買回庫藏股減資後的獲利能力及資產運用效率皆比減資彌補虧損後好。另外，買回庫藏股減資的償債能力比現金增資及減資彌補虧損後好，而現金增資後之償債能力則比減資彌補虧損後好。
    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.
    顯示於類別:[財務金融學系暨研究所] 學位論文

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