本文主要探討自民國八十九年八月九日至九十六年七月卅一日止，宣告減資的公司在宣告後是否具有長期超額報酬，也就是利用累積超額報酬(CAR)的方式分析公司法減資和庫藏股減資對長期股價的影響。以公司法彌補虧損減資與庫藏股減資當做被解釋變數，分別以迴歸模式分析，觀察股價淨值比、宣告買回比率、資本額和週轉率這四種變數會如何分別影響累積超額報酬。 論文名稱：減資對長期股價之影響 頁數：共39頁 校系所組別：淡江大學財務金融學系碩士在職專班 畢業時間及提要別：96學年度第1學期 研究生：徐嘉聰 指導教授：林允永教授、李進生教授 論文提要內容： 本文主要探討自民國八十九年八月九日至九十六年七月卅一日止，宣告減資的公司在宣告後是否具有長期超額報酬，也就是利用累積超額報酬(CAR)的方式分析公司法減資和庫藏股減資對長期股價的影響。以公司法彌補虧損減資與庫藏股減資當做被解釋變數，分別以迴歸模式分析，觀察股價淨值比、宣告買回比率、資本額和週轉率這四種變數會如何分別影響累積超額報酬。 根據本研究進行實證後，得到以下結論： 一、依公司法現金減資之樣本家數僅有三家，因此本研究不以現金減資當做被解 釋變數來做迴歸模式分析，因為樣本家數太少，較不具統計上之意義。 二、影響公司法彌補虧損減資宣告後一年的變數中，可以看出股價淨值比這個變 數較具有統計顯著性。 三、影響公司法彌補虧損減資宣告後三年的變數中，可以看出資本額這個變數較 具有統計顯著性。 四、影響證交法庫藏股減資宣告後一年的變數中，可以看出股價淨值比這個變數 較具有統計顯著性。 五、影響證交法庫藏股減資宣告後三年的變數中，可以看出週轉率這個變數較具 有統計顯著性。 This research mainly inquires into from August 9, 2000 to July 31, 2007, concludes whether reducing a company’s property will yield a long-term return. The research will be supported upon Taiwan’s analytical company law which makes use of an cumulative average returns (CAR) to reduce property and stock to reduce property''s influence to long-term stock price. The so called variable, will depend on “Make-Up Deficiency of properts’reduction” of company law and asset reduction of a property. The company law variable explanation, regression mode analysis, P/BV comparasion, buy to return ratio upon announce, capital sum and rate of turnover will also influence the CAR respectively. Our conclusion after this research are summarized in the following 5 points: 一、 Since there are only 3 companies as samples of cash reduction under the company law, thus cash reduction will not serve as the analyzing tool of the “X Factor＂under the regression mode. The sample companies are limited and don''t have significant statistics meaning. 二、 The variable of influencing the company law using property reduction after a 1-year announcement shows the P/BV ratio has more profound meaning than the variable. 三、 The variable of influencing the company law using property reduction after a3-year announcement shows the chartered capital as an variable has more profound meaning. 四、 The variable of influencing the securities law using the stock reduces a property after a 1-year announcement shows the chartered capital as an variable has more profound meaning. 五、 The variable of influencing the securities law using the stock reduces a property after a 3-year announcement shows the turnover as an variable has more profound meaning.
