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|其它题名: ||The long-term performance research of capital reduction in Taiwan's public-listed companies|
|作者: ||陳志昂;Chen, Chih-ang|
|关键词: ||事件研究法;減資;累積超額報酬;Event Study;Capital Reduction;Cumulative abnormal Returns|
|上传时间: ||2010-01-11 01:08:53 (UTC+8)|
The main purpose of this thesis is to examine the long-run abnormal returns after the companies declared for capital-reducing from August 7,2000 to July 31,2007.Use different kind of capital reduction by event study，find which kind of capital reduction had long-run abnormal returns , and this conclusion may give the regulatory authority either the investors a reference of management or investment.
The empirical results show below:
1. The companies declared for capital-reducing by the Corporate Law, in one year after their announcement, their cumulative abnormal returns were significant positive. But in the long-term, because the result of statistical testing was not significant，whether the cumulative abnormal returns were negative or not was unable to draw the consist-
2. The companies repurchase their own stock by the Securities Exchange Law, their cumulative abnormal returns were significant positive no matter is one year or three years.
3. If we analysis by different kinds of industries, the electronic industry declared for capital-reducing by the Corporate Law one year later had significant positive cumu-
lative abnormal returns. But in the long-term sustainability effect is not significant. The companies repurchase their own stock by the Securities Exchange Law, in one year after their resolution, the cumulative abnormal returns were significant positive in plastics industry、iron & steel industry、building material & construction industry and electronic industry. The iron & steel industry had the most significant result among them. In the long-term the cumulative abnormal returns were significant positive in iron & steel industry、building material & construction industry and electronic industry. As for which kind of industries had the most significant result was not identified since the result of statistical testing was not significant.
4. In those companies that repurchase their own stock by the Securities Exchange Law, the company of smaller scale had significant positive cumulative abnormal returns than bigger scale. As to the companies that declared for capital-reducing by the Corporate Law, the result of statistical testing was not significant
5. If we used capital-reducing ratio to analysis, the ratio was lower the cumulative abnormal returns was significant positive after declared one year by the Corporate Law, both present the negative correlation. But in the long-term sustainability effect was not significant. The ratio of repurchase was higher the cumulative abnormal returns was significant positive in the long-term by the Securities Exchange Law.
6. No matter which kind of capital reduction, the companies had higher book-value-
to-price ratio had significant positive cumulative abnormal returns in the long-term. It shows that the companies had higher book-value-to-price ratoo its stock price was underestimated seriously.