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    題名: 不同減資類型之短期與長期分析以臺灣上市櫃公司為例
    其他題名: The Analysis of different capital reduction in short and long term - the perspective of listed companies in Taiwan
    作者: 蕭純純;Hsiao, Chun-chun
    貢獻者: 淡江大學財務金融學系碩士班
    謝文良;Hsieh, Wen-liang
    關鍵詞: 減資;事件研究法;累積異常報酬;Capital Reduction;Event Study;Cumulative abnormal return
    日期: 2008
    上傳時間: 2010-01-11 01:13:40 (UTC+8)
    摘要: 本論文利用事件研究法探討台灣上市櫃公司不同減資類型之長期與短期的分析,以2002-2006年間宣告減資之公司為樣本,檢驗公司法減資,包含以彌補虧損為由減資與因閒置資金過多而退還股款予股東的現金減資,和以證券交易法為依據之庫藏股減資兩者相對的比較。主要檢視不同類型的減資事件於減資宣告日後股價之反應;並從不同長短時間的觀察期,了解減資事件對於累積異常報酬之反應,是否因減資類型不同而造成長時間下顯著的累積異常報酬,並依影響減資因素之變數分類,探討兩不同減資類型之差異;最後藉由迴歸模式,分析影響減資後累積異常報酬之可能因素。
    實證結果發現:減資宣告日後之股價反應,公司法減資比庫藏股減資造成較大的負向累積異常報酬,在短時間內的股價反應更是顯著為負,市場對於公司法減資解讀為負面消息的釋放,且長期下其累積異常報酬有下降之現象;而庫藏股減資的訊號則是在長期下會明顯地止跌回升。迴歸分析之結果顯示:影響公司法減資因素為減資原因及減資比率,當公司以宣告彌補虧損為由之減資時,所造成之累積異常報酬為負向的;影響庫藏股減資因素為減資比率及公司之財務槓桿負債與權益比值,且數值愈高時,其累積異常報酬亦愈大。
    The thesis analyzes the short-term and long- term effect of capital reduction in Taiwan. The sample consists of firms which declared capital reduction in 2002-2006.
    The thesis compares two kinds of capital reduction , one is regulated by the Corporate Law and the other by the Security Exchange Law. I first examine the reaction of the stock price around the announcement of capital reduction and find significant abnormal return and cumulative abnormal return. I then classify the cumulative abnormal returns by factors that caused capital reduction. Finally, I use regression to explore factors that may influence the reaction of stock price in various event windows.
    Empirical results show that the market reacts to announcement of capital reductions regulated by the Corporate Law reacts with more negatively than that of treasury stock. In the long term, price of stocks that undertake the Corporate Law capital reduction goes downward slowly whereas the opposite is true for other types of capital reduction. Regression results indicate that the relationship between cumulative abnormal returns and the ratio of capital reduction is positive for all kinds of the capital reduction.
    顯示於類別:[財務金融學系暨研究所] 學位論文

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