台灣上市櫃企業現金減資對股東報酬率影響之研究

Abstract

本研究以2010 年至2014 年度期間針對辦理現金減資並成功辦理完成且稅後 淨利為正數之台灣上市櫃企業，探討台灣上市上櫃企業辦理現金減資對股東報酬率之影響。迴歸分析實證結果顯示： 1.依現金減資對樣本公司本益比 (P/E Ratio)之實證結果顯示，總體產業樣本企 業現金減資頻率與本益比呈現顯著之正相關，亦即樣本企業減資頻率愈高則本 益比愈高；總體產業樣本企業之企業規模與負債比則與本益比呈現顯著之負相 關，亦即樣本企業負債比率愈高則本益比愈低。 2.依現金減資對樣本公司股價淨值比 (P/B Ratio)之實證結果顯示，總體產業樣 本企業辦理現金減資之頻率愈多次，其股價淨值比會愈低，而且當樣本企業為 高科技產業時，其股價淨值比會較非高科技企業為低。高科技企業之營收成長 率與股價淨值比呈現顯著之正相關，亦即高科技企業營收成長率愈高則股價淨 值比愈高。 3.依現金減資對樣本公司股東權益報酬率 (ROE)之實證結果顯示，高科技企業 之股東權益報酬率平均而言會較非高科技企業為低，且當高科技企業其營運面 及營運活動而來的現金流量狀況越佳，則股東權益報酬率會愈低。

The aim of this study is to investigate the effects on return on shareholders of capital reduction on the performance of Taiwan listed companies during the period from 2010 to 2014. The empirical results are shown as follows： 1.According to the empirical results of capital reduction on sample company P/E ratio,sample enterprises in overall industries show significant positive relations between cash capital reduction frequency and P/E ratio, which means that the higher the frequency of enterprise capital reduction, the higher the P/E ratio is. Enterprise scales and debts of sample enterprises in the overall industries show significant inverse relations with P/E ratio, which means that the higher the debt of the sample enterprise, the lower the P/E ratio is. 2.According to the empirical results of capital reduction on sample enterprise P/B ratio, the more times a sample enterprise in overall industries conducts capital reduction, the lower the P/B ratio will be, and if the sample enterprise is in high technology industry, the P/B ratio will be lower than non-technology enterprise. Revenue growth and P/B ratio of high technology enterprises show significant positive correlation, which means the higher revenue growth of the high technology enterprises, the higher the P/B ratio will be. 3.According to the empirical results of capital reduction on ROE ratio of sample enterprises, ROE ratio of high technology enterprises are, on average, lower than non-high technology enterprises, and when the operations and cash flow due to operations of the high technology enterprises improve, the ROE ratio will become lower.