标题: | 实施现金减资其公司成长及公司治理对股价的影响 The Implementation of Capital Reduction by Cash Its Corporate Growth and Corporate Governance on the Impact of Stock Prices |
作者: | 赖璟茹 钟惠民 谢文良 Lai,Ching-Ju Chung,Huimin Hsieh,Wen-Liang 管理学院财务金融学程 |
关键字: | 现金减资;事件研究法;回归分析;Cash Refund;Event Study;Regression |
公开日期: | 2017 |
摘要: | 台湾目前的减资方式主要有三种,依公司法进行减资为亏损减资与现金减资二种,或采用证交法进行库藏股买回并注销其股份。本文以现金减资为论文的主轴,利用事件研究法来检验在宣告现金减资后,股价是否具有正向的异常报酬,最后以多元回归分析来探讨公司的财务指标(营业净利成长率、资产报酬率等),与公司治理指标(三年内总经理异动次数、控制持股比率)对累积异常报酬的影响。 实证结果发现,在宣告日当日及次日有显着的异常报酬,仅具有短期的效果。 在公司成长的部份,公司成长性越高的公司,对现金减资宣告的累积异常报酬为正向的影响,具有5%的显着性,显示在营业净利成长下(如国巨),即使公司进行减 资,未来的营运仍有成长的空间时,投资人持正面的态度。公司治理的部份,以三年内总经理异动的次数来衡量,对现金减资宣告的累 积异常报酬为负向的影响,具有5%的显着性,显示投资人对于总经理异动的次数 越高,对公司的经营状况及公司价值产生疑虑。 In Taiwan, three (3) types of capital reduction tools are used, which are (A) Losses by capital (B) Cash refund and (C) Treasury stocks purchasing then shares write-out. In this paper, I focuses on “Cash-refund” and its correlation with the positive abnormal return in the short terms to the share price in the market. The “event-study” method is used to examine the stock price reaction, after the announcement of Cash-refund for capital reduction. The results shows that there is a significant abnormal return on the day and the next day of the declaration date, with only short-term effects. Moreover, there are two factors which determine cumulative average abnormal return. 1.Growth rate of the company The companies with a higher YoY growth rate (in their previous records) are easier to achieve a positive cumulative average abnormal return, when the cash-refund capital reduction occur. It mans the shareholders still keep a positive prospective for the potential growth , even after the capital reduction. 2.Corporate governance The “ Change frequency (in three years) of general manager” is used as an factor to evaluate the performance of cooperate governance . In brief, the more frequent the GM change, the less shareholder confidence will expect for the cumulative average abnormal return , when the cash-refund capital reduction occur. |
URI: | http://etd.lib.nctu.edu.tw/cdrfb3/record/nctu/#GT070463911 http://hdl.handle.net/11536/140970 |
显示于类别: | Thesis |