實施現金減資其公司成長及公司治理對股價的影響

Abstract

台灣目前的減資方式主要有三種，依公司法進行減資為虧損減資與現金減資二種，或採用證交法進行庫藏股買回並註銷其股份。本文以現金減資為論文的主軸，利用事件研究法來檢驗在宣告現金減資後，股價是否具有正向的異常報酬，最後以多元迴歸分析來探討公司的財務指標(營業淨利成長率、資產報酬率等)，與公司治理指標(三年內總經理異動次數、控制持股比率)對累積異常報酬的影響。 實證結果發現，在宣告日當日及次日有顯著的異常報酬，僅具有短期的效果。 在公司成長的部份，公司成長性越高的公司，對現金減資宣告的累積異常報酬為正向的影響，具有5%的顯著性，顯示在營業淨利成長下(如國巨)，即使公司進行減 資，未來的營運仍有成長的空間時，投資人持正面的態度。公司治理的部份，以三年內總經理異動的次數來衡量，對現金減資宣告的累 積異常報酬為負向的影響，具有5%的顯著性，顯示投資人對於總經理異動的次數 越高，對公司的經營狀況及公司價值產生疑慮。

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.