返還股東股款之減資方式研究

Abstract

2002年晶華酒店率先實施「減資返還股東股款」，成就一套臺灣獨有的現金減資制度，並於近兩年來造成現金減資的風潮。企業主要期望藉著現金減資消除過度膨脹的股本、處理閒置資金、提升每股盈餘、股東權益報酬率及投資報酬率，更希望可以因調整財務體質後刺激股價表現。本研究結合事件研究法、線性迴歸及羅吉斯模型，針對臺灣採返還股東股款減資方式之上市櫃公司的減資宣告效果、外資持股的變化與影響減資宣告的財務因素進行探討。實證結果顯示董事會決議現金減資並宣告後，市場反映出顯著的正異常報酬；其二，現金減資宣告當日至宣告後10日之累積異常報酬與累積外資持股增減率呈現負相關，推測市場反映之正向累積異常報酬可能不是由外資法人機構所貢獻；最後，企業執行現金減資與其營業毛利率、負債比率、現金股利率、獨立董事制度完整性及設有獨立董事公司之現金股利率等因素具相關性。

In year 2002, Formosa International Hotel Corporation leaded in implementing about “Capital Reduction through Distributing Cash to Shareholders”, it became an unique “Capital Reduction” system of Taiwan, and caused the current of “Capital Reduction through Distributing Cash to Shareholders” in recent two years. Companies expect to eliminate bloated capital by “Capital Reduction through Distributing Cash to Shareholders”、and to promote EPS、ROE、ROI﹐they more hope to stimulate stock price by adjusting financial constitution. The study combined “Event Study” , “Simple regression” , “Logit Model”, to analyze Taiwan listed companies’ announcement effect、the change of foreign capital stockholding and financial factors which affected capital reduction declaration. The result support three hypothesis in the study. First, after the directors have approved capital reduction and declared, market reflects conspicuous positive abnormal returns. Second, cumulative abnormal returns and cumulative foreign capital stockholding ratio are negative correlation. Finally, capital reduction correlates closely with some financial factors.