返還股東現金與彌補虧損減資研究

Abstract

現行法令中提供企業減資的方式共有三種：返還現金減資、彌補虧損減資以及收購庫藏股註銷，本研究以財務面解釋三項減資的異同點，並以現金減資及彌補虧損減資宣告做為主要研究目標探討減資宣告效果。 自從晶華酒店開啟現金減資風潮以來，許多公司以現金減資做為提升股東權益報酬率並順勢拉抬股價的手段。相較於現金減資，帳上有虧損的公司則以彌補虧損減資做為快速提升每股淨值並加強股票流通的方法。本文以事件研究法配合明基個案，探討2002年至2008年間，減資宣告所累積的正負向異常報酬，除減資宣告效果，本研究進一步以明基為案例討論個別公司減資何以產生不同結果。 實證結果顯示現金減資宣告後第一日及第二日有顯著且正向累積異常報酬，累積異常報酬中長期表現較宣告前佳，彌補虧損減資宣告後連續六日產生顯著且負向累積異常報酬，累積異常報酬中長期表現較宣告前差。進一步以明基減資前後財務報告及異常報酬研究可知，彌補虧損減資公司並非只會持續呈現負向累積異常報酬，顯示減資宣告理由雖然大同小異，但減資後投資者更在乎公司經營狀況。

According to the current law in Taiwan, there are three ways to decrease the capital, the cash refund, the purchases of treasury stock, and the capital reduction. This study explains the similarities and differences between these three kinds of capital decreased from the financial side. The announcement effects of the cash refund and the capital reduction are the main research goals. Since Formosa Hotel launched the capital decreased by cash refund, it has become a new finesse to promote the ROE and the stock price. Different from the cash refund, the companies with net loss take capital reduction as a rapid method to promote the net earnings per share and increase the stock circulation in the market. This study combines the Event Study and the case study of BenQ Ltd. to examine the cumulative average abnormal returns about the announcement effect of capital reduction during the year 2002 to 2008, and discuss the different results between independent companies. The result shows that there are two days positive abnormal returns after the announcement of cash refund, and companies would have a better performance after the announcement of cash refund. There are six days negative abnormal returns after the announcement of capital reduction, and companies would have worse performance. Furthermore, compared to the financial statement and the abnormal returns of BenQ Ltd., the result shows the companies are not only sustaining negative cumulative abnormal returns after the announcement of capital reduction. It demonstrates that the announcement of capital reduction is not the main reason that the investors care about. The investors pay more attention to the operational performance.