台灣上市櫃公司減資後績效與減資類型之關聯性

Abstract

本研究探討台灣1988年到2007年之間進行減資的上市櫃公司，首先以多元迴歸分析（Multiple Regression Analysis）驗證公司在實施不同的減資方式之後，其公司營運績效的變化。實證結果發現，若營運績效之變數為股價淨值比時，當企業採用減資彌補虧損抑或減資並返還股東股款，其營運績效皆為正向。這是因為減資後當期能讓獲利數據出現快速的彈升，讓所有投資評價指標都呈現正向。而若營運績效之變數為基本獲利能力時，當企業採用減資彌補虧損，其營運績效為負向；當企業採用減資並返還股東股款，其營運績效為正向。

再以多元名義羅吉特迴歸（Multinomial Logistic Regression）檢驗不同的減資誘因會造成企業進行何種的減資政策。實證結果發現，現金流量比率（CFR）或負債比率（DBR）愈高的企業，其較偏好購入庫藏股並進行減資的減資政策，而最不偏好減資並返還股東股款的減資政策。公司規模（SIZE）愈大的企業，較偏好減資並返還股東股款的減資政策，而最不偏好減資彌補虧損的減資政策。股價淨值比（MBR）愈高的企業，較偏好減資並返還股東股款的減資政策，而最不偏好購入庫藏股並進行減資的減資政策。

The aim of this study is to investigate the effect of capital downsizing on the performance of Taiwan’s listed firms during 1988-2007. First, three types of capital downsizing were identified. They are capital deducted to make up a lose, capital deducted by returning cash, and stock repurchases, respectively. Then, multiple regression were conducted to test the explanatory power of variable representing the types of downsizing. The empirical results are shown as below：if the variable of the business performance is the market to book value ratio, the business performance that after the capital deducted to make up a loss or capital deducted by returning cash is positive. This reason is that the capital deducted to make the profit data are arisen quickly. All index of the investment evaluation to appear positive. On the other hand, if the variable of the business performance is the basic earnings power ratio, the business performance that after the capital deducted to make up a lose is negative and the business performance that after capital deducted by returning cash is positive.

Second, this study adopts Multinomial Logistic Regression to analyze the difference factors of the capital deducted will cause the firms to choose what type of capital deducted. The empirical results are indicated that the cash flow ratio or the debt ratio is higher, the firms will prefer stock purchases, not prefer capital deducted by returning cash. The size of company is bigger, the firms will prefer capital deducted by returning cash, not prefer capital deducted by make up a lose. The market to book value ratio is higher, the firms will prefer capital deducted by returning cash, not prefer stock purchases.