台灣上市櫃公司減資後公司治理與 Tobin's Q之研究

Abstract

減資是公司求取事業新生的過程，台灣近年來進行減資的企業逐年遞增，減資的型態也更為多變，過去文獻主要集中於以事件研究法探討各類型減資公司減資後的宣告效果及超額報酬等議題，卻鮮少有研究關注其公司治理機制，理論上公司治理機制越好的企業可以提升其營運績效、降低財務危機的發生率；對於減資公司而言，提升績效可以引領公司邁向新的里程碑，同時也是提高市場的評價的重要關鍵，故本研究目的在於檢視減資後的公司治理機制與市場評價之間的相關性，文中將以曾經辦理虧損減資及現金減資的台灣企業為研究對象，探討內部人持股比例、外部監督持股比例與公司Tobin’s Q之間的關聯性。 實證結果顯示，對虧損減資樣本而言，Tobin’s Q與內部持股人比例皆呈顯著負相關，而與外部監督持股比例呈顯著正相關；對現金減資樣本而言， Tobin’s Q與內部持股人比例及外部監督持股比例皆呈顯著正相關，由上述可知虧損減資公司欲提升市場評價需回歸到企業本質及未來展望，無法藉由內部人持股比例對公司價值產生正向影響，但外部人持股仍能對公司產生監督作用，促使公司價值提升。現金減資公司則因營運狀況穩定，財務體質較佳，內部人持股比例與外部監督持股比例皆可對市場評價產生正面影響。

De-capitalization is the process for many companies to restore their financial structure. In recent years, de-capitalization types have become varied and more and more popular in Taiwan. A lot of previous studies focus on the signal effect or abnormal return of different types of de-capitalization, yet but the corporate governance. Theoretically, the company with good corporate governance mechanism will improve its operating performance and reduce the probability of financial crisis. For a company which adopts de-capitalization policy, improving performance is the key point to lead the company to achieve the new milestone. This study focuses on analyzing the correlation between corporate governance and market valuation after one company reduces its capital. We use the listing companies which have been eliminate deficit or return cash to the shareholder as our samples, and discuss the correlation among de-capitalization companies’ Tobin’s Q , internal ownership, and external supervise ownership. For companies which eliminate deficit, the empirical evidence suggests that Tobin’s Q has significant negative correlation to internal ownership, but has significant positive correlation to external supervise ownership. From the result, we realize this kind of companies can’t improve performance by increasing internal ownership, while external supervise ownership does work. For companies which return cash to the shareholders, the empirical evidence suggests that Tobin’s Q has significant positive correlation to internal ownership and external supervise ownership. This kind of companies are in good operating condition, so the good corporate governance mechanism will have positive effect to the performance.