影響公司減資之決定因素及減資宣告效果

Abstract

近幾年，減資不再像過去如此令投資人感到害怕，尤其經過晶華酒店成功現金減資的案例之後，許多公司也紛紛投入減資行列。本篇文章主要目的在於探討1999-2006年之間影響公司決定減資因素，利用Logit 迴歸模型深入研究不同因素是否影響減資方法。並且針對三種減資方法，利用事件研究法，檢視三種不同減資行為的宣告效果所造成的異常報酬。實證結果發現規模較大並且負債比率較低的公司，當其每股盈餘過低時，會選擇以註銷庫藏股的方式減資以達到改善財務結構、提升公司價值及每股股東權益。而規模較小並且負債比率高、流動率低的公司較有可能發生財務危機而必須選擇以彌補虧損方式減資。以現金減資的公司通常屬於低負債，並且現金減資不會代替發放股利。另外，事件研究法分析發現，以註銷庫藏股方式減資的公司，其股價反應為正向的。但，以彌補虧損方式減資的公司，其股價反應為負向。現金減資在宣告隔天有明顯的股價上漲趨勢，但其後股價反應比宣告前稍微有正向影響。

This paper examines the factors affecting firm’s decision on capital reduction methods by using logit regression models. Further, we analyze the announcement effect of different capital reduction methods on stock prices. We use traditional event study techniques to examine the abnormal return of stock price. The empirical results show that larger firms with low leverage ratio, and low EPS would prefer to reduce capital by writing off treasury stock method. On the other hand, small firms with low cash flow, high leverage ratio, and low liquidity are more likely to reduce capital through corporate law to cover deficits. Corporate law to distribute cash does not replace cash dividend, and it is more likely to happen on low leverage firms. The abnormal return shows that firms choosing write off treasury stock method have positive returns in long term while firms choosing corporate law to cover deficit method have negative returns.