減資對公司營運績效影響之研究

Abstract

本研究旨於探究減資方式對企業未來營運績效的影響，研究對象以2001年至2005年期間曾辦理減資的上市公司，各樣本的財務資料均取自各公司該年度的財務報告。 根據本研究發現：一、整體而言，公司於辦理減資後，其於營運績效上的表現與減資前相較，呈現改善效果的比率乃高於呈現惡化效果。二、產業別的差異與績效指標變化效果的相關性，僅發生於長期資金占固定資產比率、流動比率、速動比率、利息保障倍數、應收款項週轉率與固定資產週轉率等六個指標。三、電機機械產業於減資後的績效改善效果最佳，建材營造產業則表現較不理想。四、財務結構、償債能力、經營能力、獲利能力與營收能力等五個指標面向，其各自提升程度越高，則其他四個面向的提升程度也會越高。五、除了獲利能力外，其餘績效構面效果乃與產業別間不具相關性。

The purpose of this study is to find the impacts of capital reduction on company operation performance. Samples are selected from listed companies on Taiwan Stock Exchange from 2001 to 2005 that had reduced capital. The financial data are derived from each company’s financial report.

We find that: (1) In general, the companies have better performance after capital reduction. (2) The relationship between industry differences and performance indicators only appeared in long-term capital to fix asset ratio, current ratio, quick ratio, time interest earned, account receivable turnover rate and fix asset turnover rate. (3) After capital reduction, electric machinery industry has the best performance improvement. Construction industry has the worst performance. (4) The five indicating dimensions, financial structure, payback ability, management ability, profitability and operation ability, are correlated with others. (5) Only profitability is correlated with industry type.