Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18856
標題: 企業辦理現金減資之宣告效果及其後續影響
The Announcement Effect and Follow-up Influences of Enterprise Reducing Capital
作者: 沈家瑜
Shen, Chia-Yu
關鍵字: capital reduction
現金減資
abnormal return
liquidity
operating performance
異常報酬
流動性
營運績效
出版社: 會計學研究所
引用: 一、中文部分 王一方,2001,「國內庫藏股票制度實施對股價影響之實證研究」,台北大學企業 管理學系碩士在職專班未出版碩士論文。 王俊仁,1998,「台灣上櫃公司股利政策動機之研究」,東海大學管理研究所未出 版碩士論文。 江淑玲,1998,「我國上市公司股利政策之研究」,政治大學會計學系博士班未出 版博士論文。 李曼玲,1998,「我國上市公司股利發放方式之決策與公司特質關聯性之實證研 究」,第四屆中華民國台灣地區會計審計理論與實務研討會。 呂佳真,2002,「台灣上市公司減資資訊內涵之研究」,銘傳大學金融研究所碩士 在職專班未出版碩士論文。 吳綉華,2002,「公司宣告實施庫藏股效應之再檢視」,朝陽科技大學財務金融系 未出版碩士論文。 林玉成,2001,「上市公司庫藏股宣告資訊內涵及操作策略之分析」,高雄第一 科技大學財務管理系未出版碩士論文。 林寶珍,2004,「上市公司減資方式與其股價異常報酬關係之研究」,東吳大學國 際貿易系未出版碩士論文。 林博政,1998,「台灣上市公司股利發放模式之實證研究」,東海大學管理研究所 未出版碩士論文。 邱鍵麟,2001,「台灣上市公司實施庫藏股制度對股價影響之研究」,長庚大學企 業管理研究所未出版碩士論文。 邱繼毅,2004,「我國上市櫃公司減資行為之資訊內涵實證研究」,中正大學財務 金融所未出版碩士論文。 俞海琴,1994,「內部人士持股比率與融資策略關係之實證研究」,管理評論,第 2期,頁109-131。 洪振虔,1989,「台灣地區上市公司股利發放之探討」,中山大學企業管理研究所 未出版碩士論文。 唐明良,1994,「台灣股票上市公司股利政策管理動機之實證研究」,成功大學會 計學研究所未出版碩士論文。 晁群祥,1994,「台灣上市公司成長機會對融資及股利政策影響之實證研究」,中 山大學企業管理研究所未出版碩士論文。 許兆億,2001,「我國上市公司實施庫藏股之研究」,成功大學會計學系未出版碩 士論文。 許明裕,2002,「上市公司買回庫藏股之資訊內涵實證研究及實例分析」,東吳大 學會計學系未出版碩士論文。 黃世欣,2001,「庫藏股制度對台灣股票市場的影響」,淡江大學財務金融學系未 出版碩士論文。 陳舒怡,1997,「上市公司發放現金股利與無償配股問題之研究」,東吳大學會計 學系碩士班未出版碩士論文。 陳靜怡,2000,「財務危機公司資本結構決定因素,資本結構與自發性重整行為聯 立結構關係模式之研究」,義守大學管理科學研究所未出版碩士論文。 商景明,2001,「我國庫藏股之制度與理論研究」,財稅研究雜誌,第33卷第2 期, 頁14-31。 葉文郁,1996,「上市公司股利發放模式及現金股利顧客效果之研究」,政治大學 企業管理學系碩士班未出版碩士論文。 張錦娥,1993,「所得稅對資本結構及股利政策影響之研究」,東吳大學會計學研 究所碩士論文。 楊耀禎,2000,「管理者持股、風險與財務決策關聯性之研究」,東華大學企業管 理學系碩士班未出版碩士論文。 楊琬婷,2001,「庫藏股制度對台灣股市的影響」,臺灣大學財務金融學研究所未 出版碩士論文。 蔡佩真,2000,「公司成長、資本結構與公司績效之研究─以臺灣上市公司為例」, 國立清華大學研究所碩士論文。 蔡曉琪,2001,「我國上市上櫃公司買回庫藏股票之研究」,臺北大學會計學系未 出版碩士論文。 劉玉珍,1998,「以投資權益為核心探討健全股利政策之規範與執行方式」,財團 法人證券暨期貨發展基金會專題報告。 劉秀玲,1993,「影響資本結構與現金股利政策及內部股權決定因素之分析-台灣 股市之實證研究」,國立台灣工業技術學院管理技術研究所企業管理研究所 碩士論文。 黎明淵,林俞廷,2004,「股利政策決定因素再探討」,國立暨南國際大學財務金 融系。 賴奎任,2006,「股票購回事件股宣告之長期異常報酬研究-以三因子模型驗證」, 國立雲林科技大學企業管理系碩士班碩士論文。 鄭明祺,1993,「我國上市公司代理問題對投資、融資決策與股利政策之影響」, 中原大學企業管理研究所未出版碩士論文。 謝祁凌,2000,「從代理理論觀點探索公司股利政策與經營績效關聯性之研究」, 私立東吳大學會計學研究所碩士論文。 簡惠專,2003,「台灣上市公司買回及註銷庫藏股資訊內涵之研究」,長庚大學企 業管理研究所未出版碩士論文。 二、英文部分 Aharony, J. and A. Dotan, 1994, “Regular Dividend Announcements and Future Unexpected Earnings:An Empirical Analysis,” The Financial Review, Vol.29, pp.125-151. Akhigbe, A. and J. Madura, 1996, “Dividend Policy and Corporate Performance,” Journal of Business Finance and Accounting, Winter, pp.1267-1287. Amihud, Y. and H. Mendelson, 1986, “Liquidity and Stock Returns,” Financial Analysts Journal, Vol. 42, pp.43-48. Asquith, P. and D. W. Mullins, Jr., 1986, “Equity Issues and Offerings,” Journal of Financial Economics, Vol. 15, pp.61-90. Bagwell, L. 1991. “Share repurchase and takeover deterrence,”The Rand Journal of Economics 22: 72-88. Baker, H. K., amd P.L. Gallggher, 1980, “Management’s View of Stock Splits,”Financial Management, Summer,pp.223-249. Barber, B. and J. Lyon, 1997, “Detecting Long-Horizon Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics,” Journal of Financial Economics 43, 341-372. Barclay, M. J., C. W. Smith, and R. L. Watts, 1995, “The Determinants of Corporate Leverage and Dividend Policies,” Journal of Applied Corporate Finance, Winter, pp.4-19. Blume, M. E., and R. F. Stambaugh, 1983, “Biases in computed returns,” Journal of Financial Economics, 12, 3, 387-404. Bushee, B , 1998, “The influence of institution investor as a corporate monitor,” The Accounting Review, Vol.73, No.3, pp.305-333. Chang, R. P., and G.S. Rhee, 1990, “The Impact of Personal Taxes on Corporate Dividend Policy and Capital Structure Decisions,” Financial Management, Summer, pp.21-31. Chen, C. R. and T. L. Steiner, 1999, “Managerial ownership and agency conflicts: a nonlinear Simultaneous equation analysis of managerial ownership, risk taking, debt policy, and dividend policy”, The Financial Review, 34, 119-136. Comment, R., and G. Jarrell, 1991, “The relative signaling power of Dutch-auction and fix-price self-tender offers and open-market share repurchase,” Journal of Finance 46: 1243-1271. Copeland, T. E. 1987, “ A model of assets trading rnder the assumption of sequential information arrival,“ Journal of Finance, 31, pp.1149-1168. Crutchely, C.E. and R.S., Hansen, 1989, “A Test of the agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends”, Financial Management, Vol. 18, pp. 36-46. Dann, L., 1981, “Common Stock Repurchases: An Analysis of Returns to Bondholders and Stockholders,” Journal of Financial Economics, Vol. 9, pp.113-138. Dann, L., R. Masulis, and D. Mayers, 1991, “Tests of Earnings Information in Capital Structure Announcements,” Journal of Accounting and Economics, Vol. 14, pp.217-251. Dittmar, A. K., 2000, “Why Do Firms Repurchase Stock?” Journal of Business, Vol. 73, pp.331-355. Dubofsky, D. A. and J. C. Growth, 1984, “Exchange Listing and Stock Liquidity,” Journal of Financial Research, Vol.7, pp.291-302. Easterbrook, F. H., 1984, “Two Agency-Cost Explanations of Dividends,” American Economic Review 74, pp. 650-659. Elger, P., and D. Murray, 1985, “Financial Characteristics Related to Management Stock Splits and Stock Dividend Decisions,” Journal of Business Finance and Accounting, Winter, pp.543-551. Eiseman, P.C., and E.A. Moses, 1978, “Stock Dividends:Management''s View,” Financial Analysts Journal, pp.70-80. Farrar, D., and L. Selwyn, 1967, “Taxes, Corporate Financial Policy and Return to Investors”, National Tax Journal, Vol. 20, pp. 444-454. Fama, Eugene F. and French Kenneth R, 2001, “Disappearing dividends :changing firm characteristics or lower propensity to pay?,”Journal of Financial Economics 60, pp.3-43. Ho, Liu, and Ramanan, 1997, “Open-market stock repurchase announcements and revaluation of prior accounting information,” The Accounting Review 72 pp.475-487. Ikenberry, Lakonishok, and Vermaelen, 1995, “Market underreaction to open market share repurchase,” Journal of Financial Economics 39: 181-208. Jensen, M. C., 1986, “Agency Costs of Free Cash Flow, Corporate Finance and Takeovers,” American Economic Review, pp.323-329. Jensen, M. C., and W. H. Meckling, 1976, “Theory of the Firm:Managerial Behavior, Agency Cost and Ownership Structure,” Journal of Finance Economics, Vol.3, pp.305-360. Jensen, G.R., D.P. Solberg and T.S. Zorn, 1992, “Simultaneous Determination of Insider Ownership, Debt and Dividend Policies,” Journal of Financial and Quantative Analysis, pp.247-263. Kyle, A. S, 1985, “Continuous auctions and insider trading,”Econometrica, 53, pp.1315-1335. Lakonishok,J. and B. Lev, 1987, “Stock Splits and Stock Dividiends:Why, who and when,” Journal of Finance, Sept,pp.913-932. Marsh, T. and K. Rock, 1986, “Exchange Listing and Liquidity: A Comparison of the American Stock Exchange with the NASDAQ National Market System,” American Stock Exchange Transactions Data Research Project Report #2. Martin, P., 1975, “Analysis of the Impact of Competitive Rates on the Liquidity of NYSE Stocks,” Economic Staff Paper, Securities and Exchange Commission. McNally, W, 1999, “Open market stock repurchase signaling,” Financial Management 28: 55-67. Medury, P. V., L. E. Bowyer, and V. Scrinivasan, 1992, “tock Repurchases: A Multivariate Analysis of Repurchase Firms,” Quarter Journal of Business and Economics 31,pp.21-44 Miller, Merton H. and Franco Modigliani, 1961, “Dividend Policy, Growth and the Valuation of Shares”, Journal of Business, Vol. 34, pp. 411-433. Netter, J. M. and M. L. Mitchell, 1989, “Stock-Repurchase Announcements and Insider Transactions After the October 1987 Stock Market Crash,“ Financial Management, 18(3), pp.84-96. Nohel, T., and V. Tarhan, 1998, “Share Repurchases and Firm Performance New Evidence on the Agency Costs of Free Cash Flow,” Journal of Financial Economics 49: 187-222. O’Hara, M, 1995, “Market Microstructure Theory.”Cambridge:Blackwell Publisher Inc. Roll, R.A., 1984,“A simple implicit measure of the effective bid-ask spread in an efficient market.” The journal of Finance, 39, 1127-1139. Schwartz, R.A, 1988, “ Equity markets: Structure, Trading, and Performance.” New York: Harper and Row, Inc. Stoll, H.R., 1989, “Inferring the components of the bid-ask spread Theory and empirical test.” The Journal of Finance, 44, 115-134. Stephens, C., and M. Weisbach, 1998, “Actual share reacquisitions in open-market repurchase programs,” Journal of Finance 53: 313-333. Tkac, P.A., 1999, “A trading volume benchmark: Theory and Evidence,” Journal of Financial and Quantitative analysis,34,pp.89-114. Rozeff, M., 1982, “Growth, Beta and Agency Cost as Determinants of Dividend Payout Ratios,” Journal of Financial Research, pp.249-259. Vermaelen, T., 1981, “Common Stock Repurchases and Market Signaling: An Empirical Study,” Journal of Financial Economics, Vol. 9, pp.139-18.
摘要: 近年來台灣上市櫃公司辦理現金減資的案例越來越多,企業可能由於內部現金充裕,未來又無其他重大資本支出,或為改善本身因股本過度膨脹導致公司ROE、每股盈餘等財務比率下降之問題,而決定辦理現金減資,以縮減股本進行企業瘦身計畫。本研究探討公司宣告現金減資所傳達之訊息效果,以及市場如何解讀公司宣告現金減資。此外,本研究進一步驗證現金減資之行為是否會影響公司股票之流動性,以及現金減資財務決策與公司績效間關聯性,探討上市櫃公司宣告現金減資是否會影響公司未來的營運績效。 本研究以事件研究法及Barber and Lyon(1997)估計買進並持有(BHR)異常報酬的方法進行分析,驗證公司宣告以現金減資方式退還股款予股東,在宣告後之異常報酬。並以OLS迴歸分析檢驗公司宣告現金減資對流動性及營運績效的影響。研究結果如下: 1.公司宣告現金減資後,實證結果顯示事件日(即宣告日)當天之BHAR 顯著大於0%,而在事件日後1天至120天,可明顯看出BHAR有顯著上 升之趨勢,因此於宣告後,對其股價具有正向的宣告效果;而相對 事件日之前,BHAR並無太大之變化,因此於宣告前其股價並未事先 反應。 2.本文以股票週轉率及成交量作為衡量減資前後公司股票流動性之變 化,實證結果均為顯著正相關,表示公司宣告現金減資後其流動性 較宣告前高。 3.本文以銷貨邊際利潤、資產報酬率、股東權益報酬率及Tobin''s Q (TOBQ)作為營運績效的代理變數,結果顯示現金減資後銷貨邊際利 潤與TOBQ不顯著,而ROA及ROE均呈現顯著正相關,顯示現金減資決 策可達提升企業資產週轉率的效益。亦即企業宣告辦理現金減資後 其營運績效較宣告前佳。
Recently, while there are increasingly cases of capital reduction conducted by Taiwan Stock Exchange Corporations, due to the interior abundant cash without great capital expenditure in the future, or to improve the financial affair rating problems such as decreasingly ROE and earnings per share caused by excessively inflated capital stock, the corporations decide to conduct capital reduction in order to reduce capital stock and carry corporate downsizing out. The emphasis of this study is centering on what the messages made from those enterprises that conducted capital reduction are, and the interpretations of Capital Reduction made by marketplace. In addition, this study treat further whether capital reduction will affect stock liquidity, and through the relation between capital reducing and operating performance, to treat if capital reduction conducted by Taiwan Stock Exchange Corporations will work upon operating performance in the future. This research uses Event Study Method with the estimation of buy-and-hold return and abnormal return by Barber and Lyon (1997) to proceed analysis; to treat and verify the abnormal return after the announcement of returning stocks by cash to stockholders. In addition, this research is to inspect the influences by the announcement of capital reduction on liquidity and operating performance through OLS Regression Analysis. Conclusion for this research: 1.After the announcement of capital reduction, the empirical results reveals that BHAR on declaration date is greater than 0%, and after 1~120 days by declaration date, BHAR arises obviously; therefore, the effect is positive on stock price after the announcement. Relatively, there is not much change on BHAR before declaration date. Consequently, stock price have not reacted before the announcement. 2.This research measures the variation before and after capital reduction by stock turnover and stock volume, and results turns significantly positive correlation; indicating that the liquidity is higher after the announcement of capital reduction. 3.This research uses Sales Margin Profit (SMP), ROA, ROE and Tobin''s Q (TOBQ) for proxies of operating performance, and the results reveals insignificantly negative correlation on sales margin profit (SMP) and Tobin''s Q (TOBQ) after capital reduction while positive correlation on ROA and ROE. This result reveals that capital reduction adopted policy can promote the effect of assets turnover ratio; namely, the operating performance is better after conducting capital reduction.
URI: http://hdl.handle.net/11455/18856
其他識別: U0005-0406200815440000
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-0406200815440000
Appears in Collections:會計學系所

文件中的檔案:

取得全文請前往華藝線上圖書館



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.