Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18880
DC FieldValueLanguage
dc.contributor許永聲zh_TW
dc.contributorYun-Sheng Hsuen_US
dc.contributor胥愛琦zh_TW
dc.contributorAi-Chi Hsuen_US
dc.contributor.advisor陳俊合zh_TW
dc.contributor.advisorChun-Ho Chenen_US
dc.contributor.author王正堯zh_TW
dc.contributor.authorWang, Zheng-Yaoen_US
dc.contributor.other中興大學zh_TW
dc.date2010zh_TW
dc.date.accessioned2014-06-06T07:05:19Z-
dc.date.available2014-06-06T07:05:19Z-
dc.identifierU0005-1506200915220200zh_TW
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dc.identifier.urihttp://hdl.handle.net/11455/18880-
dc.description.abstract公司進行實質減資可分為現金減資與庫藏股減資。我國於2000年通過庫藏股法案後,公司始得依據證交法第28條之2,以維護公司信用及股東權益為目的,買回並辦理註銷股份。現金減資則為近年來新興之減資手法,其所依據之法源主要為公司法第168條,係將帳上閒置資金退還股東以縮減股本,有效提高其每股盈餘與每股淨值。不同於先前文獻大多探討減資宣告對股價或營運績效之影響,本研究則從企業角度去探討採用不同減資方式之影響因素。 實證結果顯示,當公司價值高估、閒置現金較多或負債比率較低時,較傾向選擇現金減資。反之當公司價值低估、閒置現金較少或負債比率較高時,則較傾向選擇庫藏股減資。此外,減資比率為影響減資方式選擇之最終因素,亦可視為減資方式選擇之代理變數。zh_TW
dc.description.abstractSubstantial capital reduction can be divided into capital deducted by returning cash and capital reduction by treasury stocks. After modifying Securities and Exchange Law in 2000, corporations can buy and cancel the stocks based on Article 28-2 of Securities and Exchange Law in order to safeguard the interests of shareholders and the credit of corporation. Capital deducted by returning cash is a new way of capital reduction based mainly on Article 168 of Company Law. Corporations can increase its own earnings per share and equity per share by returning cash for capital reduction. Unlike previous studies discussing the impaction of capital reduction announcement on stock price and corporate performance, this paper discuss the factors on choice of different ways of substantial capital reduction. The empirical results indicate that companies are inclined to adopt capital deducted by returning cash when the firm value is overestimated, having more idle cash or lower debt ratio. On the contrary, companies prefer capital reduction by treasury stock when the firm value is underestimated, having less idle cash or higher debt ratio. Besides, the ratio of capital reduction affects ultimately the choice of different ways of capital reduction and it can be regarded as a proxy variable for the choice of capital reduction.en_US
dc.description.tableofcontents第一章 緒論 1 第一節 研究背景 1 第二節 研究動機與目的 5 第三節 研究架構 6 第二章 文獻探討 7 第一節 減資類型與相關法令規範 7 第二節 減資相關文獻探討 17 第三章 研究方法 28 第一節 研究假說 28 第二節 樣本選取與資料來源 32 第三節 實證模型 33 第四節 變數定義與衡量 34 第四章 實證結果與分析 35 第一節 敘述性統計分析 35 第二節 相關性分析 40 第三節 平均數t檢定與迴歸分析結果 41 第四節 增額測試 49 第五節 敏感性分析 53 第五章 結論與建議 57 第一節 結論 57 第二節 研究限制與建議 58 參考文獻 60zh_TW
dc.language.isoen_USzh_TW
dc.publisher會計學研究所zh_TW
dc.relation.urihttp://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-1506200915220200en_US
dc.subject現金減資zh_TW
dc.subjectCapital deducted by returning cashen_US
dc.subject庫藏股減資zh_TW
dc.subject實質減資zh_TW
dc.subjectCapital reduction by treasury stocksen_US
dc.subjectSubstantial capital reductionen_US
dc.title企業實質減資選擇之研究zh_TW
dc.titleThe Choice of Different Ways of Substantial Capital Reductionen_US
dc.typeThesis and Dissertationzh_TW
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