公司法放寬資本公積可發放現金股利對股市的影響

Abstract

過去公司法基於保護債權人權益的立場，限縮資本公積之用途，使台灣企業在面臨景氣波動時無法運用企業積累之資本。經濟部鑒於部分公司已於過去年度累積大量資本公積，允許企業適度彈性運用將有利企業維持穩定現金股利，因此決議修正公司法第241條。該條修正案於民國100年12月14日三讀通過並於隔日發布於新聞媒體。本研究選定消息曝光日12月15日作為事件日，針對公司法放寬發放現金股利條件進行事件研究，探討該事件是否因條件放寬而對於上市櫃公司之股價產生有利之影響。同時並以多元迴歸模型，研究事件期間所產生的累積異常報酬，與上市、上櫃公司企業特性的關聯性。 研究結果發現公司法第241條修正案通過之際，上市、上櫃公司股價產生正的累積異常報酬，顯示市場對該條修正案之通過持正向態度。針對多元迴歸之結果，本研究發現資本公積佔市值比、資產報酬率以及現金流量佔市值比均與累積異常報酬呈現正相關；內部人持股比與累積異常報酬呈現負相關，與本研究之假說預期相同，顯示上述因素確實影響市場投資決策。企業之成長性以及外資持股率則與假說預期方向不符。本研究認為成長性之解釋變數亦同時反映企業之獲利能力，而外資持股率則受到外界因素干擾。現金股利標準差與累積異常報酬並無顯著相關，無法支持公司法第241條修正對實施穩定現金股利政策之企業有所助益之假說。

The Company Act used to prohibit the capital surplus from distributing cash dividends in order to protect creditor’s right. However, the restriction limits the flexibility of corporate dividend policy. Since many companies have accumulated substantial capital surplus in the past years, removing the restriction enables companies to make use of capital surplus more efficiently. Therefore, the Ministry of Economic Affairs proposed the amendment of the Article 241 of the Company Act. On December 14, 2011, the amendment passed its third reading in the Legislature Yuan and the news was spread in the next day. This thesis applies event study to examine the stock market reactions to the amendment of the Article 241 and chooses December 15, 2011 as the event day. This thesis also uses regression model to test the relation between cumulative abnormal returns (CAR) and corporate characteristics. The finding shows that when the amendment passed through, the stock market had positive cumulative abnormal returns, revealing capital market had positive attitude toward the event. The regression analysis shows that CAR was positively related with APIC-to-market-value ratio, ROA, cash flow-to-market-value ratio and negatively related with insider investment ratio. The result above supports hypotheses proposed in the thesis and indicates these factors actually influence the stock market. Market-to-book ratio and foreign investment ratio were found in contrast with the hypotheses expectations. There are two reasons for such results. One is market-to-book ratio explained not only the growth potential but also the profit ability of the company. The other is the foreign investment ratio was affected by the environment. Standard deviation of cash dividends had no significant relationship with CAR, and can’t support the hypothesis﹕companies with stable cash dividends can benefit from the pass of amendment.