公司減資返還股款之研究

Abstract

摘要 減資返還股款(現金減資)是近年來的新興話題，並一改以往公司宣佈減資給人的負面印象。現在公司宣告減資，不一定是有虧損需要彌補，也有可能是手上現金無法充分利用，或為提升公司股東權益報酬率等財務比率，因而決定退還股東現金(按消除股份面額)並縮減股本(股數減少)。而，公司究竟為何選擇現金減資為手段，又或何項目的需以現金減資來達成，現金減資所傳達的公司訊息為何，市場對於公司實施現金減資的解讀又為何，將為本研究之探討重點。 實證方面，由於國內減資返還股款的上市櫃公司，從2002年晶華酒店首創先例以來，至2007年四月為止，總共只有17家公司。因此，本研究將對此17家公司，進行分析比較，以期從中了解決議減資返還股款公司之可能動機，歸納了解這些公司的狀況是否符合期待。並以事件研究法探討公司宣告現金減資對股價的影響。 研究結果如下： 1. 公司宣告現金減資後，對股價有立即的正向效果。研究結果顯示宣告當天有異常報酬率2.1405%，顯著性達5%顯著水準；宣告隔天有異常報酬率4.435%，顯著性達1%顯著水準。 2. 透過相關性分析，得公司減資比率與公司決議減資前三年平均ROE與公司盈收是否穩定這三項與CAR顯著相關,顯著水準達5%。 3. 歸納整理17家樣本資料，對於本研究對現金減資公司的五項假設，有三項為符合，即(1)公司已達成熟穩定階段(2)獲利穩定、現金流量穩定(3)負債比率相對為低。

Abstract It is a new developing topic that corporation’s capital deducted by returning cash to stockholders in Taiwan in recent years. In the past，if a company needs to deduct its capital，it always means that there are a lot of accumulated loss need to remedy. But capital deducted by returning cash is totally different. And this paper is focus on why they do this，what’s the effect，and how’s the reaction. Since there were only 17 Taiwan public listed corporations announced to deduct their capital till April 2007，we use all these corporations to do the analysis and try to find out some common characteristics among them. This paper also examines the effect of capital deducted by returning cash announcement on the stock price of public listed corporations in Taiwan. We use Event Study to view the impact and adopt with market model and GARCH to estimate AR and CAR. The results show that there are short-run positive effects when companies announce to deduct their capital. Furthermore，we find that the 1. percentage of capital deduction、2. the average ROE of the three years before the announcement of the corporation and 3. whether the company’s profit were stable are positively related to CAR. And these companies satisfied three of our five hypotheses，as follows：1.corporations are at the mature stage 2.profits and cash flow were stable 3.debt ratios were relatively low.