現金減資企業財務特性之實證研究

Abstract

資本形成及累積是企業賴予成長之要素，台灣上市櫃公司通常會透過增資累積資本，使股本膨脹。而傳統上減資是負面的印象，然而02年及06年晶華酒店宣告現金減資，市場均給予正面的評價，因而顛覆了傳統思維，造成現金減資熱潮，現金減資已為財務策略的新思維。 本研究以現金減資為主軸作深入探討，以截至2009年7月宣告現金減資之台灣上市櫃公司作實證研究之樣本，建立現金減資相關的14項財務指標，以量化的財務指標，實證研究現金減資公司之財務指標是否有明顯之特性，分析現金減資公司之財務指標與同業相較，是否有顯著差異？ 本研究發現，現金減資企業之財務特性如下： 1.現金減資公司獲利情形穩定 2.現金減資公司獲利率高於同業平均值 3.現金減資公司之股本平均高於同業 4.現金減資公司之負債比率偏低，且明顯低於同業平均值 5.現金減資公司之流動比率高，且高於同業平均值 6.現金減資公司之短期償債及資本支出，主要由營業活動現金流量支出，且流量比率高於同業平均值 7.現金減資公司投入資本支出比率低 8.現金減資公司營收成長低，且低於同業平均值 9.現金減資公司現金股利率高於同業平均值 10.現金減資公司現金餘額比重高

One key element of the growth of an enterprise is capital formation and accumulation. Listed companies in Taiwan typically accumulate their capital through capital increase and ultimately expand the capital shares. A decrease in capital has traditionally been attached with negative connotation, however, the two incidences of capital reduction by cash of Formosa International Hotels Corporation at 2002 and 2006 had earned positive reflection by the market. These incidences altered the traditional thoughts and led to an upsurge in capital reduction by cash among companies in Taiwan. Now, capital reduction by cash has become the new trend for financial strategy. Based on a study sample of listed companies in Taiwan that declared capital reduction by cash up until July of 2009, we conducted an empirical investigation among these firms that allows us to determine 14 capital financial indexes related to capital reduction by cash. By quantifying these indexes, we were able to study whether there were specific characters associated with companies that decreased their capital by cash and analyze whether there were significant differences in financial indexes between firms that declared capital reduction by cash and firms in the same industry. Several financial characteristics specific to firms that utilized capital reduction were found: 1.The profits gained by firms that declared capital reduction by cash tend to be stable over time. 2.The average profitability of firms that declared capital reduction by cash was higher than firms in the same industry. 3.The average share capital of firms that declared capital reduction by cash was higher than firms in the same industry. 4.The debt-to-equity ratio of firms that declared capital reduction by cash tended to be low and it was significantly lower than the average ratio of firms in the same industry. 5.The current ratio of firms that declared capital reduction by cash was high and it was higher than the average ratio of firms in the same industry. 6.The cash outflow of short term debt and capital expenditure of firms that declared capital reduction by cash was mainly from operating activities. The cash flow ratio was higher than the average ratio of firms in the same industry. 7.Firms that declared capital reduction by cash exhibited a low rate of incurring capital expenditure. 8.The revenue growth of firms that declared capital reduction by cash was low and it was lower than the average revenue growth of firms in the same industry. 9.The cash dividend rate of firms that declared capital reduction by cash was higher than the average rate of firms in the same industry. 10.Firms that declared capital reduction by cash has higher rate of cash balance.