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| Title: | 現金減資短期市場反應與長期營運績效之分析
Analysis of short-term market reaction and long-run operating performance on capital reduction |
| Authors: | 張大羿
Chang, Ta-Yi |
| Contributors: | 陳宇紳
張大羿
Chang, Ta-Yi |
| Keywords: | 現金減資
異常報酬
長期營運績效
Capital reduction
Abnormal return
Long-run operating performance |
| Date: | 2018 |
| Issue Date: | 2018-08-02 16:14:36 (UTC+8) |
| Abstract: | 現金減資在近年來成為台灣企業十分熱門的議題，實行的家數屢創新高，且相繼有規模龐大的龍頭產業宣告現金減資。現金減資藉由降低股本可以提升股東權益報酬率以及每股盈餘等獲利指標，同時退還之現金也不需繳納稅負，對投資人具有立即上的好處。然而，究竟現金減資長期來說對企業是否仍為正面影響亦是市場投資人所關心的焦點，本文藉由探討現金減資後的長期營運績效企圖釐清上述問題。
本文以訊號發射理論以及自由現金流量理論的觀點出發，探討投資人對企業現金減資的反應，以及現金減資與企業後續營運績效的關聯性。本文有三個主要發現：第一，市場對現金減資的反應為正面，顯示投資人視現金減資為一好消息；第二，現金減資後續的營運績效隨公司特徵不同有所差異。實證結果顯示，高投資機會、非家族企業以及外資持股比例較高的企業在現金減資後營運績效較配對樣本企業有顯著提升，支持訊號發射理論的論述。第三，投資人無法完全地將現金減資對公司未來營運績效的意涵反應在股價上。從實證結果來看，在以不同公司特徵分組的情況下，市場對現金減資的反應皆為正向，然而，公司後續的營運績效會隨公司特質有明顯的差異，意味著投資人無法辨明宣告減資背後的動機，進而給予公司現金減資正確的評價。
In recent years, capital reduction has become a popular means for firms to return profits to shareholders in Taiwan. Through capital reductions, firms can reduce the number of shares outstanding, making profitability measures such as return on equity or earnings per share look nicer and attractive to investors. In addition, shareholders generally welcome capital reduction because cash distributed to shareholders through capital reduction exercise is tax exempted. Despite these immediate benefits, whether capital reduction really benefits shareholders in the long run is an unanswered question. To answer this question, I build on signaling theory and free cash flow theory to examine the market reaction to the announcement of capital reduction news and the association between capital reduction and long-run firm performance.
There are three main findings in this study. First, market reaction surrounding the announcement of capital reduction news is significantly positive, indicating that investors generally view capital deduction as good news. Second, firms’ long-run operating performance subsequent to the event of capital reduction varies with firm characteristics. Specifically, high growth firms, nonfamily firms, and firms with greater foreign institutional ownership tend to outperform matching firms in long-run operating performance, consistent with the prediction of signaling theory. Lastly, market reaction in response to news release of capital reduction is positive irrespective of firm characteristics (i.e., growth prospect, family ownership and foreign institutional ownership). This finding suggests that investors do not fully gauge the implication of capital reduction for future firm operating performance and fail to impound such information in stock prices. |
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| Description: | 碩士
國立政治大學
會計學系
105353032 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105353032 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.ACCT.036.2018.F07 |
| Appears in Collections: | [會計學系] 學位論文
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