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    Title: 企業成功減資前後的績效分析─量化與質化分析的交互應用
    Perfomance Analysis of Suceesful Enterprise Capital Deduction: Interactive Application of Quantitative and Qualitative Analysis
    Authors: 楊清鎮
    Yang, Ching-Cheng
    Contributors: 戚務君
    Chi, Wuchun
    楊清鎮
    Yang, Ching-Cheng
    Keywords: 現金減資
    彌補虧損減資
    庫藏股減資
    深度訪談
    Date: 2019
    Issue Date: 2019-09-05 15:50:05 (UTC+8)
    Abstract: 本文利用量化與質化方法分析企業成功減資的關鍵要素。透過量化資料,發現資本結構與績效較佳的公司會進行現金減資,減資後的資本結構、經營績效、市場績效、利息保障與信用評等均有提升;股本較大且經營績效與市場績效表現較差、債權人保障與公司治理較弱的公司會進行庫藏股減資,減資後在經營績效、市場績效與公司治理上有些微提升;資本結構、經營績效、市場績效均較差的企業會進行彌補虧損減資,減資後改善的程度仍然有限。現金減資與庫藏股減資企業相比,現金減資企業在減資前後的表現均優於庫藏股減資企業;若以僅彌補虧損減資與彌補虧損減資並增資的企業相比,僅彌補虧損減資企業在減資前的資本結構與經營績效稍好,對債權人的保障較高,但是較不受到投資人的青睞。減資後,彌補虧損減資且現金增資企業的資本結構與經營績效平均表現稍高,市場績效、債權人保障與公司治理有較大幅度的領先。透過深度訪談發現,現金減資與庫藏股減資最大的動機均是去化過多的現金。考量稅務、資金較充裕且減資規模較大的企業會選擇現金減資,考量股價持續上漲性且資金較有限的企業會選擇庫藏股減資,而法人與外資持股較多的企業,股價的持續上漲性通常較佳,也是選擇庫藏股減資的原因。彌補虧損減資的目的則是避免股價打入全額交割造成流動性問題,並且有助於未來增資計畫。訪談對象均認為良好的溝通、取得共識、以及單純的股權結構是減資案順利完成的關鍵因素。最後,減資並非未來績效的保證,在市場條件較差的台灣,未來景氣的好壞,仍然是影響國內企業績效發展的關鍵。
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    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    104932047
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104932047
    Data Type: thesis
    DOI: 10.6814/NCCU201901094
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

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