English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113303/144284 (79%)
Visitors : 50799148      Online Users : 433
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/125550


    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。
    Reference: 王瑪如與蕭君宇,2013,彌補虧損減資、現金減資與庫藏股減資之市場宣告效果,會計評論,第57期,頁105-135。
    朱德芳,2008,論公開發行公司之資本結構重組與公司治理:以形式減資與私募增資為核心。國立臺灣大學法學論叢,第37卷,第2期,頁81-150。
    李國榮、呂素蓮與張舜迪,2009,台灣證券市場減資效應分析,台灣金融財務季刊,第10卷第3期,頁29-57。
    林有志與陳筱平,2011,現金減資之宣告效果,第12卷,第1期,頁31-56。
    林宛瑩、許崇源、戚務君、陳宜伶,2009,公司治理與信用風險,臺大管理論叢,第19卷第S2期,頁71-98。
    林鴻光、許永聲與沈家瑜,2009,企業進行現金減資之宣告效果及對其營運績效之影響,台灣管理學刊,第9卷 第2期,頁185-203。
    林鴻光、許永聲與沈家瑜,2009,企業進行現金減資之宣告效果及對其營運績效之影響,臺灣管理學刊,第9卷第2期,185-203頁。
    胡庭瑄,2018,現金減資與租稅規避,政治大學會計系碩士論文。
    張漢傑,2009,企業減資的苦與甘,會計研究月刊,第281期,頁52-58。
    畢恆達,1996,詮釋學與質性研究,載於胡幼慧(主編),質性研究─理論與方法及本土女性研究實例,頁27-45。台北:巨流圖書公司。
    陳向明,2002,社會科學質的研究。台北:五南出版社。
    黃玉麗、沈中華,2009,盈餘管理對銀行債務資金成本之影響-信用評等觀點,管理學報,第26卷第6期,頁599-623。
    黃光玉、 劉念夏、陳清文譯,2004。媒介與傳播研究方法:質化與量話研究途徑。台北:風雲論壇(原書Arthur A. Berger. 2000. Media and Communication Research Methods: Qualitative and Quantitative Approache)。
    黃劭彥、林琦珍與黃怡倫,2012,我國實施減資之上市櫃公司其公司治理對公司績效之影響,台灣管理學刊,第12卷第2期,頁227-250。
    黃劭彥、鍾宇軒、邱安安與許景翔,2011,公司減資、經營績效與盈餘管理,臺灣管理學刊,第11卷,第2期,頁155-175。
    黃德芬與盧素蓮,2003,公司減資外一章–減資返還股款之策略運用,會計研究月刊,第208期,p.89-94。
    劉任昌、邱志忠與楊朝成,2014,臺灣企業之發放政策:現金股利、股票購回與現金減資,第26卷,第3期,頁47-96。
    Bill B. Francis, Delroy M. Hunter, Dahlia M. Robinson, Michael N. Robinson and Xiaojing Yuan. 2017. Auditor Changes and the Cost of Bank Debt. The Accounting Review 92:3, 155-184.
    Brav, A., J. R. Graham, C. Harvey, and R. Michaely. 2005. Payout Policy in the 21st Century. Journal of Financial Economics 77 (3):483-527.
    Bushee, B. 1998. The influence of institutional investors on myopia rand investment behavior. The Accounting Review. 73(3): 305-333
    Chan, Konan, Yueh-hsiang Lin and Yanzhi Wang (2015), ”The information content of R&D reductions,”Journal of Empirical Finance.
    Chen, P. F., S. He, Z. Ma and D. Stice. 2016. The information role of audit opinions in debt contracting. Journal of Accounting and Economics (February): 121-144.
    Eberhart, A. , Maxwell, W. and Siddique. A. 2008. A Reexamination of the Tradeoff between the Future Benefit and Riskiness of R&D Increases. Journal of Accounting Research, 46: 27-52.
    Eberhart, A.C., Maxwell,W.F., Siddique, A.R., 2008. A reexamination of the tradeoff between the future benefit and riskiness of R&D increases. J. Account. Res. 46, 27–52.
    Fan, J. P. H., and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33(3): 401-425.
    Gong G., Louis H. and Sun A. X. 2008. Earnings management and firm performance following open-market repurchases The Journal of Finance 63(2): 947-986.
    Hanlon, M. and J. Hoopes. 2014. What do firms do when dividend tax rates change? An examination of alternative payout responses. . Journal of Financial Economics 114(1): 105-124.
    Hsieh, J. and Q. Wang. 2008. Insider`s tax preferences and firm`s choices between dividends and share repurchases. Journal of Financial and Quantitative analysis 43(1): 213-244.
    Jensen, M. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329.
    Lie, E. and H. J. Lie. 1999. The role of personal taxes in corporate decisions: An empirical analysis of share repurchases and dividends. The Journal of Financial and Quantitative Analysis 34(4): 533-552.
    Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics 20: 293-315.
    Moser, W. J. 2007. The effect of shareholder taxes on corporate payout choice. Journal of Financial and Quantitative Analysis 42(4): 991-1020.
    Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20(2): 237-264.
    Skinner, D. J. 2008. The evolving relation between earnings, dividends, and stock repurchases. Journal of Financial Economics 87(3): 582-609.
    Srinidhi, B. N., S. He, and M. Firth. 2014. The effect of governance on specialist auditor choice and audit fees in U.S. family firms. The Accounting Review 89(6): 2297.
    Vermaelen, T. 1981. Common stock repurchases and market signalling: An empirical study. Journal of Financial Economics 9(2): 139-183.
    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

    Files in This Item:

    File SizeFormat
    204701.pdf1590KbAdobe PDF20View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback