政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/97160
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113325/144300 (79%)
造訪人次 : 51155775      線上人數 : 900
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 學術期刊 > 會計評論 > 期刊論文 >  Item 140.119/97160


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/97160


    題名: 彌補虧損減資、現金減資與庫藏股減資之市場宣告效果
    其他題名: The Announcement Effect of Capital Reduction to Cover Losses, Cash Refund Capital Reduction, and Stock Repurchases
    作者: 王瑪如;蕭君宇
    Wang, Ma-Ju;Hsiao, Chun-Yu
    關鍵詞: 彌補虧損減資;現金減資;庫藏股減資;異常報酬
    Capital reduction to write off accumulated losses;Cash refund capital reductio;Capital reduction by stock repurchases;Abnormal return
    日期: 2013-07
    上傳時間: 2016-06-01 14:23:08 (UTC+8)
    摘要: 本研究探討彌補虧損減資、現金減資與庫藏股減資等三種減資之市場宣告效果。彌補虧損減資雖於宣告時市場反應不佳，但往後卻漸入佳境，空頭市場中執行現金減資最能凸顯公司良好的體質及財務狀況，而實施庫藏股則能展示對自家公司的信心。三種減資於宣告後之長期股價績效都有轉佳之現象。減資比率於彌補虧損與現金減資公司中分別負向與正向影響異常報酬，但不影響庫藏股減資公司。三種減資決策重點並不在調節公司資本結構。此外，投資人不支持彌補虧損減資公司再付出研發費用。現金減資公司中，董監持股愈高，或盈餘分配權愈小，愈能得到投資人之青睞。庫藏股減資公司的董監質押比例愈低，市場愈趨向正面之評價。
    This study explores the market announcement effect of three types of capital reduction, namely capital reduction to write off accumulated losses, cash refund capital reduction, and capital reduction by stock repurchases. Although capital reduction to write off accumulated losses has negative market reactions at announcement, the market reaction improves afterwards. In a bear market, cash refund capital reduction can demonstrate robust corporate health and strong financial position. Stock repurchases is the best way for companies to demonstrate their confidence in the company. All three methods result in improved long-term stock price performance after the announcement. The ratio of capital reduction has a negative (positive) influence on companies adopting capital reduction to write off accumulated losses (cash refund capital reduction), but does not affect companies adopting capital reduction by stock repurchases. The decision on capital reduction is not aimed at adjusting the company’s capital. Moreover, investors do not react positively to additional expenditure on R&D for companies adopting capital reduction to write off accumulated losses. For companies adopting cash refund capital reduction, investors react more positively when directors and supervisors hold more outstanding shares and when the profit distribution right decreases. For companies adopting capital reduction by stock repurchases, market reaction tends to be more positive as the pledge ratio by directors and supervisors is lower.
    關聯: 會計評論, 57(105-135)
    International Journal of Accounting Studies
    資料類型: article
    顯示於類別:[會計評論] 期刊論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    57-4.pdf342KbAdobe PDF2436檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    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 ©   - 回饋