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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/30997
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30997


    Title: 台灣上市櫃公司實施不同類型減資之實證分析
    Authors: 潘振偉
    Contributors: 姜堯民
    潘振偉
    Keywords: 減資
    庫藏股
    現金減資
    事件研究法
    多元迴歸
    Date: 2007
    Issue Date: 2009-09-14 09:01:53 (UTC+8)
    Abstract: 本研究進行不同類型減資之實證研究,分別是依據公司法的彌補虧損減資及現金減資,與依據證交法的庫藏股減資,利用事件研究法及多元迴歸分析,探討國內上市櫃公司實行不同類型的減資方式時,其宣告效果的比較,以及影響宣告效果的因素有哪些。研究樣本為民國91年1月至97年3月底間,台灣的上市櫃公司宣告實行減資者。本研究之實證結果如下:1.公司宣告庫藏股減資及現金減資在事件日當天具有顯著的正向宣告效果;而公司宣告彌補虧損減資在事件日當天具有顯著的負向宣告效果。2.公司宣告庫藏股減資與彌補虧損減資、宣告現金減資與彌補虧損減資之間的累積異常報酬率有著顯著差異。3.以多元迴歸分別探究哪些因素影響了宣告減資的累積異常報酬率,結果發現在庫藏股減資部分,淨值市價比、內部人持股比、及預定減資比例,顯著地影響累積異常報酬率;彌補虧損減資部分,淨值市價比、獲利能力與減資比例等變數會影響累積異常報酬率;現金減資部分,本研究選取的每股盈餘、獲利能力、現金流量允當比率及減資比例等解釋變數,無法顯著地影響累積異常報酬率。
    Reference: 國外文獻
    1. Barth, M. E. and R. Kasznik, (1999), “Share Repurchases and Intangible Assets”, Journal of Accounting and Economics, Vol.28, pp 211-241
    2. Billett, M.T., and Xue HUI, (2007), “The Takeover Deterrent Effect of Open Market Share Repurchases”, Journal of Finance, Vol.62, pp.1827-1850
    3. Dann, L.Y., (1980), “Common Stock Repurchases-an Analysis of Returns to Bondholders and Stockholders”, Journal of Financial Economics, Vol.9, pp.113-138
    4. Desai, H. and P. C. Jain, (1997), “Long-Run Common Stock Returns following Stock Splits and Reverse Splits”, Journal of Business, Vol.70, pp.409-433
    5. Dittmar, A.K., (2000), “Why Do Firms Repurchase Stock”, Journal of Business, Vol.73, pp.331-355
    6. Grullon, G. and D.L. Ikenberry, (2000), “What Do We Know About Stock Repurchases”, Journal of Applied Corporate Finance, Vol.13.1, pp.31-51
    7. Grullon, G., and R. Michaely, (2002), “Dividends, Share Repurchases, and the Substitution Hypothesis”, Journal of Finance, Vol.57, pp.1649-164
    8. Han, K.C., (1995), “The Effects of Reverse Splits on the Liquidity of the Stock”, Journal of Financial and Quantitative Analysis, Vol.30, pp.159-169
    9. Ikenberry, D., J. Lakonishok and T. Vermaelen, (1995), “Market Underreaction to Open Market Share Repurchases”, Journal of Financial Economics, Vol.39, pp.181-208
    10. Ikenberry, D., J. Lakonishok and T. Vermaelen, (2000), “Stock Repurchases in Canada: Performance and Strategic Trading”, Journal of Finance, Vol.55, pp.2373-2397
    11. Isagawa, N., (2000), “Open-Market Stock Repurchase and Stock Price Behavior When Management Values Real Investment”, Financial Review, Vol.35, pp.95-108
    12. Jensen, M.C., (1986), “Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, Vol.76, pp.323-329
    13. Martell, T.F. and Webb G.P., (2007), “The Performance of Stocks That Are Reverse Split”, Review of Quantitative Finance and Accounting, Vol.30, pp.253-279
    14. McNally, W.J., (1999), “Open Market Stock Repurchase Signaling”, Financial Management, Vol.28, pp.55-67
    15. Miller, J.M., and G. Shanker, (2005), “The Effects of Open-Market Stock Repurchases by Insurance Companies”, Journal of Insurance Issues, Vol.28, pp.167-182
    16. Nohel, T. and V. Tarhan, (1998), “Share Repurchases and Firm Performance:New Evidence on the Agency Costs of Free Cash Flow”, Journal of Financial Economics, Vol.49, pp.187-222
    17. Raad, E. and H.K. Wu, (1995), “Insider Trading Effects on Stock Returns Around Open-Market Stock Repurchase Announcements-an Empirical Study”, Journal of Financial Research, Vol.18, pp.45-57
    18. Radcliffe, R.C., and W.B. Gillespie, (1979), “The Price Impact Of Reverse Splits”, Financial Analysts Journal, Vol.35, pp.63-67
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    20. Vermaelen, T., (1981), “Common Stock Repurchases and Market Signaling-an Empirical Study”, Journal of Financial Economics, Vol.9, pp.139-183
    21. Stephens, C.P. and M.S. Weisbach, (1998), “Actual Share Reacquisitions in Open-Market Repurchase Programs”, Journal of Finance, Vol.53, pp.313-333
    22. Zhang, H., (2005), “Share Price Performance Following Actual Share Repurchases”, Journal of Banking and Finance, Vol.29, pp.1887-1901
    國內文獻
    1. 沈中華、李建然,2000,事件研究法:財務與會計實證研究必備,台北華泰書局
    2. 李宗祥,2000,「上市公司買回本公司股份之研究」,台灣大學財務金融學研究所碩士論文
    3. 呂佳真,2001,「臺灣上市公司減資資訊內涵之研究」,銘傳大學金融研究所碩士在職專班論文
    4. 李家茂,2007,「減資對公司價值之影響(以傳統醫療器材公司為例)」,政治大學經營管理碩士學程論文
    5. 吳佩芬,2005,「上市公司宣告買回庫藏股之宣告效果與買回動機之研究」,台灣大學會計學研究所碩士論文
    6. 林瑋莉,2006,「台灣現金減資宣告效果之實證研究」,台灣大學財務金融學研究所碩士論文
    7. 邱繼毅,2003,「我國上市櫃公司減資行為之資訊內涵實證研究」,中正大學財務金融研究所碩士論文
    8. 陳達新,2003,「庫藏股制度對股票價格的宣告效果-台灣上市公司的實證研究」,商管科技季刊,第四卷第四期
    9. 莊宗勳,2006,「台灣上市公司現金減資與現金股利、庫藏股政策之實證研究」,中央大學財務金融研究所碩士專班論文
    10. 楊芳瑜,2007,「公司減資返還股款之研究」,台灣大學會計學研究所碩士論文
    11. 闕志中,2006,「現金減資對股東價值影響之研究」,政治大學經營管理碩士學程論文
    Description: 碩士
    國立政治大學
    財務管理研究所
    95357001
    96
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0095357001
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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