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題名：減資選擇之決定因素與經營績效
作者：施念恕 引用關係
作者(外文)：Nien-su Shih
校院名稱：國立成功大學
系所名稱：會計學系碩博士班
指導教授：吳清在
學位類別：博士
出版日期：2009
主題關鍵詞：減資；現金減資；經營績效；庫藏股減資；operating performance；share buyback；return cash to shareholder；capital reduction
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最近八年（2000年至2007年）台灣上市櫃企業掀起一股減資的熱潮。我們不禁要問，企業為何減資？目前公司法規定公司減資的方式包含虧損減資、現金減資與庫藏股減資三種，近年台灣卻有以現金減資替代庫藏股減資的新趨勢。當文獻廣泛地企圖分析公司買回庫藏股的動機為何，相對的在虧損減資以及現金減資方面的研究卻未受到關注。因此，本研究不同以往僅針對庫藏股減資作分析，著重於公司減資方式的選擇觀點，由於公司減資的選擇是由很多與公司財務考量以及未來發展有關的因素所決定，所以本研究先討論公司減資的選擇與其相關的決定因素，以羅吉斯以及多項羅吉特模式去估計公司減資方式選擇之機率，它將可幫助我們瞭解不同減資方式代表之真實意涵。除此之外，本研究並深入探討公司選擇不同的減資方式，對公司的經營績效的影響。
實證結果發現，虧損公司之每股淨值、負債比率、流動比率以及利息保障倍數愈低，每股累積虧損愈大，景氣狀況愈佳，公司進行虧損減資的可能性愈大。而在現金減資以及庫藏股減資選擇的結果發現：1. 公司現金持有的部位愈高，公司的規模愈大，以及商業環境愈不自由，政府的管制愈多，將增加公司選擇現金減資或是庫藏股減資的機率。2. 公司內部人以及董監事持股比率愈低，以及市場的景氣愈低迷，都會增加公司選擇庫藏股減資的機率。3. 公司的每股盈餘成長率、大陸投資的比率愈低以及股本增加率愈低，將增加公司選擇現金減資機率。
其次，檢視公司在選擇不同減資方式後是否傳遞經營績效改善訊息。實證結果顯示，虧損減資公司之經營績效顯著地低於與之配對的控制公司之經營績效。現金減資公司，減資後第1季的經營績效，是優於與其相似事前績效與市價對帳面價值比的公司之經營績效。在庫藏股減資的公司方面，在控制同產業並具有相似事前績效與市價對帳面價值比後，庫藏股減資公司，在減資後的前三季，其經營績效是顯著地較優於與之配對控制公司的經營績效。由此可知，公司以不同的減資方式進行減資傳遞不同的減資後公司經營績效改善的訊息。
Capital reductions have become an important financial policy for listing firms over the last 8 years (from 2000 to 2007) in Taiwan. A central question is: Why do firms reduce their capital? A firm’s capital reduction decision includes the reduction of share capital has as an objective the settlement of accumulated losses, refund to the shareholder via a capital reduction, and shares cancellations and share buybacks under the Companies Acts. It’s a new trend that firms choose to return surplus capital through a capital reduction instead of a share buyback in Taiwan. While an extensive literature attempts to analyze the motives to the share buyback, the search for analyze the others has not received nearly as much attention. Hence, differing from previous ones on share buyback, this study focuses on the capital reduction method choices. A firm’s selection of capital reduction decision is related to its financial considers and future growth which are determined by many factors. This paper will discuss capital reduction decisions and the determinants of alternative capital reduction method first. The logistic model and multinominal logit model are used to estimate the probability of selecting a type of capital reduction. It can help to answer the puzzle of which factors affect the choice of capital reduction decision. Besides, we want to investigate whether the selection of different capital reduction will lead to different operating performance.
The evidence suggests that the likelihood of eliminating the deficit via the capital reduction is positively related to accumulated losses per share or economic growth. Firms with high net assets per share, debt ratio, current ratio or interest cover tend to select eliminating the deficit via the capital reduction. In explaining the selection of capital reduction, refund to the shareholder versus shares cancellations and share buybacks, the finding indicate that: first, a rise in cash levels, firm size or government restrictions increases the probability of refund to the shareholder via a capital reduction or shares cancellations and share buybacks. Second, that a decrease in insider’s ownership, the ratio of the shares owned by the directors and supervisors or economic growth would all increase the probability of shares cancellations and share buybacks. Third, that a decrease in EPS growth rate, ratio of china investment or capital increasing rate leads to rise in the probability of refund to the shareholder via a capital reduction.
The paper also examine whether the selection of different capital reduction method convey information about performance. Relative to matched control firms’, the firms eliminate accumulated losses by means of the capital reduction have a negative operating performance improvement over a period of two year after the capital reduction. Relative to control firms with similar pre-event performance and market to book ratio, the firms refund to the shareholder via a capital reduction have the relative operating performance improvement of the sample firms occurs within one quarter after capital reduction. And firms with shares cancellations and share buybacks exhibit superior operating performance improvement within 3 quarters after capital reduction. Thus, the study provides evidence that the selection of different capital reduction method convey a different improvement in subsequent operating performance.
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