:::

詳目顯示

回上一頁
題名:彌補虧損減資與企業長期發展:南亞科技之個案研究
書刊名:東吳經濟商學學報
作者:張竹萱盧德康林修葳 引用關係
作者(外文):Chang, Chu HsuanLu, Te KangLin, W. Hsiou-wei
出版日期:2011
卷期:74
頁次:頁83-117
主題關鍵詞:減資彌補虧損南亞科技個案研究事件研究Capital reductionCapital reduction for offsetting the lossNanya Technology CorporationCase studyEvent study
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:30
  • 點閱點閱:122
企業可因應本身現況與對產業前景觀察,選擇不同的資本調整行為。南亞科技為知名DRAM製造商,自2007 年開始,南亞科技營收逐年下滑,造成帳上嚴重虧損,故南亞科技於2009 年由董事會決議通過減資 311.78 億元以彌補累積虧損,減資幅度達 66.43%。本文分析南亞科技採取資本減除行為之產業環境與背景,探討公司財務調整面臨的考驗,從教學輔助角度與觀點,分析公司減資前後的財務狀況,探究減資相關法令依據、作業時程、市場反應與長期投資績效影響。實證結果顯示,南亞科技之負向宣告效果僅持續三天,且減資後新股上市之長期投資績效不錯,分析師亦給予正面評價,顯示南亞科技虧損減資暨新募資金挹注下,對於穩定公司營運與財務結構,及提升公司價值,具正面助益。
Enterprises can choose among different capital adjusting approach that fits their own status and the prospects of industries. This case study examines the 2009 capital reduction event by Nanya Technology, a worldwide famous DRAM manufacturer. Since year 2007, the decreasing revenue resulted in significant accumulated losses on its balance sheet. In response, Nanya's board of directors decided to reduce $31.18 billion in capital (or 66.43% of its capital) to offset the reported accumulated losses. We present a case study of Nanya to explore the task of its capital reduction decision. From the case teaching point of view, we discuss the industrial background and its financial status to enhance students understanding of the legal aspects and institutions for firm's capital reduction. We also examine the stock market reaction accompanying Nanya's announcement as well as the stock price behavior subsequent to its recapitalization. The empirical findings show that the negative announcement effects only lasted for three days and analysts made positive recommendation after Nanya's recapitalization. These phenomena show the positive impact on the stability of Nanya's operating and financing, as well as to its enhancing the corporate value via capital reduction and raising new capital after capital adjustment.
期刊論文
1.Otchere, I.、Ross, M.(2002)。Do Share Buy Back Announcements Convey Firm-specific or Industry-wide Information? A Test of the Undervaluation Hypothesis。International Review of Financial Analysis,11(4),511-531。  new window
2.李國榮、呂素蓮、張舜迪(20090900)。台灣證券市場減資效應分析。臺灣金融財務季刊,10(3),29-57。new window  延伸查詢new window
3.劉啟群、陳妮雲(20100400)。買回庫藏股實際執行率宣告市場反應之研究。證券市場發展,22(1)=85,139-176。new window  延伸查詢new window
4.Vermaelen, T.(1981)。Common Stock Repurchase and Market Signaling: An Empirical Study。Journal of Financial Economics,9,139-183。  new window
5.Dann, L. Y.(1981)。Common Stock Repurchase: An Analysis of Returns to Bondholders and Stockholders。Journal of Financial Economics,9,277-302。  new window
6.陳振遠、張眾卓、王朝仕、莊博勝(20090900)。庫藏股購回宣告後長期績效與影響因素之研究。輔仁管理評論,16(3),23-57。new window  延伸查詢new window
7.蔡柳卿、郭法雲(20040100)。我國庫藏股制度之實證研究:資訊效果與資訊傳遞動機。會計評論,38,81-112。new window  延伸查詢new window
8.Lang, Larry H. P.、Stulz, René M.(1992)。Contagion and Competitive Intra-industry Effects of Bankruptcy Announcements。Journal of Financial Economics,32(1),45-60。  new window
9.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review,76(2),323-329。  new window
10.李亮君、李顯儀、吳幸姬、李欣微(2010)。上市公司買回庫藏股資訊傳遞效果之探討。東吳經濟商學學報,68,61-90。new window  延伸查詢new window
11.楊馥如、顧廣平、董建中(2005)。我國上市櫃公司減資後長期績效評估。績效與策略研究,2(2),35-55。new window  延伸查詢new window
12.Erwin, R.、Miller, J.(1998)。The Intra-industry Effects of Open Market Share Repurchase: Contagion or Competitive?。Journal of Financial Research,21(4),389-406。  new window
13.Ikenberry, David、Lakonishok, Josef、Vermaelen, Theo(1995)。Stock Repurchases in Canada: Performance and Strategic Trading。Journal of Finance,55,2373-2397。  new window
14.Tawatnuntachai, O. and R. D’Mello(2002)。“Intra-Industry Reactions to Stock Split Announcements.”。The Journal of Financial Research,25,pp.39-57。  new window
學位論文
1.吳桂銀(2005)。不同類型減資減資事件之實證研究(碩士論文)。中原大學。  延伸查詢new window
2.邱繼毅(2004)。我國上市櫃公司減資行為之資訊內涵實證研究(碩士論文)。國立中正大學,嘉義縣。  延伸查詢new window
3.楊芳瑜(2007)。公司減資返還股款之研究(碩士論文)。國立臺灣大學。  延伸查詢new window
4.黃冠仁(2003)。我國上市公司股票購回宣告與同業股價關聯性之研究。  延伸查詢new window
5.蘇菁惠(民99)。返還股東現金與彌補虧損減資研究。  延伸查詢new window
6.林瑋莉(2007)。台灣現金減資宣告效果之實證研究。  延伸查詢new window
7.洪士峻(2008)。現金減資資訊內涵之研究。  延伸查詢new window
8.陳玉珍(2007)。上市 (櫃) 公司股票買回宣告對同產業公司股價績效之影響--競爭效果與蔓延效果之檢測。  延伸查詢new window
9.張穎仁(2008)。台灣股票市場減資事件比較之實證研究。  延伸查詢new window
10.呂曉雯(2006)。企業減資對股票價格之影響。  延伸查詢new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關書籍
 
無相關著作
 
QR Code
QRCODE