企業進行現金減資之宣告效果及對其營運績效之影響

The Announcement Effect and the Influences on Operating Performance of Deducing Capital Decision

10.6295/TAMJ.2009.0902.04

林鴻光(Hank Lin)；許永聲(Yun-Sheng Hsu)；沈家瑜(Jia-Yu Shen)

現金減資 ； 異常報酬 ； 流動性 ； 營運績效 ； capital deduction ； abnormal return ； liquidity ； operating performance

台灣管理學刊

9卷2期（2009 / 08 / 01）

185 - 203

繁體中文

本研究探討公司宣告現金減資之訊息效果，並驗證現金減資對股票流動性及實質營運績效的影響。Jensen(1986)指出，若公司處於低成長機會階段且擁有較高自由現金流量時，經理人可能採行有損股東價值之無效率投資，本文則認為當公司進行現金減資時，將可以有效降低前述的代理問題。故本研究將驗證公司宣告現金減資對股東是否具有訊息效果，同時亦檢測進行現金減資後，是否會影響其股票流動性及營運績效。實證結果發現，公司宣告現金減資後，股價具有正向的宣告效果，且宣告日前股價有事先反應的現象。此外宣告現金減資能提升股票流動性。實施現金減資對企業長期營運績效並無影響，但可透過現金減資增加資產週轉效益，達成提升短期營運績效目的。

The study investigates the effect of the announcement of capital deduction on stock price, and the influences on stock liquidity and operating performance. Jensen (1986) indicated that the managers of the firms with low growth opportunities and high free cash flow tend to inefficient investment. We expect that the capital deduction decision will mitigate the agency problem. For the reason, this study explores the abnormal return around the announcement of capital deduction, the effects of the announcement of capital reduction on liquidity and on operating performance. The results show that the announcement of capital deduction has positive effect on stock price, and it has reacted before the announcement. In addition, the paper finds that the announcement of capital reduction can increase the liquidity of the stock. Finally, this results reveals that capital deduction adopted policy can promote the effect of assets turnover ratio and financial statement performance, but not real value.

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