Capital Reductions through Repurchasing Shares versus Distributing Cash: From the Perspective of Corporate Life-Cycle Stage and Capital Structure

以企業生命週期與資本結構觀點分析現金減資與庫藏股減資

劉任昌(Jen-Chang Liu)；李世欽(Shih-Chin Lee)；廖熒虹(Yirng-Hurng Liauh)

資本結構 ； 現金減資 ； 財務彈性 ； 生命週期理論 ； 發放政策 ； 庫藏股 ； capital structure ； capital reduction ； financial flexibility ； life-cycle theory ； payout policy ； repurchases

致理學報

35期（2015 / 11 / 01）

1 - 34

英文

除了發放現金與股票購回，企業亦可透過現金減資執行發放政策。購回股票註銷或現金減資皆導致企業的資本結構改變。本研究應用DeAngelo, DeAngelo, and Stulz (2006)之方法，使用保留盈餘占股權之比率，當作企業生命週期代理變數。研究發現：當一家公司決定減資而改變資本結構，成熟的公司趨向使用現金減資，而非庫藏股減資。此外，當一家公司決定減資，低負債比的公司趨向使用現金減資，而非庫藏股現金減資。以上實證發現符合財務理論之預期。

In addition to distributing dividends and repurchasing shares, directly distributing cash to shareholders in order to reduce capital is an alternative form of paying out. A firm can alter its capital structure by repurchasing shares or by reducing capital. This paper employs the approach of DeAngelo, DeAngelo, and Stulz (2006) by using the ratio of retained earnings to equities as a proxy for corporate life cycle to illustrate that when a firm decides to reduce capital, thereby changing the capital structure, a mature firm is prone to reducing capital by directly distributing cash instead of repurchasing shares and cancelling them. Additionally, a firm with low leverage is more likely to directly distribute cash to shareholders for reducing capital, when it comes to reducing capital.