現金減資、現金增資與股價反應

Cash-refunding Capital Reduction, Seasoned Equity Offering and Stock Price Reaction

高麗萍(Li-Ping Kao)；陳奕翰(Yi-Han Chen)；吳宗倫(Zon-Lun Wu)；李冠綸(Kuan-Lun Li)；許誌凱(Jr-Kai Hus)；林旻君(Min-Jyun Lin)；陳昱瑋(Yu-Wei Chen)

現金減資 ； 現金增資 ； 異常報酬 ； Cash Refund Capital Reduction ； Abnormal Returns ； Seasoned Equity Offerings (SEOs)

致理學報

35期（2015 / 11 / 01）

119 - 149

繁體中文

證券市場為經濟櫥窗，台灣股票市場早已成為資金供需的主要橋樑，企業從事現金資本變動等財務策略運用一直是投資市場與財經媒體高度關注重要議題。本研究以2005年至2014年有宣告現金資本變動台灣上市櫃為樣本，有別於過去研究側重於單一現金資本變動型態的分析，本研究利用事件研究法同時探討現金減資及現金增資等不同現金資本變動型態在不同宣告窗期下的市場反應。本文實證結果證實現金資本變動與股價間具有顯著關連性，且不同現金資本變動型態與不同宣告窗期確實會影響資本市場反應的方向與強度。本研究希望藉由相關研究成果釐清現金資本變動等財務策略之情報效果，幫助投資者能更有效合理評估公司市場價值。

The securities market is essential to a country's economic development. In Taiwan, the stock market has become a major channel for the supply and demand of capitals. The use of financial strategies such as cash capital changes has consistently been a topic of concern for the investment market and financial media. The sample for this study comprised listed and OTC companies that announced cash capital changes between 2005 and March of 2014. Unlike previous studies, which focused only on analyzing one type of cash capital changes, this study adopted the event study method to simultaneously investigate market responses to cash capital reduction and Seasoned equity offerings (SEOs) when the announcement period varied. The empirical results indicated that a significant association between cash capital changes and stock prices, and that the direction and intensity of capital market responses differed when the announcement periods and types of cash capital changes varied. Based on relevant research findings, this study endeavored to clarify the intelligence effect of financial strategies, such as cash capital changes, to help investors effectively and rationally assess the market value of companies.