题名 |
企業減肥:來自台灣上市上櫃公司現金減資、庫藏股減資之比較分析 |
并列篇名 |
Capital Reduction:Compare with Cash Reducing and Treasury Stock from Taiwan's Listed and OTC Companies. |
DOI |
10.6837/NCNU.2009.00155 |
作者 |
呂宗益 |
关键词 |
現金減資 ; 庫藏股減資 ; 短期股價 ; 長期會計指標 ; 公司特性 ; Reducing Capital ; Treasury Stock ; Short-Term Stock Price ; Long-Term Accounting ; Characteristics of Company |
期刊名称 |
國立暨南國際大學財務金融學系學位論文 |
卷期/出版年月 |
2009年 |
学位类别 |
碩士 |
导师 |
王健安 |
内容语文 |
繁體中文 |
中文摘要 |
論文摘要 以王健安(2007,2008),王健安與呂宗益(2008)的研究為基礎,本研究使用在2001到2007年期間內,有17家共21件實施「現金減資」的事件,有199家共380件實施「為了維護公司信用進行庫藏股減資」的事件,討論以下4個議題:(1)「現金減資、庫藏股減資兩種減資方式都會是一致性的正面signal嗎?」(2)從「個體面」討論現金減資與庫藏股兩種減資方式在「長期」會計績效指標下的差異。(3)分別從「公司個體面」與「國家總體面」討論現金減資(與庫藏股兩種)減資與「公司未來成長」、「一國(未來)經濟成長」的關係。(4)實施兩種減重方式的公司,其在「公司特徵」方面有什麼差別。 實證後發現:(1)進行現金減資及庫藏股減資的公司,都有明顯的正向宣告效果;(2)不論使用現金減資或是庫藏股減資,都看不出宣告後公司績效指標會變好,甚至會變差;(3)從「公司個體面」發現進行現金減資的公司,會刺激營業收入成長,但對公司經營來說比較傾向負向訊號;在「國家總體面」可以發現現金減資金額會隨著大環境不景氣變差而提高,而當股價走高庫藏股事件數會減少;(4)(a)現金減資VS庫藏股減資:現金減資有相對現金流量較為充沛、負債較低、營收成長減緩、公司規模較大及平均獲利較高的特性。(b)多次現金減資的公司有閒置資金的可能較低、平均發放每股股利較大的特性。(c)多次庫藏股減資的公司有著獲利較低、增資次數較多造成股本太大及平均發放每股股利較小的特性。(d)而使用過現金減資及庫藏股減資的公司有現金流量較為充沛、負債低、公司規模大及過去增資較為頻繁的特性。(e)股利之間,現金減資與股利呈現互補關係;庫藏股減資與股利呈現替代關係。 綜合來說,本研究有三個特色與貢獻:第一,本研究並非獨立討論這兩個決策,而是架構在公司減肥瘦身有很多方式,就本研究截至目前所做的文獻回顧,本篇研究應是台灣首度從企業「減重」觀點,合併討論此一主題的。第二是討論兩種減資方式對於corporate finance的財務決策涵意。最後,本研究雖然討論的議題與樣本來自台灣單一體,但就「現金減資」來說,其是一般企業從快速成長進入到平穩(甚或衰退期),解決古典財務理論所提agency problem之一:過多(閒置)現金(或free cash flow),台灣所創造的特有解決方式。 |
英文摘要 |
Abstract This dissertation discusses 21 events of reducing capital and 380 events of Treasury stock. This period is from 2001 to 2007. There are 17 companies which use the strategy of reducing capital and 199 companies which use the strategy of Treasury stock. Main 4 topics this dissertation discusses: (1) if the reducing capital and the Treasury stock two strategies are all both positive signal? (2) To discuss the difference of the two strategies in accounting effects from individual. (3) To distinguish the growth rate and economy growth from two strategies from the apects of company and country. (4) To discuss the difference of two strategies in characteristic of company. The results: (1) using the reducing capital and Treasury stock all have the positive signals. (2) of the two strategies both cann’t increase their company accounting effects. (3) cash reducing will make their growth rate decrease. The events of reducing capital will increase when depression and the events of Treasury sotck will decrease when bull. (4) company simultaneously carry on the cash to reduce the capital and the treasury stock, which has the characteristic of business condition stably, the cash abundant, debt lowly, the company scale big, the profit standard high, and the past capital stock expands fast, capital expand fast; But carries on reduces the capital many times, which has the characteristic of the profit standard low, and but uses the Treasury stock has the cash capacity unstable and the debt ratio to be high, the company scale small; uses the cash to reduce the capital have the characteristic of cash current capacity to be abundant, the debt relatively low, the company scale big characteristic; And the dividend are the substitude for Treasury stock. This study has three characteristics and contributions: (1) the study is the first discussed by the aspect of losing weight of enterprice. (2) to discuss the financial decision of the two strategies. (3) this topic for discussion is just for Taiwan, so can solve one of financial theory, free cash flow, a Taiwan particular way to solve. |
主题分类 |
管理學院 >
財務金融學系 社會科學 > 財金及會計學 |
被引用次数 |