以BCG矩陣探討現金減資對公司股價報酬之影響

The Impact of Capital Reduction on Stock Return: Evidence from BCG Matrix

本研究主要以2000年到2018年間台灣經濟新報TEJ上市櫃公司，探討實施現金減資宣告對股價的影響，並且利用BCG矩陣的方法依相對市場佔有率及市場成長率，將樣本公司區分為老狗、問題、金牛及明星事業四個象限。實證結果顯示實施現金減資宣告，對上市櫃公司股價報酬具有正向影響，但效果僅出現於宣告日及宣告日後一日。依BCG矩陣區分四個事業象限，所有象限在宣告當日皆具有正向顯著異常報酬，但宣告效果於問題及金牛象限較為明顯。

The aim of this study is to investigate the effects of the announcement of capital reduction by the event study methodology.We collect data from Taiwan Economic Journal Database, TEJ during 2000-2018. Following BCG Matrix, we classify the life cycle stages: problem, dog,cowand star quadrants by using relativemarket share and growth rate. Major results are follows: We find significantly positive market reactions to capital reduction announcements. Butthe Significant and positive abnormal returns are found from the event day to first day. The significant and positive abnormal returns are found on all sample in BCG Matrix quadrants.The cumulative abnormal returns of problem and cow quadrants are higher than dog and star quadrants.