現金增資、現金減資之股票宣告效果、營運績效影響

The Announcement Effects and Operating Performance of Capital Reduction and SEO

本文採事件研究法及多元迴歸，比較分析辦理現金增資、現金減資公司之股價宣告效果與營運績效之間的差異。實證結果顯示，現金減資宣告的市場反應較現金增資的反應快，且股價報酬相對於現金增資是正向反應，此外現金增資的股票宣告效果的持續性高於現金減資的宣告效果，故現金增資在股票市場上的反應可能較現金減資久，若要進行對於現金減資相關的投資，則可能較適合投資人進行短期投資。對於營運績效影響方面，現金增資的樣本公司中，實質盈餘管理對公司營運績效呈負向顯著影響；且不論現金增資或現金減資，其外國法人持股比愈高，Tobin’s Q愈大。因此對公司而言，若公司能吸引外國機構投資者的重視，則可能對公司未來成長機會愈大。

The empirical results show that SEOs companies have significantly negative average standardized abnormal returns on the first day after the announcement date, while capital reduction companies have significantly positive average standardized abnormal returns on the day of the announcement date. Therefore, it can be observed that the market reaction of capital reduction announcement is faster than that of SEOs. In terms of average standardized cumulative abnormal returns, it means that SEOs may have a longer response in the stock market than capital reduction. In terms of the impact of SEOs and capital reduction on operating performance, the higher the degree of real earnings management of SEOs, the worse the operating performance of the company; The higher manager shareholding ratio, foreign institutional investor shareholding ratio and domestic institutional investor shareholding ratio, the larger Tobin's Q is. In terms of capital reduction, the capital reduction ratio has a significant positive effect on ROE; The higher the foreign institutional investor shareholding ratio is, the larger Tobin's Q is.