股東能得益於現金減資嗎？現金價值之分析

Can Shareholders Benefit from Cash Refund Capital Reduction? The Analysis via the Value of Cash Holdings

研究目的：藉由現金價值分析，本研究探討市場能否識別公司進行現金減資之管理者意涵。
研究設計／方法：本文透過Pinkowitz et al. (2006)的模型並納入現金減資變數，以OLS迴歸進行實證估計。
研究結果：現金減資對未來現金價值之影響受企業生命週期與公司治理而影響。當公司處於成熟階段，市場將給予減資公司較高現金評價。然而，當公司處於成長階段，市場對於完善治理之年輕公司採行現金減資將有較正面之評價，此原因主要為現金使用效率提升所致。
研究限制／啟發：本文補充了現有文獻，藉由現金價值分析釐清現金減資之管理者意涵，並說明減資對於現金使用效率之影響。
理論／實務／社會意涵：本文顯示市場可辨識不同發放決策之管理者意涵，管理者應審慎決定發放政策。
創見／價值：本文藉由現金價值之分析增添了現金減資文獻之討論觀點，同時亦呼應了過去文獻，彈性發放決策隱含之管理者訊息將對未來現金使用及其價值深具影響。

Purpose–This study investigates how the market identifies the managerial implication behind cash refund capital reduction (CR) by exploring the impact of CR decision on the value of additional post-payout cash and on the cash usage after the payouts.
Design/methodology/approach–This research modifies the model of Pinkowitz et al. (2006) by taking the impact of CR decision into account. The empirical results are estimated using an OLS regression that controls for the time and industry fixed effects and is adjusted with the robust standard errors for heteroscedasticity.
Findings–The impact of CR decisions on the valuation of additional post-payout cash varies with the corporate life cycle stage and a firm’s governance environment. As firms are at a more mature life stage, the CR choice is related to a higher market valuation of additional cash after the payouts than the repurchasing decision. However, when firms are at a younger life stage, the difference in the cash valuation between CR and repurchasing firms change with their governance status. The more positive impact of CR decision in well governed young firms is more associated with the efficiency improvement in cash usage.
Research limitations/implications–This research complements existing CR literature by clarifying the managerial rationale for CR payout via the analysis of cash valuation. Meanwhile, these results also fill the gap in CR literature by exploring how CR decisions improves corporate efficiency in cash usage.
Practical implications/Social implications–The findings of this research not only show how the market investors recognize the implication behind the CR decision, but also alter managers to the importance of choosing an appropriate payout mechanism.
Originality/value–The research adds to the CR literature by providing an alternative perspective via the cash valuation channel. It echoes to prior studies that the managerial rationale of making flexible payout choice matters to a firm’s future cash usage as well as its cash value.