本研究利用事件研究法，檢視2010至2018年間，上市櫃公司辦理現金減資及彌補虧損減資兩種減資之市場宣告效果，以瞭解實施減資是否有異常報酬產生，另以迴歸方式及T檢定探討累積異常報酬及公司治理變數關聯，實證結果發現，辦理現金減資樣本公司於事件期累積異常報酬皆為正數，辦理減資彌補虧損樣本公司於事件期累積異常報酬皆為負數，可見市場將現金減資視為正面訊息，減資彌補虧損為負面消息，另發現隨著時間，辦理現金減資公司的平均異常報酬會逐漸減少，甚至轉為負數，辦理減資彌補虧損公司之平均異常報酬從負數逐漸收斂，可見市場宣告效果應為短期效應。累積異常報酬與公司治理變數部分，僅辦理減資彌補虧損公司於累積異常報酬及股份盈餘偏離倍數有顯著負相關，與獨立董事席次、董事長是否兼任總經理及管理階層持股比率皆無顯著關係。

This study uses event study method to examine the effect of the announcement of cash refund capital reduction and capital- reduction-to-write-off-accumulated-losses on the stock price in TWSE-listed and OTC-listed companies from 2010 to 2018. We find that the stock price response to the announcement of cash refund capital reduction is positive. In contrast, the stock price response to the publication of the capital reduction to writing off accumulated losses reveals is negative. This finding suggests that investment market regards cash reduction as a positive message, but the capital reduction to make up for losses is redeemed as negative news. Finally, This study further finds that the control-cash flow right deviation of controlling shareholders has a significantly negative effect on the abnormal cumulation return of the company using the capital reduction to write off accumulated losses.

論文審定書………………………………………………………………………….. i
致謝…………………………………………………………………………. ii
摘要………………………………………………………………………………….. iii
ABSTRACK………………………………………………………………………. iv
圖次…………………………………………………………………………………..v
表次…………………………………………………………………………. vi
第一章、緒論………………………………………………………………………….1
第二章、減資制度介紹………………………………………………………….3
第三章、文獻探討…………………………………………………………………5
第一節、現金減資………………………………………………………………5
第二節、減資彌補虧損…………………………………………………………6
第三節、假說建立……………………………………………………………..6
第四章、研究方法…………………………………………………………………..10
第一節、資料來源及研究範圍……………………………………………10
第二節、研究方法……………………………………………………………10
第五章、實證分析…………………………………………………………………..13
第一節、敘述統計及相關係數矩陣……………………………………………13
第二節、減資宣告股價之異常報酬……………………………………………15
第三節、減資樣本公司T檢定結果……………………………………………19
第四節、現金減資樣本公司迴歸結果…………………………………………22
第五節、減資彌補虧損樣本公司迴歸結果……………………………………24
第六章、結論………………………………………………………………………26
參考文獻………………………………………………………………………28

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