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| Title: | 虧損減資與減資再私募之研究
The study of capital reduction and private placement |
| Authors: | 陳柏瑞 |
| Contributors: | 謝淑貞
陳柏瑞 |
| Keywords: | 彌補虧損減資
私募
羅吉特回歸
Capital Reduction
Private Placement
Logistic Regression |
| Date: | 2010 |
| Issue Date: | 2011-09-29 16:37:10 (UTC+8) |
| Abstract: | 本研究為虧損減資相關之研究，以2000-2010年辦理虧損減資上市公司為樣本，並將樣本分組為只辦理虧損減資與減資再私募兩組，採用事件研究法比較兩者在減資宣告後的股價反應，並以前一年每季的財務指標分析兩者減資宣告前的營運績效。最後以羅吉斯迴歸模式，檢驗財務指標是否對公司減資政策選擇(減資後再私募與否)造成影響。
實證結果顯示，虧損減資公司在減資宣告有負向宣告效果，市場對虧損減資宣告為利空反應。樣本分組後發現，減資再私募公司在減資宣告後的累積負向報酬率較只辦理虧損減資公司為低。而減資再私募公司前一年每季的財務指標無論在資本結構、償債能力、獲利能力與經營能力均遜於單純只辦理虧損減資的公司。最後，羅吉斯迴歸模式顯示影響公司減資政策的因子為減資比率、減資宣告前一季季底P/B與每股盈餘。減資比率與前一季P/B越高，公司傾向採用減資再私募。前一季每股盈餘越高，公司傾向採用只辦理虧損減資，而迴歸模式預測的正確區別率約達到68.3%
It is an empirical study of capital-reduction. The sample of this study consists of companies which had utilized capital reduction in 2000 to 2010. The research employs the event-study method to examine the stock price reaction after the announcement of capital-reduction. The sample is divided into two subsamples, one includes companies with capital-reduction without private equity placement and the other are those companies with private equity placement after capital reduction. We compare not only their stock price reactions after the event but also the financial ratios before the event. Finally, we use Logit regression model to examine the impact of financial ratios to the company’s selection of capital-reduction policy.
The results show that the stock price reaction after the event is negative; market is worried about the announcement of the capital-reduction. The cumulative returns of the companies utilized capital-reduction with private equity placement are lower than those of the companies without private equity placement after capital reduction. And the study of financial ratios shows that the operation performances of capital-reducing companies with private equity placement are worse than those of the capital-reducing companies with private equity placement. The result of Logit regression model shows that the influencing factors of company’s capital-reduction policy are previous quarter EPS, previous quarter P/B ratio, and the degree of capital-reduction. The higher the previous P/B and the degree of capital reduction, the higher possibility for capital-reducing company use the private equity placement afterwards. The higher the previous EPS, the lower possibility for the them to further to adopt the private equity placement. |
| Reference: | 一、中文部分
呂佳真，2002，台灣上市公司減資資訊內涵之研究，銘傳大學碩士論文。
許雪芳，2003，有價證券私募制度相關法律問題之探討，中山大學碩士論文
林寶珍，2004，上市公司減資方式與其股價異常報酬率關係之研究，東吳大學碩士論文。
邱繼毅，2004，我國上市櫃公司減資行為之資訊內涵實證研究，中正大學碩士論文
吳坤明，2005，減資該搭配何種籌資工具，管理雜誌，第371期，頁116-119。
吳桂銀，2005，不同類型減資事件之實證研究，中原大學碩士論文。
楊光文，2005，台灣私募股權現況研究，台北大學碩士論文。
林育安，2006，私募股權之資訊內涵：上市(櫃)公司之實證研究，台灣大學碩士論文。
施俊廷，2006，公司減資宣告與增資私募對股價影響之比較研究，成功大學碩士論文。
張文魁，2006，股權結構對私募發行公司價值影響之分析，政治大學碩士論文。
吳國彬，2006，上市公司依公司法減資對於股價之影響－以電子類股為例，台北大學碩士論文。
呂曉雯，2007，企業減資對股票價格之影響，成功大學碩士論文。
蔡明秀，2007，私募宣告會影響股東財富? 以台灣上市上櫃公司為例，臺灣科技大學碩士論文。
蘇德威，2008，「私募的股東財富效果及影響公司進行財務特性分析，交通大學碩士論文。
二、英文部分
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Beaver, W.H. 1966. Financial Ratios as Predictors of Failure. Journal of Accounting Research 4: 71-102
Berkson,J. 1944. Application of the logistic function. Journal of the American Statistical Association 39: 357-365
Fama, E. F., L. Fisher, M. C. Jensen, and R. Roll. 1969. The Adjustment of Stock Prices to New Information. International Economic Review 10: 1-21
Hemang Desai and Prem C. Jain.1997. Long‐Run Common Stock Returns following Stock Splits and Reverse Splits. Journal of Business 70: 409-433
KC Han, 1995. The Effects of Reverse Splits on the Liquidity of the Stock, Journal of Financial and Quantitative Analysis 30: 159-169
Miller, M. and F.Modigliani, 1958, The cost of capital, Corporation finance and the theory of investment, The American Economic Review 48: 261-291
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Patell, J. 1976. Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test. Journal of Accounting Research 14: 246-276
Peterson, David R. and Peterson, Pamela P. 1992.A further understanding of stock distributions: The case of reverse stock splits. Journal of Financial Research 15: 189-205
Sharpe, William F. 1964. Capital Asset Prices: A Theory of Market Equilibrium.International Economic Review 10: 1-21
Ziebart, D. A., 1985. Control of beta reliability in studies of abnormal return magnitudes: A methodological note, Journal of Accounting Research, 23: 920-926. |
| Description: | 碩士
國立政治大學
國際經營與貿易研究所
99351007
99 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0099351007 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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